How to conduct your small business market analysis

Small business Marketing analysis-information about your customers.

Small business marketing

When starting a small business, you need a business plan.

Your business plan should include a market analysis. Market analysis should be done to review both the opportunities within the market as well as existing competition. In order to be a better choice for people, you need to know what you need to be better than.

The analysis of a market is similar between types of businesses but of course you have to make adjustments when you have a local (or geographic) service area.

For example, car repair shops draw their market from about a 5 mile radius, whereas notary public training is done state by state.

Conducting a market analysis for your small business includes the following 

Who do you sell to?

This requires an assessment of what you sell, who buys it, and relative to your market (local, regional, national, etc) who are these people? Commercial facilities managers? Busy moms? Small business owners?

Be as specific as you reasonably can.

Divide your target market into segments

This is part of the age old strategy of divide and conquer. No one (and no business) can do everything all at once. You have to start somewhere. Segments are subsets of your total market. Perhaps based on geography, or more specific type of customer.

A convenient way to think of segments is: Where do you start first? Where do you go next?

Market Size and Growth

With market growth, you need to think about your market forecast. Two things matter here: 1) How big is the marketing? 2) How much of it can you reasonably capture?

There are too many variables to cover in a short article, but this requires some thought on your part.

Market Trends

How are things changing in your market?

Ask yourself what marketing trends do you see having an impact on your market segments?

Not only do you need to create a marketing analysis, you need to revisit it every 6 to 12 months.

Learn more…

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