Understanding your customers is the key to success for any startup. If you don’t have a deep understanding of who your customers are, you’ll have trouble developing products that truly fit their needs, and you’ll struggle to develop a successful marketing strategy.
This is where a market analysis comes in. It may sound like a daunting and complex process, but fortunately, it’s not.
A market analysis consists of four parts:
Industry overview: You’ll describe the current state of your industry and where it is headed.
Target market: Who are your actual customers? You’ll detail how many of them are there, what their needs are, and describe their demographics.
Competition: Describe your competitors’ positioning, strengths, and weaknesses.
Pricing and forecast: Your pricing will help determine how you position your company in the market, and your forecast will show what portion of the market you hope to get.
Click below to read the full article from liveplan.com.