How to Do a Market Analysis (in Under 60 Minutes)

This post will give you a clear and practical framework for conducting a market analysis.

We’ll start with the basics first. Then move on to discussing the exact steps you need to take to analyze any market.

And it won’t take more than 60 mins—we promise.

Let’s begin.

What Is a Market Analysis?

A market analysis is the process of learning everything you can about your target market.

It’s like doing your homework to prepare before launching and growing your business.

You don’t want to enter a market without knowing who you’re serving, who you’re competing with, and what’s happening in your industry.

That’s a recipe for failure.

Instead, you want to do your research to gather as much data and insight as possible.

Why Perform a Market Analysis?

Market analysis helps you answer big business questions like:

• What is your market’s total size? (This is something you can see in Market Explorer, which we’ll go over when we discuss getting a high-level look at your market.)
• Who are your target customers? And what are their unique attributes?
• Who are your competitors? And how do they attract customers?
• What are the opportunities and threats that exist in your market?

By answering these questions, you’ll be able to:

• Determine whether your business will be viable
• Develop marketing strategies to attract customers
• Formulate plans to outperform your competitors
• Measure and improve your performance

In short, a market analysis helps you grow your business faster and smarter.

But how...