8 steps for sartups market analysis

8 Steps for Startup Market Analysis

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Before you make any new decision about your market strategy, you need to map the

market you are playing at.

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Mapping the market is done by market analysis.

Here are 8 steps to analyze your market.

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Perform Global Research

Perform global research and then take a look into the local geographical markets

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Perform Global Research

Look for market reports

about your industry and

its surrounded fields

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Perform Global Research

In order to find a wide range of free information, it’s worth to look for press releases, and surveys from research companies.

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Seek Out Market Segmentations

Products are divided in many categories in every industry branch. Search for terms such as “market share”.

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Be an Expert About Your Audience

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What do they do?

What do they think?

Who are their thought leaders?

What do they

read?

What do they need?

What do they say?

Where do they go?

what is their need

Follow Trends

Thousands of articles, blogs, and websites deal with industry trends, like the well known www.trendwatching.com. 

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Follow Trends

You can Google the word trend with the name of your industry, and you’ll have huge amount of information.  

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Benchmark

Look for products that have similar behaviors: distribution channels, target audience, or give a similar solution.

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Map your competitive landscape

Competitor is someone who makes your clients spend their time and their money on its self.

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Map your competitive landscapeCompetitive Landscape analysis identifies your competitors online as well as offline. It involves a systematic analysis of the current environment and its implementation on the organic search space.

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Blog

LinkedIn

Twitter

FacebookNewsletter

Reliable Sources

Make sure to choose your information from a reliable sources (not every blog/article is credible).

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Take Your Time

Collecting data takes

awhile, and requires

concentration and

patience.

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Take Your Time

After you’ll find the right information properly, it will provide you a wide picture of the market situation. it is definitely worth all the effort.

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