Industry Analysis – Market Trends Template
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Introduction to Industry Analysis:
Doing business and running a company is not easy. For employees, it seems very simple as a owner of a business to just come to office, sit around, sign some papers and go home in the evening with the workers do all the efforts and hard work. But, only business owners know what they go through on daily basis in order to run, establish and succeed in a highly competitive industry. If a company is alone in the market or a manufacturer as monopoly, things are much easier but in a market where dozens of manufacturers are producing same products or offer same services, everything is complicated and tough.
Smart business owners know that it’s not easy to beat competition but there are some ways you can increase your performance and reputation of your company in the market. This is done by conducting a market analysis. You might find this analysis complicated but in reality, its simple process of research of a certain portion of a market or industry where you see how your competitors operate what they offer, what customers want and need and how they want their products to reach them.
Importance of Industry Analysis:
Some people confuse market analysis with market research but in reality they are different. A market analysis is a long process that also includes market research but market research itself is a simple process of coming up with a specific advertisement or marketing technique for a brand or product. While conducting market analysis, your study goes deeper than any other research.
During this analysis, you find out how your competitors operate and what they do that has kept them in business for so long. The purpose of conducting this analysis is certainly not to copy policies and objectives of another company because what works for them might not work for you. The reason is to understand what they do and why they do it. Once you get that idea, it’s easy to just put your organization under the microscope and find out what you should do to succeed. If you ask a successful business owner to share his key to success, most of them would suggest research and analysis prior to starting a business.
Having a unique idea is an excellent thing to start a business but finding the right market and target specific consumers is the real deal here. With the market analysis, you can easily check if your target population is aware of the problem you are going to solve and if they think of it as a problem or not. After that, come the marketing and advertisement techniques because there are dozens and dozens of marketing techniques to choose from and each of them is suitable for specific organizations in specific markets with particular group of customers.
Free Industry Analysis – Market Trends Template
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Market Trends for Conducting Industry Analysis:
Understand the Purpose of Analysis:
Whether you want to start a new business or you are looking to grow your existing small company, there can be many reasons for conducting a market analysis. Each of these reasons matter because the key reason decides the primary area of analysis to focus. For instance, you want to start a new company, your focus should be on needs and requirements of consumers and to fill the gaps left by the competitors in the market. This is why it’s important to first decide the actual purpose of the analysis before moving forward.
Identify the Competition and Audience:
While conducting a market analysis, there are two elements that are more important than others; customers and competitors. Customers are important because they are end users of your product or services and if you keep them happy, they will keep coming back to you and will bring more customers with them. On the other hand, competitors are also very important to analyze and evaluate because the more companies exist in a tight market, the tougher the competition will get.
Gather Required Data From Market:
While conducting the market analysis, you should prepare a list of the questions that you want answers. For instance if you are going to open a restaurant, you should ask people what they think of existing restaurants, what they find charming and interesting about them, what food items they prefer most of the time and if they want any improvements or changes. All of these and many other questions should be answered during the analysis.
Do a Comparison With Competition:
This point is particularly interesting and important because when you evaluate how your competitor is operating, you are actually appreciating his efforts and accepting the fact that he is somehow better than you. This is what you need to accept and realize in order to make your business bigger and better. Whether you want to start a new company or trying to expand an existing business, doing frequent comparisons with your competition is crucial.