Why you should take your Market Analysis seriously.

A while ago, I read a book by Seth Godin titled "THIS IS MARKETING," which is definitely a book I recommend that we should all read in order to be competent in our marketing. In this particular book, he mentions how it is easier to create products and services for the customers you seek to serve, rather than to find customers for your product. I 100% agree with him.

This is because in this world where starting a business is getting easier and easier and everything about being an entrepreneur is being romanticized, you find that people are rushing into selling things with the aim of making a profit instead of actually taking time out to understand what the world needs and how they can position themselves as the solution.

As a result, you find that marketing a product or service is becoming a challenge and it inevitably cues a cycle of endless advertising with no tangible return on investment.

In my opinion, I believe that regardless of the channel one wishes to use, one must take the time to analyze the market and brace themselves for what they should anticipate, and make informed decisions.

What is Market Analysis?

Market analysis is an in-depth analysis of a market within a specific industry. Conducting a market analysis helps you answer integral questions such as:

1. What makes me stand out in the industry?

2. What are my consumers' buying habits and triggers?

3. What channels are prevalent to my consumers?

4. Who is your buyer persona?

5. What are the probabilities of success in the niche and how to maximize that while trying as much as possible to mitigate risk?

How to conduct Market Analysis?

Conducting market research is not a complicated process; however, it is time-consuming to ensure its effectiveness.

1. Understand your Why

With everything, there has to be a sense of intentionality, including your research. This means sitting down and asking yourself what you wish to gain from the entire experience, hence creating a clear path for yourself and your business.

2. Research your industry

For instance, if you wish to start a bakery, you must understand what the industry is like, what the trends are, etc., and have enough data to back yourself up.

3. Who is your target audience

Referring back to Seth Godin's book, "The smallest viable market is the focus that ironically and delightfully leads to your growth. This means that not everyone is your target audience, and your work is not for everyone but for those who are interested in your journey.

4. Understand your competition

A SWOT analysis is crucial to give you an idea of where you stand in relation to businesses that are in the same industry as you. When you are aware of this information, you can use it to your advantage instead of waiting for a rude awakening.

5. Use your data to your advantage

Once you have gathered all the data you may need, you can come up with idea strategies that will make your marketing easier and your launch into the marketplace a whole lot easier compared to when you walk in with nothing.

So for any aspiring business owners, I hope you take the time to understand your market.