The main road blocks in our past is the negative thoughs that seem to pop
up in our minds first. I can not do that, that's hard, that's impossible
and so on. Once a time there were no airplanes, no cars, no electire and I
could go no, but you get the point. You need to Just figure out what you
want to do and do it. Get all the information you need from such the
An easy way to determine what business you want to get involved in is
Conduct A Market Analysis For Your Business. In fact, many small business
owners do not understand the process or complain that conducting a market
analysis is too complicated or too expensive and wonder why or if it is
When should you conduct a market analysis?
When you are starting a business.
When you are entering a new market.
When you are considering a new product or service.
Why you should conduct a market analysis?
less business risks, Understanding the problems and opportunities.
Identify sales opportunities, planning your marketing / sales approach.
The process of conducting a market analysis can be divided into three parts:
1. Understanding Market Conditions This gives you basic information about
your entire market, the size, the competition, the customers.
2. Identifying Market Opportunities, this gives you more targeted
information about potential problems or opportunities in the potential
market, and includes information about growth, current and future trends,
outside factors and more information about specific competitors.
3. Developing Market-Driven Strategies. Here is where we get into what
market research does for you. It helps you to pin point opportunities to
grow your business. By understanding the market and knowing what
opportunities are available you can create an excellence marketing
strategy that will get ahead of the competitors.
Here are a few questions to help you get started:
What is the market I want to reach?
Who are they? What is their biggest problem in relation to this market?
Are their needs being met by the products or services provided in this market?
Who is my competition in this market? Are they successful in this market?
Are they marketing a similar product or service?
What is the market share of the three largest competitors in this market?
Is there room for growth in this market?
What is the size of this market?
Is there room for growth?
Is the industry growing? Stable? Saturated? Volatile? Declining?
How is my product or service different from the competition?
How can I reach this market?
How is my competition currently reaching this market?
Is it the most effective way?
What are the alternative ways of reaching this market?
What are the business models of my competition in this market?
Are they effective?
Is there a way to do it differently or better?
What do customers expect from this type of product or service?
What are the core competencies of this product or service?
What would make the product "new" "different" or "better" for the customer?
How much are customers willing to pay for this product or service?
What is our competitive advantage in this market?
Finding the answers to these questions will not only help you figure out
If there is a need for your product or service, it will help you figure
out the best ways to reach your customers