Key Times for Market Analysis

Hey I found this nice article from youngentrepreneur.com and thought of sharing it with you

“Few entrepreneurs are lucky enough to stumble upon a market that is largely untapped, that represents a solid and repeatable stream of income without too much effort or is represented by passive competition. Almost all of us will need to face the reality that our marketing initiatives need to be constantly on their toes and we need to ensure that we are tinkering and testing various initiatives and responses as we go. Any organization that stands still effectively goes backward and we must be proactively on the lookout for new opportunities and new customers.

Whatever line of business or niche you are in, you need to strive to own your position, to dominate as best you can. No one is suggesting that you fail to attend to all the other elements of your business by focusing on marketing full-time, but there are key times when you need to ensure that you are conducting a comprehensive market analysis.

Some would-be entrepreneurs make a major mistake by dreaming up an idea and rushing to market, assured in their own mind that the product or service will sell. You need to assess what kind of demand there is and further, you need to analyze the demographic and the segmentation of your market. Will it be easy to reach these people and what form of marketing should you employ as you roll out your wares? As you will undoubtedly have competition, analyze their approach and find out as much as you can about the way that they do business. What can your USP be? At this phase you need to be as critical as you possibly can, to determine whether your product or service will sell and if so what price will the market bear.

If you have some established products and services in the marketplace, don’t be tempted to rest on your laurels. Conduct market analysis to see what people really think of your service and gather as much information as you can to help you improve. There is always room for improvement and you need to be aware of any new competition that may spring up, the angles that they may be employing and how you can best strategize to take care of your market share and further advance. Try and get as much feedback as you can from current clients, as in addition to seeking testimonials you should also see how they feel you could improve your offerings.

Before you think about rolling out new products into the market, check to see whether there is sufficient demand. The last thing you want to do is to tool up and find that you have a lot of unsold inventory because customers just aren’t sufficiently interested in your new angle. At this stage you may well have a good reputation and you don’t want to do anything to tarnish this, by floating a product or service that is either unpopular or may not fit in with your current position.”

Source: http://www.youngentrepreneur.com/blog/entrepreneur-university/key-times-for-market-analysis/

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