Success is a train ride away

Analyzing the market gets you on the right track

Analyzing the market gets you on the right track

Would you like to know how to become the leader of your market? How to get clients that are loyal and keeps coming back? How about how to increase your earnings? Or how to get the edge on your competitors?

Luck is not a part of it. Neither is genius. Both can help, but what will significantly impact your business is performing a market analysis.

 

A market analysis benefits you

Imagine going with the train. There are two ways of doing it.

1. You go to the station with a vague idea of where you want to get to and jump on the next train that seems to be going in that general direction.

2. You decide where you want to go beforehand, you check schedules and possible connections, you get to the station on time, you find the right track and you board the correct train.

Which would you prefer?

It’s the same in business.

You could open up a business with no more than a general idea of what you would like to do and where you would like to go. And who knows – it might just end up great.

On the other hand, careful preparation will take you that much closer to where you would like to be.

That careful preparation is the market analysis.

 

The impact of a market analysis

A good analysis of the market will tell you three key points:

1. The trends in the market
2. The preferences of the clients
3. The advantages and disadvantages of your competitors

Finding and using that information enables you to increase:

1. Client loyalty
2. Market share
3. Earnings

Why?

Because a good market analysis will give you the information you need in order to find groups of clients with needs currently not met, or badly met, by your competitors.

People expect their needs to be fulfilled. Meeting those expectations creates satisfaction. Satisfaction usually leads to loyalty.

A loyal and satisfied client is more likely to tell others about you, which increases your market share.

A higher market share allows you to do two things – increase prices (if you wish to keep your business small), or expand the offer (if you wish to grow your company). Both will increase your turn-over, and, in turn, your earnings – granted you do not dramatically increase costs.

 

What if your market is different?

Depending on the size of the station, there might be no more than one track and one train. Less preparation is needed if all you want is to go to the next stop. You may have to wait for some time, but you will get there. If you wanted to go farther however, you would still need to prepare and find out which train connects with your local line.

That would be a local market or a niche market. Getting started is easier, although it may take some time. If, however, you would like to grow, you would still benefit greatly from a market analysis.

 

How to do it

Performing a market analysis can be both very difficult and very easy. It’s all about two things: observing and listening.

You observe competitors, how people behave and what they buy. You observe overall sales figures, market trends and innovations.

You listen to clients and experts in the field.

The first can be done easily enough over the Internet, by reading news from your market and generally by observing people.

The second takes some more work, but is still feasible. You just need to ask the right questions.

 

All done after the market analysis?

Knowing where the train is headed, when it leaves, and what platform you have to go to, doesn’t help you unless you get on it.

An effort is required.

If you have all the information you need, but fail to implement it, you will not reach your goal.

Analyze the market and adapt to it, and you’ll be that much closer to success.

 

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