MAR-MARKET ANALYSIS REPORTS
We equip you with exactly the things and information you need before jumping into the arena. Webneos MAR will act as a guide by your side throughout your business journey .
The market analysis is one of the most important parts of any startup strategy. Do it right, and you will have a clear idea of the path down which you are headed. A good market analysis will enable you to lure investors, sidestep pitfalls, and most importantly, attract customers.
Bear in mind that all businesses starting out are different, and they may be creating business plans and strategies for different reasons or audiences. If your business is quite small and you know your customers inside and out, this may not be the best use of your time. If this is an internal plan, and there isn’t a need for industry data to corroborate your forecast, a market analysis may not be necessary. Be sure to assess the value of this information for your business, and act accordingly.
If you are seeking funding, market analysis is going to be key data to convince your audience that your business idea has the facts and hard numbers to back it up. With that said, let’s explore the details of writing a market analysis.
Market analysis is anything but empty lingo. It’s really exactly what it sounds like: determining the characteristics unique to your particular market and analyzing this information, which will help you make decisions for your business. By conducting a market analysis, you will be able to gather valuable data that will help you get to know your customers, determine appropriate pricing, and figure out your competitors’ vulnerabilities.
It’s smart to write a business plan, especially if you are beginning a new business venture. Even if you’re a sole proprietor or don’t intend to borrow any money to get your business off the ground, it’s important to have a clear plan in place. The market analysis isn’t just one part of a successful business plan—it’s one of the best reasons to write one.
If you do need banks to lend you money or investors to jump on board, a market analysis section is required, as savvy lenders or investors will need to know that the business you’re pitching has viable market appeal. Either way, a solid business plan complete with market analysis will be invaluable. You’ll need to identify your potential customers and attract investors, and it will help you to be clear about what you want to do with your business, both now and in the future. The time you spend doing the research and putting it all together will come back to you many times over in dollars earned and heartbreaks avoided. You’ll look like a professional, and you’ll outshine the competitors that didn’t write one.
A market analysis can be a measuring stick you use over time to see how far you’ve come, and it allows you to make projections based on data rather than guesswork. Because you’ll know the size of the mountain you’re about to climb, you’ll be able to pace yourself and prevent problems in the future.
Your market analysis should include an overview of your industry, a look at your target market, an analysis of your competition, your own projections for your business, and any regulations you’ll need to comply with.
Industry description and outlook
This is where you’ll discuss the current state of your industry overall and where it’s headed. Relevant industry metrics like size, trends, life cycle, and projected growth should all be included here. This will let banks or investors see that you know what you’re doing, and have done your homework and come come prepared with the data to back up your business idea.
In the previous section of your market analysis, you were able to look at the general scope. In this section, you’ve got to be specific. It’s important to establish a clear idea of your target market early on. A lot of new entrepreneurs make the rookie mistake of thinking that everyone is their potential market. To put it simply, they’re not.
This is a good thing—by narrowing in on your real customers, you’ll be able to direct your marketing dollars efficiently while attracting loyal customers who will spread the word about your business. The target market section of your business plan should include the following:
This is the section in which you get to dissect your competitors, which is important for a couple of reasons. Obviously, it’s a good idea to know what you’re up against, but it also lets you spot the competition’s weaknesses. Are there customers out there being underserved? What can you offer that similar businesses aren’t offering? The competitive analysis should contain the following components: