I will be the first to admit that I am the type of person that gets so excited about an idea that I often skip steps 1-5 to get where I want to be because I am an impatient bitch.
Anytime I have a new idea, I want to get to work immediately and I often skip one of the most crucial parts of the foundation that you need to be successful. Doing all of those foundational pieces first is beneficial and often easiest but how many of us do things to easy way?
Market analysis is one of those foundational pieces that you really can't skip, and it is a process that is never truly done.
Every market is growing and changing so much everyday-- I am a huge proponent of the idea that we need to be spending 10-15 minutes engaging in market analysis to really make our businesses efficient and effective for the clients we serve.
When many think of market analysis they think of long-drawn-out research that is tedious and often annoying.
I am here to tell you that market analysis doesn't have to be this way!! For me, I love looking at things through a very analytical lens. I like looking at things in a very business-y, analytical, and often number-y type of way. This makes analysis easy for me. But this isn't the only way to do market analysis for your business.
Let's cover the basics first. Market analysis is the gathering of information about conditions that affect different markets. When starting a business, market analysis is an essential part of your business plan. This helps you understand how you fit into the market, how you are different than your peers, and how you will be able to market yourself and succeed within your niche.
For example, I am a copywriter. From my research and the analysis I have done, I understand that my market is pretty heavily saturated. There are tons of copywriters out there who are catering to super specific niches. I fit in with copywriters who are leaning more towards content creators. (but like content that sells ya know?) I am different from my peers because I work heavily with people who are inspired by change. People that are unconventional. People that have big ideas. I don't fit exactly into a niche. I am driven to work with whoever has a big dream, doesn't fit the conventional mold, and is ready to create change. As a copywriter I take on projects that might not be exactly in my zone of genius, but from the energy of my clients I am willing to learn and create and ensure success. I am able to market myself and my services by appealing to people who are unconventional by being unconventional myself. I am a copywriter but I ensure that I am using my voice to create change. And that draws in my ideal clients.
Now you're probably wondering, how the hell did I come up with all of this just from market analysis? Truth be told, it is a combination of market analysis and knowing your ideal client and understanding your brand and the strategy that you are going to implement.
All of this came after long hard work and tons of market analysis and ideal client avatar boards and branding strategy. But it all started with market analysis and understanding how I fit in this world and how I would convey that in my business plan.
The market analysis section of your business plan can be simple or it can be really thought out and longggggg. This is my recommended steps for creating a market analysis that fits within your business plan and ways to constantly stay on top of the market and its changes.
-To start, do a quick Google search. How many people are in your industry? What does the typical salary look like for people in your field? This will probably come from a corporate position for concrete numbers. How many people are hiring people such as yourself?
-Then move into social media platforms. Search for others in your niche and start to look at their profiles. Who are they catering to? What is their tone and how are they attracting clients? How well are they performing in the market?
-Next, start looking at the profiles of clients that you would want to work with. How do you need to market to them to create an offer that is irresistible? How does this fit into your analysis?
-Lastly, how can you combine all of this information that you have gathered into a cohesive report to put into your business plan? How do you describe the market? What are the strengths? What are the weaknesses? How can you capitalize on all of this?
-For everyday market analysis, I am a big believer in the power of hashtags. Delving into hashtags that fit your niche and the clients you desire for 10-15 minutes everyday helps you understand the daily operations of the market you are within.
How do you conduct market analysis? Were these tips helpful for you? Let me know in the comments below!