For any company to survive, a detailed market analysis must be done. With a market analysis, a business owner can get a clear idea of the market they are getting their company into. By knowing the market, it is possible to plan strategies that can get a business ahead amid its competition. However, the market analysis is not only about the competition, it is about customers as well. A company owner needs to know that the market exists for customers to want their services. A market analysis can help the business owner know the needs of the customers, allowing them to tailor their services to meet those needs.
Answering Questions
When you do market analysis for your company, you get the ability to answer questions that have a large bearing on your business and its success.
1. What are the strengths of your competition?
2. What are the weaknesses of your competition?
3. Is the location of your company suitable for making a profit?
4. Does the concept of a company fill a need in the market?
5. How many customers should your company get over the course of one year?
The Components of a Marketing Analysis
There are several components that make up an accurate and complete market analysis. These are:
1. Industry trends
This is where you look at the opportunities that are available for your business and the possible problems within the industry that could drive down profits. You will need to look at consumer buying patterns, which are available from many sources including state and federal governments, as well as your local municipal government. These studies show changing trends in what customers buy and their behavior relation to your company’s niche. You can find industry trends through:
a. National Associations
b. State Associations
c. Local Associations
d. Industry Groups
e. Industry Publications
In the industry trends section, there is a checklist that you should be looking at to determine what you should study and include in your market analysis.
These items are:
* Economic Trends
* Consumer Confidence
* Demographic Trends
* New Concepts/Themes
* Customer Service Innovations
* Pricing Trends
* Labor Saving Trends
2. Local Market Area
By looking at your local market area, you can see the demographic and economic statistics to determine what kind of sales potential there is for your company. With these statistics, you can determine how your market area will fare compared with other market areas. The first step in this process is to determine exactly how large of a geographical area you are going to serve. Your geographical area is based on how far people will be willing to travel for your services and how much competition you have around you.
Once you do know your geographical area, you can get the demographics on that area to see what types of people live and work near your business. You will know the age of the population around you, the income level, the education level and the gender break-down. You can get economic statistics to determine what kind of business growth there is in your area. This will give you an indication of the health of the economy in your market area. Some of the places that you can get economic statistics from include:
a. Bureau of Census
b. State Economic Development Agencies
c. Municipal Economic Development Agencies
d. Small Business Development Centers
e. County Extension Offices
f. Chamber of Commerce
Within your market area, there are several characteristics to look at. These characteristics are:
* The population of the market area
* Age distribution
* The gender distribution
* The ethnic groups of the are
* The household income
* The marital status distribution
* The types of dwellings in the area
* The number of households that have children
* The education level of the area
There are several economic factors to look at including:
* The types of businesses in the area
* The number of businesses in the area
* The growth of businesses in the area
* The local developments that are being planned in the area
3. The Competition
Knowing what kind of competition exists in an area is very important. As Sun Tzu said, “Know thy enemy, know thyself.” By knowing what types of businesses you are competing against, you can know how to better manage your company. The first task is to find out what similar companies operate in your market area and what services they provide. You also need to determine what types of customers go to your competitors and why. You should be able to look at your competition and determine the following items:
a. Traffic patterns in their market area
b. Closeness to sources of customer demand
c. How accessible the competition is to customers
d. How visible the competition is to customers
e. The surrounding neighborhood
f. The parking availability at the competition’s business
g. The visibility of the competition’s sign
h. The appearance of the competition’s building
i. The appearance of the competition’s interior offices
j. The cleanliness of the competition’s interior offices and store
k. What days are they open?
l. How long are they open for?
m. What kind of service do they provide and is the service high quality?
n. How fast do they provide the service?
o. What other services do they provide?
p. Are they part of a franchise?
q. Do they have a good reputation in the area?
r. How do they advertise?
s. What are their strengths?
t. What are their weaknesses?
4. Your Location
Your location will be located somewhere in your market area, but choosing the right spot for your office is very important, and sometimes difficult to do. Depending on the kind of company you operate, you will have different requirements for your location. Look at the following points when you assess the market of your possible location:
a. Residential Profile
b. Commercial Profile
c. Adjacent zoning uses
d. New developments for the area
e. The safety of the area
f. The appeal of the possible location
g. The demand of the area and what will fuel the demand
h. The number of potential customers in one, two and three mile radiuses from the location
i. Location of security competitors in that area
j. The traffic volume of the area
k. The road patterns of the location
l. The peak and off-peak traffic periods for the location
m. How close are the major highways?
n. Is it easy to get in and out of the parking lot?
o. Is there plenty of parking?
p. Is it a handicap-friendly location?
q. The visibility from the road
r. The curb appeal of the building
s. The exterior lighting of the building
The market that you choose for your company needs to be robust enough to allow your business to grow over the course of several years.
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