Your entrepreneurial venture can be quite difficult to sustain if you enter the market without knowing much about it. Even if you are new to an industry that already houses tons of established brands, there is always space for you to create your own niche. All you need to thoroughly prepare for is your market research. If you are inclined towards building a fashion brand that deals in ethnic apparel, you should randomly step out and take a look at local retail outlets from the field. This will give you great insights into how things are actually done. Furthermore, you should definitely aim for all things high, and knowing your competitors who have made a mark in the industry is important. Try to figure out how they made it here. In fact, your competitors should be your biggest inspiration to reach success. So if you are skeptical about where to begin your market research, we are here. Take a quick read through the article.
Market analysis made easy in five straightforward steps
While getting to know a vast industry sounds stressful and demanding, surveying the market is not impossible. The steps mentioned below are worth taking note of and applying to your market analysis procedure.
- Know your buyers
The world has turned around and now is the era where brands have to look out for prospective buyers. An individual from the customer class who might be interested in what you sell has to know that you exist. Thus, making yourself noticeable is supreme. For this, you have to gauge what your ideal buyer would be like. Introspect and run your mind across some natural traits of your target customers. This will help you frame a rough image of your prospective buyers. For example, you need to decide on the age group, gender, income level, location, and other factors that are key to your customer class.
- Pinpoint a group of buyers
Now that you have a fictional representation of your ideal customer, the next step is to identify a real group of buyers that match your specifications. If you are targeting the young generation to sell your products, you need to get hold of people who fall in the age group of 18 to 25, for example. Try to create a mix of different types of individuals that fulfill your criteria so that your research covers various factors.
- Prepare for your research
This is the main stage of your market research activities. The people you have shortlisted in the previous step will now be the respondents for your market survey. You can opt for a phone call, email, or an online survey method for your research analysis. These are basically tools to know your target audience better. Be prepared with a list of research questions that will help you judge your customers’ tastes and preferences. Don’t include questions that are too personal as people wouldn’t be comfortable answering them. There should be a time limit for the survey. At last, thank them for taking out their valuable time and assure them that their answers will be kept confidential.
- Identify your competition
You know your buyers by now. Another important aspect to be well-informed about before you start your business venture is to assess your competitors in the market. If you are planning an oral hygiene brand, study how Colgate has marketed its USP to become a huge company. Take note of the details your competitors count on in terms of marketing and apply them in bits and pieces to your own brand.
- Develop a market analysis summary
All the data you had to gather is ready for you to analyze. Create a summary of all your findings through your survey and use them to develop accurate strategies to ease your brand’s launch in the industry.
In a nutshell
Every leader starts as a beginner with absolutely zero ideas about how to go about things. The same goes for every entrepreneur out there. Take the leap of faith, stop doubting yourself, and do the hard work to know your market before you enter a new field.