Conduct market research
How to analyze market trends?
Want to become an entrepreneur and try the adventure of a business creation? You have to go through the initial stages of business creation to choose the activity of your business, you now want to study the feasibility of your idea, your business.
Market research is one of the most important business creation stages because depending on its realization and analysis, it will give you an idea of your success or failure. Therefore, the market analysis must be done in a conscious and realistic way. It is a tool for the reliability and feasibility of your business project.
First, it is necessary to do a study of the precise market of your activity. Such upstream expertise will enable you to make decisions about your positioning.
The global market
Your global market includes all actors who play a role in the production of the good or service to the consumer. Thus the analysis of the market in its entirety will allow you to have general idea of your activity.
You can target a market as well national as global; it is up to you to make your choice and especially to analyze well the emerging markets that are bearers.
Collecting important figures
Record as much information as possible and figures to study the market as accurately as possible. You can collect key figures on the number of existing companies, the number of business start-ups per year,
the turnover of these companies, the size of the companies, the growth and the annual evolution of the market.
Interpretation of key figures
Once you have collected these numbers, you can move on to the interpretation of these. Interpreting means trying to understand the reasons for such an evolution and their impact on the market.
Once the market analysis has been carried out, you must now question the environment of your business, that is, everything that surrounds your business, your business. Several factors must be taken into account:
The regulations that must be followed to carry out your activity
The political environment. Is there any help that influences your industry? Be attentive to the legislation relating to the real estate sectors (in relation to energy consumption for example) or personal service (insertion of people with reduced mobility)
The current social environment
The cultural environment
The technological environment
Now you can ask yourself if your activity is consistent and compatible with all of these settings.
There is a multitude of different markets and with time and new technologies, other markets are created. In this way, each market has a different mode of operation. Thus, it is important to understand the organization of the market of its activity and the actors who intervene.
Identification of actors
Make a list of all the players involved in your market: manufacturers, subcontractors, distributors, economic players, institutions, trade unions etc.
It is important to understand how your market works, which is why it is necessary to try to detect what binds the actors previously mentioned. List the stakes and interests of each one to identify the interlocutors that you must take into account for your activity according to your needs.
Once the identification and marketing study of your market is completed, it is now necessary to determine your potential customer base, define your competitors and then evaluate the positioning of your company. For a good analysis of the feasibility of its business, doing a market research is a step in creating a business to be rigorously developed in order to be as close as possible to the current trends and realities of the market.