Is there a shift to more natural or organic ingredients that might impact your business? The easy availability of the internet and smartphone technology?
The questions will be different for every type of business, but it’s important to think about the types of changes that could affect your specific market.
Focus on how the product or service you’re offering satisfies what’s needed in the market.
Market Growth – While no one can predict the future, it’s important to get a possible idea of what business may be like down the road and make sales projections.
A market analysis is just that: a look at what the relevant business environment is and where you fit in.
It should give a potential lender, investor, or employee no doubt that there is a solid niche for what you’re offering, and you are definitely the person to fill it.In this section, you can cite experts from the research you’ve done-a market expert, market research firm, trade association, or credible journalist.Market Research Testing – Talk about what kind of testing and information gathering you’ve done to figure out where you stand in the market.Who have you spoken to about the viability of your product? Again, if you can, cite experts to back up your information.Competitive Analysis – There’s no way to succeed unless you’ve examined your competition.Doing an analysis of the market really gives YOU the information you need to figure out whether your plans are viable, and tweak them in the early stages before you go wrong. Research is the key here, and there are several sources available. The Internet – Some of the first information you need is about population and demographics: who your potential customers are, how many there are, and where they live or work. Business USA is another good source for links to the U. Real estate agents can be a source of information on demographics and population trends in an area.Catalogs and marketing materials from your competition are useful.For example, if women aged 18 to 54 are your target market, you need to know how many of them there are in your market. Market Need – What factors influence the need for your product or service?Did the need exist before or are you trying to create it?Talk about its size, how it’s growing, and what the outlook is for the future.Target Market – Who have you identified as your ideal client or customer?