At Mediapost we explain how to do a market analysis , as it is essential when starting a business and during its growth.
What is a market analysis?
A market analysis gathers important and necessary information about the sector in which your brand participates or where it wants to integrate. What is done is to paytm database study the current conditions of trade, both the microeconomic and macroeconomic aspects, and the objective is to be able to make effective and profitable decisions for your company.
What is it for?
It is used to define what steps you are going to take, always with a strategic vision . It also takes into account whether the project to be carried out is viable and profitable or, on the contrary, whether the idea needs to be reconsidered.
A market analysis should be done in the following cases:
When the company is interested in entering a new market.
When you want to launch a new product.
When you want to improve one of your products.
What factors are analyzed in the market study
The internal and external factors directly and indirectly related to your company are studied.
External factors
External factors serve to provide a broad view, so several aspects are taken into account: the country's economy, areas where your products or services are marketed, current commercial laws and regulations, social, cultural and demographic data of the population, and technological advances and innovations related to your offer.
It is also important to highlight the competition (direct and indirect) of your products and services and the consumers in your sector, that is, to know their preferences, tastes and perceptions.
Internal factors
You need to know not only the external situation of the market, but also the internal one. Analyze your company paying attention to the resources it generates, its market share, the resources it invests, the optimal processes it has and those it needs to improve.
Once you have done this, you will know how to recognize business opportunities and the competitive advantage you have.
How to do a market study
To conduct a market study, you must follow these 5 steps:
Defining your goal : Set your main goal so you know which path to take. The information you gather will help you get started in a new market or introduce a new product. Are there customers interested in buying your product? Are market conditions in your favor?
Assigning tasks to the team : Assign the tasks that each employee on your team will perform. Choose people with the necessary skills and experience or opt for an agency that specializes in this area.
Conducting research : seek both general and specific information, i.e. demographics, market size, regulations and laws, competition, products, customers and distribution.
Writing the information : Write a document with the most important points of the research and present them clearly. Also, add recommendations after having obtained the information.
Market analysis presentation : a presentation is made to the company's leaders that includes the procedures, results and conclusions drawn.
