5 steps of market analysis

1. Set the purpose of doing Market Analysis (Objective)

Setting clear and to-the-point analytical milestones will help you not get lost. Don't waste your time on unnecessary things. Able to focus properly on what issues to focus on, such as finding potential customers, improving business operations, increasing market share, etc. Choose only 1 objective in each analysis.

2. Study the industry and the market to be authentic (Segmentation)

The essential basis of Target Market Analysis It is to understand your industry market and how the industry is currently in your business. What are the major trends? What is the size of the industry? How potential is that market? customers ready to buy And have the purchasing power?

The 3 important factors to consider are Market Volume , Market Value and Competitor.

3. Determine the main customer group (Target Customer).

in business It's impossible for every person in the world to be your customer, so research who your potential customers are. what does he look like What will influence him? therefore it is very important

After you have a segment, you need to find Target Customer in that segment and must study to understand this group of customers. may be divided according to

• Demographics and geography, such as age, gender, location

• Psychological, such as values, preferences, lifestyles

• Behaviors, such as rates of use time spent buying opportunity Opportunity to buy again

4. Understand competitors and positioning the brand in the market (Positioning)

in order to do business successfully You should know who your business competitors are. What are the strengths and weaknesses? How are you similar or different? Tools to help analyze competitors include SWOT Analysis and Positioning Map.

Positioning Map is used to position our brand in the market. compared to competitors to see how we will make our brand stand out in any aspect Who is our direct competitor? Or you can take a look at the gaps in the market, for example, from the chart above, you can see that in the lower right (Trendy – Low Price), there are few players in the market. This could be an opportunity to create a trendy clothing brand at an affordable price.

In which the X-axis (horizontal) and Y-axis (vertical) axis must be chosen well where we are going to compete. Not blindly choosing, for example, it could be Y = Price X = Quality.

When finding the right target audience with the position of the brand clearly will make the selection online sales channels more efficient

5. Learn the rules

Another indispensable aspect of analysis is the study of rules. In the market, whether in terms of production, delivery, distribution, etc., especially the regulations related to the government sector All of which affect the further development of the marketing plan.. If not clearly studied may encounter problems later as we often see In the case of exaggerated advertising or overrated reviews in dietary supplements all over the universe which will come to say that I do not know, may not be able to hear more

When a business has begun to try Market Analysis, it will understand the overview of the market situation. And can predict the future of the market that will occur as well. It can also help businesses notice potential or hidden problems so that they can fix them in a timely manner. And able to determine future marketing guidelines that will benefit businesses and entrepreneurs in the future

CEO Lesson Learned

Whether starting a business Or to develop to expand the existing business, doing Market Analysis or market analysis is always necessary.

The heart of market analysis has 3 parts: customers, competitors and our own products. which each part must correspond. and must be studied in depth Because if it's wrong since the customer will misdiagnose competitors resulting in the production of products that do not meet the needs to inefficient marketing

Studying the market, doing segmentation is very important, not just looking at the market value. should look at the number of customers and possibility or the company's potential to compete in that segment as well

Doing a lot of positioning maps can help you spot gaps in the market.