If there is still no competition,it is obvious that you cannot expect that it will be the same situation for a long time. The right products and services that you will need to choose to sell to your customers will become available to you only after you make the initial market analysis.
Probably you are wondering why there would be a space for you to enter the market with a products that current or future competition offer or will offer. We should always keep in mind that the market is something that will change very quickly. Products that have been offered and most popular five years ago no longer exist now. The way these products were sold before five years is not the same as now, and today’s opportunities are bigger than yesterdays.
Today there are thousands of products consumed by customers, and there are thousands of ways that your product and sales methods can be different from your current or future competition. Your job as an entrepreneur is to choose the right business idea, so the product and sales methods will be better than what is now offered on the market. This rule will continue to be true as your products and services will move through different levels of the product life cycle.
Therefore, a critical element in this initial stage of your company is initial market analysis.
In the next section of this post I will provide some possible sources of information that can help you in a successful market analysis in order to select the right product that your company will offer on the market.
1. Similar Business Locations
Start with the streets and nearby streets where you plan to be located your company. Start with the quantitative and qualitative analysis of existing companies in that place and closer and wider surroundings. Using this analysis you will gain a sense for what is already offer and who can be your possible competitor.
2. Products and/or Services
If you already have an idea, or you’re in a business with a particular product and/or service, then start with yourself, and continue with your family and friends. Think about whether you really need these products, would you bought it if you find yourself in the position of a buyer. Are these products something that you can give as a gift to your family or friends? Talk with your closes family and friends and ask them if they really need something like that and how often they will use it if they need? In such a way, you can classify products in terms of theirs possible demand.
3. Demand Analysis Through Questionnaire
You can make a questionnaire to additionally research the possible demand for those products. If you have a website or blog you can just do a questionnaire for visitors.
4. Internet Forums
A second way to test the demand is to go to some of the web based forums and open a topic for your future or current business in terms of different opinions about the product you plan to offer. One disadvantage may be that you still do not know what region or area refers to these opinions. On the other hand, you can get a bunch of useless answers in the form of wrong direction. Therefore, although this method is worth trying, be careful.
Browse other topics at the forum that have some connection with your business idea and read and note carefully various opinions of different people. In such a way, you will create the image of a future offer and demand about the potential products.
5. Blog Post
If you have your business blog or personal blog you can take advantage to write a post about your ideas. Just elaborate the idea and ask questions that visitors can respond through comments.
6. Statistics Bureau
On these web sites, you can find monthly and annual statistical reports on various industries and activities under the national classification of activities where you can see how in different markets customers spend their money.
7. Newspapers, Radio, TV
Look at newspapers, radio and TV to find specific ads for now offered products on the market. With a particular attention note about everything that is happening in your particular industry.
8. Potential Suppliers
Find potential suppliers for your company in the yellow pages. Call them and as to send your offer via fax or email. In such a way, you can receive valuable information about different offers.
Google is the biggest database in the world with information from all possible areas or industries. Search Google for products that you analyze, you can get a bunch of valuable information that you can use in later stages of your business.
10. Hire Professionals
Finally, you can leave all this to be finished from someone else, which will save much time, but on the other side will cost you money.