Market Analysis For A Business Plan

If the industry description is the broad view a market analysis starts from, then target market is the view from a microscope. The total addressable market (TAM) explains just how much potential for growth your startup has.This is where you’ll determine and lay out exactly who your product is for. A target market description should include the market size as well as a specific user persona. Investors want to know you’re solving a painful problem in a giant market. Coincidentally, it reassures any current or future investors that you know what you’re doing, that you’ve done you’re homework and that you’re the right entrepreneur to address the gap in this particular market.

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Start with demographics and then examine other possible segments.

Some to consider include geographic segmentation (where do people live) and behavioral segmentation (what are specific, relevant actions people take). The specifics will help you narrow down exactly who you’re targeting and will help you outline more general demographics for your target market.

Consider things like technology required, any regulations in your market, investment needed, access to resources, brand visibility, and location, depending on your business and your market. Explain what they are and the steps you’ll be taking to remain compliant with them.

While there are online tools that can help you with your market analysis (and we’ll highlight some below), a great market analysis can’t be done solely with online tools.

You also need to be able to explain why you’ll be successful in this market.

What are the specific barriers to entry for your competitors?

It’s good to start with an industry description and outlook because it gives the rest of your market analysis solid, broad view to start from.

If your startup or small business targets more than one market segment, you need to outline that in the demographics and segmentation section.

” It doesn’t mean how many people will use your product.

This is the question you’ll get asked the most, and the answers are often the most wrong. The problem starts when people don’t realize they are using different terms interchangeably.

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