How do you analyze market and competition?

Use the market study to attract the audience

The results of the market study contain consumer behavior and economic trends that will enable you to confirm and improve your business idea.

It is important to understand your audience before moving on to the next steps. Therefore, studying the market allows you to reduce the potential risks when your project is just ideas swirling in your mind.

Rely on demographic data such as population, age, wealth, family, interests, or anything else relevant to your project to better assess the opportunities and limitations of audience acquisition.

Then answer the following questions to get a comprehensive idea of ​​your market:

Demand: Is there a demand for your product or service?

Market Size: How many people will be interested in your offer?

Economic Indicators: What is the income range and employment rate?

Location: Where does your audience live and what is the furthest point your project can reach?

Market saturation: How many similar options for your product or service are available to consumers?

Pricing: How much do consumers pay for these options?

You’ll also need to keep up to date with the latest small business trends. It is important to get an idea of ​​the niche market share that will affect your profits.

You can conduct a market study using the resources already available, or you can do it yourself and go directly to the audience.

Asking consumers yourself can give you an accurate understanding of your target audience. But this direct search can be time consuming and expensive. You can use it to answer questions about your project or your audience, such as reactions to your logo, and what improvements you can make to the relationship between you and your audience. Then use the available resources to answer the broadest questions.

Here are some of the methods you can use to do a direct search:

Surveys

questionnaires

Conversation groups

In-depth client interviews