Conducting market research is essential for any aspiring entrepreneur. The rapid growth of a company at the first stage of its development is associated with a correct assessment of the market situation, forecasting trends in its development, calculating the probable volume of sales and analyzing the activities of competitors. For a clearer idea of who will buy your product or service, a comprehensive market analysis is needed.
Instructions
Step 1
Develop a research concept: define goals, set goals, develop a system of performance indicators.
Step 2
Start by identifying the current market position of your business. Weigh your options for the timing of the promotion to the market, the location of the business within the local area, the specific conditions for buying or renting the premises. Consider the dimensions of the room, the proposed equipment and equipment in the analysis. The company may need storage facilities, window dressing, etc.
Step 3
Analyze the assortment of goods in the warehouses of your enterprise at the time of opening, understand the possibility of further expanding warehouse stocks and assortment.
Step 4
Conduct an assessment of the competitive relationship you need to consider. How strong are the competitors in your chosen field of activity? What is the strategy for promoting them to the market? Is cooperation with competitors possible?
Step 5
Gather information about potential consumers of your products. The methods of obtaining primary information about consumers include observation, experiment, personal communication, interviewing (survey). Having collected the primary information, you will be able to identify a specific group of customers for whom the goods and services of your company are intended. Divide clients into groups, define the needs of each group and how to meet them.
Step 6
Identify the factors that increase or decrease the purchasing power of major customer groups, this will help you describe their behavior and predict product sales.
Step 7
Consider environmental factors: economic, political, cultural, etc. They can change the current state of the market over the next two to three years, which is very important for starting a business.
Step 8
Analyze possible ways to promote a product to the market, sales channels, ways to stimulate it, strategies for an advertising campaign.
Step 9
Summarize the obtained analysis results in the form of an analytical report. If necessary, add market analysis data to the business plan of the future enterprise - this will allow you to assess the risks when starting a business and outline ways to reduce them.
