• Hello, I hope you are all well, I am well thank God, today I will talk to you about a topic that I will address about how to Discover the key STEPS to carry out a successful MARKET ANALYSIS.

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"Discover The Appropriate STEPS To Perform a MARKET ANALYSIS And be Successful."

• A business requires time investment and the most important thing is to have a market analysis. For some it may be simple, but for those who do not have the experience it may seem complicated. However, it is necessary to carry out a market analysis because if you do not have the There is a high probability of not making sales, but don't worry, I'll explain.

What is a Market Analysis? What is it for and how can you expect one according to the objective of your business?

• A market analysis is any quantitative and qualitative evaluation that is carried out of a specific market in order to identify data such as its size, value, competition, entry barrier, customer segmentation, among others.

Why is it important in a business when a is successful?

• It is likely that there will be a well-defined market analysis since this is an excellent tool to be able to understand potential clients as well as the competition and in this way develop the strategies that are considered appropriate. Let's look at some reasons why a market analysis can be beneficial for a business.

• The first reason: is that it serves as a basis for developing a marketing strategy.

• The second: is that it reveals specific data, for example the products that are most popular in law.

• Third reason: helps make informed business decisions based on the fourth reason.

• Fourth reason: provides a clear vision of the competition's offer.

• Fifth reason: allowed us to identify barriers focused on business and areas of opportunity.

Now what factors are involved in a Market analysis?

• Before describing how to do a Market analysis, it is important that you have clear information that you will need to be able to prepare it. The five main factors that can influence a Market analysis are the following.

• The first factor is the size of the Market: It is true that the larger the market, the more sales opportunities there are, but also; It is recommended that you have a well-defined Niche.

• Second growth rate factor: you should not stick with the size of the current market, you need to review the historical data and understand how much it has evolved and whether it intends to increase or decrease.

• Third profitability factor: Identifying profitability in a business is very important since the profitability of a business in a certain Niche depends on this.

• Fourth competition factor: At this point try to find gaps in which your business can fill with its offer.

• Fifth factor distribution channels: evaluate whether there are enough distribution channels, identify which ones are the best. Now that you have a general idea of what you really need to prepare your Market analysis, it is time to know.

What are the points that make it up?

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• The first point is demographics and segmentation: when evaluating the size of a market, it is advisable to carry out a segmentation, mainly because the business is developing in an industry that is aimed at a very specific Niche, two questions that are very The important things you answer at this point are the following.

How many potential clients are there and what is the market value?

• Second point target market: these are the types of people your business is targeting for Example

• If the business is dedicated to selling baby clothes, your target market will not be babies but all those people who have just become parents, mothers or even grandparents, the questions that should be answered here are:

What age are your potential clients? How much is your average income? In what country and city do you live, where do you shop?

• Third point market need: This includes the factors that lead potential customers to buy your products or services. In this part, the terrain that is not covered by the competition is also explored, which can be a great opportunity for some. Key issues in this part of the Analysis are:

How much demand and supply is there? What weaknesses do you have? Competence ? What added values could attract new customers?

• Fourth point competition: here the main objective is to be able to provide a clear and objective vision of who the main competitors are as well as their strengths and units, their strategies and their positioning in the market; When analyzing the competition, it is necessary to answer the following questions:

How many competitors do you know? What are your competitors' income? What is making your best-selling product or service? What sales channels are they operating in?

• Fifth point barriers to entry barriers: to enter a market are those obstacles that may arise along the way and could prevent the success of your business For Example.

• It can be a competitor with an aggressive strategy or a regulation that is complicating access. The questions that part of the Market analysis can resolve are the following:

• You need a specific technology that is expensive or difficult to access. There is a large competitor that is dominating the market. There is a regulation or license that must be complied with in order to operate. Distribution channels have exclusivity with other brands.

• Sixth point regulation in some specific cases is needed For example:?

• If your business is dedicated to offering pharmaceutical or personal care food products that must comply with industry regulations; How to do a Market Analysis Doing a Market analysis is not something that is difficult, but it does require investing enough time to be able to investigate different sources, analyze the results that were obtained and synthesize the information to preserve the data that are considered valuable.

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Let's see what the points are and what each one consists of?

• The first point: is to determine the purpose of the Analysis. Market analyzes are very useful when you plan to launch a product or service or when a company plans to conquer a new market either with a line or collection very different from what is being offered, however, it is important that before you start investigating you determine very well what the final objective of your analysis is For example:

• They can be internal, such as increasing sales or the reach of the brand, or external, such as obtaining investors.

• The second point: is to investigate the current state of the market today, it is necessary that you have clarity about what is happening in the market in which your business is located since it is the basis for being able to make the right decisions. and thus direct your brand towards success. One way to do this research is by looking at the data.
  that are disclosed by large companies about billing and market share.

• Third point: you must know your ideal client, a fact that is well defined can bring many benefits to your business, therefore it is important that you have a defined buyer profile and focus all
  your efforts to satisfy their needs since when it is said that you must know your clients well, it is referring to the fact that you must be clear about their demographic data such as age, location, gender, diverse economic and social classes, education, occupation, interests and needs; It is also important that you analyze the competition. At this point, you must carefully analyze your main competitors since it is a key part of the Market analysis. But first of all, you must think about the following:

• If there is a lot of demand for a product in the market, there will also be a lot of supply with so many businesses that are selling products or services exactly similar to yours; There are probably many interesting things that you can add to your business and some skills that you can strengthen, which is why it is very
  important; Research your competition before you decide to launch a business. This way you will be able to absorb all those things that are good and avoid bad practices. Analyze the data. If you have already completed the previous steps, it is time to organize the data into segments. that make sense according to the purpose of the research that was defined in Step 1.

• Fourth point: take advantage of your Market analysis after you have related it to the research and analysis, it is time to take advantage of it, therefore review it together with your team and dedicate a work session to share doubts and ideas On the information that has been collected, it also carries out periodic reviews so that you can understand; If the projections were correct and you can identify the evolution of the market.

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Weekly count post #2 Monday, May 27, 2024 / time 12:47 am.