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…

Download the eBook: The 7 Fundamentals of Being Found Online

 

Related Posts

Marketing Companies for Small Businesses | Generating Leads on a Budge... The Problems with Small Business Marketing....Are that you hear experts contradict each other. Too many falsely pitch "the easy way" that doesn...
Link Building to Increase Website Ranking is Networking and is Part of... Guest Blogging for Backlinks is White Hat SEO.... Like pretty much everything, a good thing taken too far becomes a bad thing.Humility is good un...
New Inbound Buzzword: Visual Content Marketing: Does it Generate Leads... Content Marketing Buzzword Alert Visual Content Marketing....It first came to my awareness through a post on JeffBullas.com. The 10 New Rules of...
Modern Marketing: Increase Traffic and Leads with Listening and Engage... Listening as a Marketing Skill This post is a commentary on an interesting article I read about "Everybody must become a Modern Marketer".What I ...
How to come up with a mobile marketing plan for your business Many people spend significant amount of their time browsing the internet.A larger percentage of these people browse on mobile devices.Did you ...

Leave A Response

* Denotes Required Field

CommentLuv badge