Finally...A Gauge For Your Potential To Succeed. What Is Preliminary Market Analysis?
Have found yourself wondering, what is preliminary market
What Is Preliminary Market Analysis?
research? Think of it as a success thermometer. It gauges
the likelihood of success for your new business.
After months of blood sweat and tears, you don’t want to open your doors to your new business and find that no one enters.
You certainly don’t want to launch your website and find that no one even notices.
What is preliminary market analysis?
Preliminary market analysis is your initial glimpse into the overall environment to determine the liklihood of success for your new business.
Preliminary Market Analysis is Your Initial Gauge At How Your Business Will Fare
- Look into the lives of your chosen customer niche to see if your business is something that they will patronize .
- Identify and review your competitors. You look at how they are approaching their business. You look for any gaps in what they do. You gauge how they will respond to you and your offering.
- Scan the social, economic, and legal backdrop of what is going on that could potentially affect your business both directly and indirectly
- You also take a snapshot of your business by attempting to view your business from an outsider’s perspective .
- What is it that your customers will say about you?
- What will be your claim to fame? This is otherwise known as your competitive advantage.
So, when you put it all together and ask, what is preliminary market analysis, you will find that it is an initial scan
performed by you, the new business owner, to gauge how your business will fare.
You must know - not just suspect, not just hope, and not just think - that your business exists to make the lives of a specific subset of people a little lighter, more livable, and less stressful.
Bottom-line - your business HAS to deliver value - there are no ifs, ands, or buts about it.
Your business must give your potential customers something that they want, need, or did not even know they needed
. They must be attracted to what you have to offer them in your business.
Preliminary market analysis is your attempt to ensure that the products or services that you produce will be received and used by a defined market cluster of people.
A business without customers won’t last long at all
. A business is not really anything at all without customers just like a musician is not going to make much money to live on with no fans.
What is Preliminary Market Analysis And How to Gauge External Influences.
- Which niche customer cluster out there has stolen your heart ?
- Which subset of people will be willing and financially able to come to your business and buy your products or services?
- What are the key frustrations of your target market will your business solve?
- Are there enough members of your niche customer cluster that your business will be able to sustain itself with business from new and repeat customers ?
A key mistakes many new entrepreneurs make is to assume that
either they have no competition or, their competition only consists of those businesses that serve the same functions as they.
Instead, your competitive analysis should focus on where your customers current turn to get their needs met. Focus on what those businesses are doing to fail the needs of your niched cluster.
Make sure that your business has a chance to grow and become known. This isn't possible if your market is already heavily saturated.
For example, if you are in a town of 200 and there are already 150 insurance salesmen combing the streets, is there really a need for you to become insurance sales member number 151?
Industry Growth Potential.
What is the health of your industry
as a whole?
What is Preliminary Market Analysis and How To Gauge Internal Influences.
- Is your field growing?
- Or is it dying so fast that you and all of the competitors that surround you will be out of business by the time you get your business cards printed?
What is preliminary market analysis?
“What is preliminary market analysis?” is really about asking whether you know the answer to “Why you?”
- Why should your niche cluster even care that you are now open for business ?
- What is it that you will do that is so special, so magical, and so targeted to their frustrations, needs, and lives that they will go absolutely crazy about that thing that you bring to the table?
- Will your customers be so endeared by what you do that they are willing and able to pay you for the product or service that your business promises to deliver?
Preliminary analysis is your opportunity to be brutally honest with yourself
about the various factors – both internal and external – that can influence the likelihood of success for your business.
When you contemplate what is preliminary analysis and what it can do for you, think about the ramifications
you could face if you decide to skip this step - it will be like playing Russian Roulette with the success and the future of your business.
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