Market analysis is a must thing for your business plan as it will tell you where you are standing at the moment, what your ups are and what your downs are. It makes you realize the scenarios of the industry like what is going on, what you should do and what you should not do, a complete outlook, an insight, volume of competition and what is your future. Market analysis is a necessity of all the businesses, the most crucial thing.
Let us understand the way by which you can analyze your market and how to research it,
What Industry Reports Says
You should always remain in touch with latest research, analysis and development in the industry. It will sow the seeds of a vision and a sight of how the industry is going and what is its requirements. You will get an idea that about the pattern of the growth of your industry like what growth it is making, why that growth is taking place and how it can benefit you.
What Is Selling and What Is Not
Google will tell you everything, all you have to do is to ask it, online surveys and industry reports. What are the prospects for your product and services in the current market scenario? What you should add and what you should remove from your box. Another way is that, go to any store that is dealing with the similar product range and try to interview store owner and their customers. Customers will tell you what they want and store representative or store owner will tell you about their experience of years facing such customers, dealing with them and fulfilling their requirements.
Who Are You Competing With
Study your competitors very deeply, in all the aspects and try to get all the details. Mention their features, where they lack from you and where you lack from them. It is to know how they are selling their products or services and earning more revenue, why customers are choosing them, what their pricing are. After analysing these factors, assess your profile taking above concluded points. It will answer you that what is lacking in you and where you should work now.
Featuring In Trade Shows
Be in touch with business communities and keep featuring in various trade shows that are going on nearby you. Featuring in such trade fares will teach you latest market strategy findings and hot trends. It is a platform where you can meet your competitors and can study what they are planning, what is their concept behind their sales. It will save a good amount of energy that you are going to exhaust on internet. Try to communicate with as much people as possible and create connection.
After the completion of later points you have a good amount of research and knowledge of your competition. Now you are eligible enough to conclude how you are going to handle your competitors and how to overcome the competition. But keep some core points in concentration before you really conclude anything about your competitors, which are,
- How Industry is working? How big is the overall industry?
- From where market is getting buyers and what they really want?
- What is the perfect time to enter in the industry?
- What is your scope and how you can commit to make a growthful future.
- What are the features, segments, services or products you can add to enhance your sales.
- Competition Scenario
- How big the competition is? How crowded is the product category with competition?
- What kind of product and range you are competing with?
- What is selling and distributing or acquiring method of your competitors.
- Where you are lacking and where you are advancing in competition.
- What is you consumer’s behavior?
- What is the volume of sales and the quantity of customers who are buying it?
- Are your consumers are internet friendly and ready to shop online?
With this much information about your fellow racers, all their ups and down will make you able to have a better strategy to beat them and win the race. It’s all for this chapter, if you want to have a further deep clarity about this topic or any other point related to your eCommerce business, contact us and talk to our eCommerce consultant.
In our next chapter we will study about marketing and sales so keep reading this business planning series. By any chance if you have missed our previous two sessions of eCommerce business planning, its fundamentals and basics, you can access to them right form here. Please visit,
Chapter 1: What You Want To Do?
Chapter 2: What Is Your Business Model?