A market analysis is all too often overlooked when it comes to business, but in reality it’s
one of the most important pieces in your plan. Once you’ve completed a market analysis,
you’ll have a better idea of your competitors, your customers, and most importantly: if
there is a market for your product or service. Having a professional complete your market
analysis can prevent you from blindly opening up shop in the wrong location or at the
wrong time, costing you money and time.
A market analysis will essentially assess the viability of your business. Once you’ve figured
out your ideal customer, you’ll know both where they are and what they’re willing to
spend, along with other factors like where they’re already shopping, whether they shop
in-store or online and even how often. By the time you’ve completed a market analysis
you’ll know whether your product or service truly has the capacity to sell, which is the
bottom line of going into business (yes, we wish it was all for love!). A market analysis can
also be helpful when introducing a new product to your business or opening a branch in a
new location.
So, why do you need to hire a professional to do this? Firstly, it saves you time. When
you’re working on a new business, the tasks and list of things to do are endless. One of the
best pieces of advice any business owner will give is ‘Do what you do best, and outsource
the rest’, (Peter F Drucker). A professional will also save you time in the sense that you
only have to do it once, no time spent going over errors.
Secondly, a professional already knows how and where to access all of the vital
information that goes into a market analysis. Each element is covered and the aim is to
prepare you so once you get out there, the chances of nasty surprises, are minimal. The
impartial and professional view that an experienced analyst offers can truly determine
whether or not your idea is a great one, or something that the market isn’t ready for yet.
Completing your own market analysis may uncover some flaws in your business model,
but it’s not uncommon to be so hopeful that you eventually ignore them. Professional
business consultants can tell you straight to the point what’s not working and why.
So, if you’re starting up, expanding, or even if it’s just been a little while since you
reassessed your market, get in touch with us today and see how we can change your
business for the better.
YOU ASKED… AND WE HAVE ANSWERED. (WELL… SO HAVE MANY OTHER WEBSITES,
BUT WE HAVE SUMMARISED IT FOR YOU).
