Market Analysis in 4 Steps

Understanding your customers is the key to success for any startup. If you don’t have a deep understanding of who your customers are, you’ll have trouble developing products that truly fit their needs, and you’ll struggle to develop a successful marketing strategy.

This is where a market analysis comes in. It may sound like a daunting and complex process, but fortunately, it’s not.

A market analysis consists of four parts:

  • Industry overview: You’ll describe the current state of your industry and where it is headed.
  • Target market: Who are your actual customers? You’ll detail how many of them are there, what their needs are, and describe their demographics.
  • Competition: Describe your competitors’ positioning, strengths, and weaknesses.
  • Pricing and forecast: Your pricing will help determine how you position your company in the market, and your forecast will show what portion of the market you hope to get.

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