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Old 11th October 2007, 12:11 AM   #1
sheribowers
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Default How Do You Do A Market Analysis

As many of you know by my other posts I am working on my business plan and I am to the part where I need to have a market analysis. How do you so one of those? I realize that in a business plan that this is the most crucial but worst prepared section of the business plan. How do I go about doint this? Are there companies out there that would do a great one for me in the area that I live? My business is a personal assistant service serving seniors, busy familes, businesses.

Any help on this I would be forever greatful.

Sheri Bowers

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Old 11th October 2007, 12:24 AM   #2
lithos
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Yes there are companies who could do a wonderful job for you. It would definitely cost you though. You can probably do more than you think though if you want to do it yourself. You want to analyze the demographics (age, race, gender, income level, social interests, etc...) of your existing and target clients. You want to then cross reference that with the demographics of your area. This will help you get a handle on the potential size of market available to you. There is much more to the analysis but doing this will put you a step down the path. The end goal is to gather and cull data that will help you understand your clients who they are where they are, and your business what your potential is. This data should allow you to create a strategy for reaching those potential clients. If you do not have the time or the confidence to do it yourself you can consider outsourcing it though.

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Old 1st November 2007, 07:38 PM   #3
natetarsha
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The bottom-line of doing marketing analysis is tied to gathering enough information about your potential customers to help you figure out how you can design your business with their needs front and center.

Too often new business owners design their businesses from the inside-out: putting together products or services that they THINK their target market will like.

Instead, successful businesses know to design their businesses outside-in:

* building a successful and mutually benefical long-term relationship with their customer base

* by continually finding a way to structure their busines offering in a way that makes their customers go absolutely crazy about what it is that they do.

Best of luck to you and your business endeavors!

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Old 1st November 2007, 08:50 PM   #4
PressureProsInc
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Another point that has not been mentioned when doing a market analysis is to look at your competition and the vendor saturation of what you are offering. This will help you determine not only if there is a market but if it is sustainably profitable. For instance, selling tools and hardware may be a great market in your target area but that area may be dominated by a Lowe's on one end and a Home Depot on the other. That's not to say you couldn't open a hardware store but you would have a more difficult time bringing customers to you (ie very high advertising budget) One way around something like that for a small business is to target niche categories. These are things to know before you hang your shingle.

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Old 2nd November 2007, 07:26 AM   #5
mktgbiz
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This idea just came to me.....
Maybe try contacting some local realtors and see if they may have possibly had a marjet analysis done rcently. If so, maybe you could buy it from them.....or rent it.

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Old 5th November 2007, 08:12 PM   #6
MikeAnd
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I think that you might be surpised by just how thorough of a market analysis you can perform using Google.

Try googling your competitors, and looking at how they market, who they market to, what the background and details of each of their companies are, etc.

I think that you'll be impressed by the amount of data that you can compile.

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