How to Conduct an Effective Market Analysis for Your Business

It’s not easy to find a place in this increasingly saturated and hyper-competitive market! Some brands are already comfortably established, so don’t expect to be successful without doing effective market research. Before engaging, it is necessary to analyze the environment in which the company will evolve.

A market analysis provides information about the industry, customers, competitors, and scope of a market. Additionally, you can determine the relationship between product and demand for a specific product or service. By referring to this information, you can make more informed decisions about possible marketing strategies. And yes, it is a must to avoid facing failure!

Market analysis: what is it exactly?

Market analysis is a qualitative and quantitative assessment of a particular market. It helps to analyze how goods and services can be offered and which customer will buy them. How relevant is a particular market to your offering? A market analysis answers these kinds of questions. It serves as the basis for decision-making. An entrepreneur must carefully study his market before launching to gather as much information as possible on the competition and better understand the needs of potential buyers. To be more precise, a market analysis is crucial, as it allows you to:

01 – Know the major market trends

By analyzing the market, you will be able to get an idea of the major market trends. You can better understand the expectations and needs of your future customers, and thus reduce the risk of failure. You can precisely define your offer according to the needs of your customers.

02 – Know who your competitors really are

How can you imagine getting ahead of your competitors and gaining market share if you don’t know who your opponents are? Thanks to market analysis, you will be able to learn a little more about the strengths and weaknesses of your competitors. By knowing their weakness, you can strategize on it a provide a better option for customers and that will give you an opportunity to beat the market and gain customer’s heart

03 – Know your Target Customers

The identification of customers is a fundamental element before launching a project. You need to know who the people who are likely to buy your products or services are. A market study must make it possible to know precisely who are your customers? Where are they?

04 – Know the right communication tools

A market study is necessary to help you choose the appropriate mode of communication to reach your target. You can target which distribution networks your competitors use to distribute their offer: website, television advertising, posters, etc.

05 – Conduct SWOT Analysis

The SWOT analysis makes it possible to identify and analyze in the internal and external environments the strengths and weaknesses of a company, and also the opportunities and the threats to which this company is exposed. It also detects the factors that influence the operation of a business, thus providing useful information in the establishment of a strategic planning process. With these techniques, you will be able to make better decisions and enhance your target.

How to carry out market research?

Whether it is to sell a product or service, launch a new point of sale, or start a business, any type of project must be the subject of a feasibility study. This is an important factor to better understand the market and measure the feasibility of your project. However, this survey is often difficult to carry out and takes time. This is why some project leaders decide to call on a consulting firm such as QunsTack e.t.c to carry out the operation. We got you covered! You can leverage our Branding Team to conduct an effective market analysis for your new or existing brand.

Conclusion

Building a brand requires proper planning irrespective of the industry you are in. Analyzing your Top Competitors, Target Market etc will go a long way in giving you a clue on building a successful brand.

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Abdulah R.O

Abdulay R.O is the founder of QunStack, an ROI-focused Digital Marketing Agency.

With nine years of experience as a digital marketer, he has expanded his skills into various sectors of the industry, including SEO and Social Media Marketing.

He has worked with many businesses, helping them expand their customer base through effective digital marketing practices.