Understand the market, find gaps, opportunities with Market Analysis

In the era of marketing entering the 4.0 era and the era of the world without borders People can connect and access unlimited online resources. Of course, when the business world develops to this point. What followed was the emergence of many different businesses, many of them successful. And another business that must be bye bye and leave.. By one of the reasons that many businesses go bankrupt. And did not go on from doing Market Analysis or analyzing the market mistakes. Because when we analyze the market wrong It will be wrong from the release of the product. Presentation of product highlights to marketing and communicated to consumers.. In this article, we will learn about market analysis or doing Market Analysis.

What is Market Analysis or Marketing Analysis?

Market analysis or Market Analysis is the evaluation of the market. And analyze information in detail in many aspects such as Target Customer, Behavior, purchase characteristics and competitors, etc., to be used for business planning. Assess the risk Evaluate the feedback to create strategies for further business development in the future. can be done by both those who are about to start a business and ongoing business

Why do Market Analysis?

1. Know people, know us, fight a hundred times, win a hundred times.

Study to get to know the market that we will enter before start doing business is very important We will know how we should do business in order to meet the needs of the market. and how to beat competitors

Customer Analysis: Who are the main customers, what products are used that are similar to our products? What brand do you use? What is the factor that makes this group of customers decide to buy? “Our customers are everyone. Because our products will make it suitable for every group ′′ .. This is not recommended

Competitor Analysis: Marketing competitor analysis must look at both direct competitors. And indirect competitors, who are they, what do they offer, how much are they going to focus on in each market? What group of customers are you focusing on? If we are going to fight and pull Market Share, what will we have to offer? or how to develop products to beat these brands.

2. Investment is risky.

This word always stays true. Regardless of investment in any subject or any type of business, of course, doing business has risks as well. Doing Market Analysis can help reduce the risk. and increase your confidence

But don't be so afraid that you don't dare to do anything. or wait until there is no risk After all, you must understand that the business world has risks in every aspect. The business owner's duty is not to eliminate risks. but to reduce the risk which will reduce how much It's up to you to study. And how well do you analyze the market?

3. See new opportunities

Doing Market Analysis is an analysis in many aspects. Both customers, products and competitors, so you may find new market trends. New customer groups, new pain points

Therefore, whether it is a business that has just begun or a business that has been in operation for a while should try to analyze the market itself often or if there is time You can try doing other analysis to find ways to expand the business as well.