That’s why market research and analysis is a vital part of your business. Plan, whether or not you intend for anyone else to read it. It should include an overview of the estimated market size for your products, an analysis of your company’s position in the market. And an overview of the competitive landscape. It’s important to conduct thorough research to support your findings, both to persuade investors and to validate your own assumptions as you develop your plan.
The addressable market is an estimate of the middle east mobile number list number of people who need your product. While it’s exciting to imagine huge sales figures, you’ll need to use as much relevant independent data as possible to validate your addressable market estimate.
Since this can be a sometimes daunting process
Here are some general tips to help you begin your research: Have your ideal customer profile in mind. Research data on the size of your target market , learn where they live, what channels they use, and their purchasing habits.
- Study industry trends and trajectory. Explore consumer and product trends in your industry by consulting Google Trends, industry publications, and industry influencers.
- Make informed estimates. You will never have perfect, complete information about your entire potential market. Your goal is to base your estimates on as many verifiable data points as necessary.
Sources to consult for market data include official breakdown of small business expenses in the first year statistics offices, industry associations, academic research and respected news outlets that cover your industry.
SWOT Analysis
A SWOT analysis looks at your strengths, weaknesses, opportunities, and threats. What are your company’s strengths? What are your weaknesses? Are there external factors that threaten your ability to succeed?
The SWOT is often represented in the form of buy lead a grid or graph. With this visual presentation, your reader can quickly see the factors that can impact your business. And determine your competitive advantage in the market.
