BEWARE OF FALSE KNOWLEDGE- IT IS MORE DANGEROUS THAN IGNORANCE!!-GEORGE BERNARD SHAW
While we are busy venturing towards the idea that might have suddenly popped up in our mind we often forget to evaluate the market we are targeting. We tend to negotiate or we don't treat market analysis as an obligation to be carried forward but in order to make a business plan worth implementing the first and the foremost effort should be taken in the direction of market analyzing.
An idea can strike any person at anytime irrespective of any criteria. Very few amidst those have the courage to pursue their dream and among those endeavoring very few actually taste how success feels like. What makes some business plan pays off and some doesn't? The answer lies in the strategy being followed. Either you are evaluating your existing business or investing in something new,you must be aware of how it will affect your customers. Apart from the profit you are earning you have to take in consideration the amount of input you have to give in order to get the required output that calls for something we call a profit. Sometimes the business is of seasonal nature that is we might earn profit in few months of an year and we might not even pull a penny in the rest. There are business that could be termed as short term business that would give fruitful results in a certain course of time but it is useless to invest in it for long terms.
Analyzing the market includes being familiar with the audience. There will always be people being afflicted with you might even don't know about. People forget to differentiate between the word market and potential market because your potential market includes both- the people you directly reach to and the people you might reach at sometime in the entire process.
The first step in analyzing the market is gathering as much information available from the sources and sometimes you might have to work with estimations because in business every situation turns out to be a new one. The second step is called segmentation or we can say slicing the market. There are different consumers with different needs and if we are able to categorize them by breaking them according to their requirement we can work upon the issues more efficiently and also faster.
The next step turns out to be measuring the market size and growth. You must know an approximate value of customers present in your market and also the growth trends that is taking in consideration that is your growth decreasing or increasing. After this evaluation you have to look after the latest market trends.The market changes very frequently and the one whose successful in identifying the growing change and offers flexibility to the already planned business plan excels in the market. When you can figure out the requirements of your audience and retaliate according to that you can easily make your business reach the zenith.
So never forget before investing in something huge you got to make it an obligation to analyze the market you are heading for.
