Thread by @BizSpreadsheets

What is a #Marketing Analysis?

The marketing analysis section of the #businessplan is where you demonstrate your understanding of your business environment. Also your company’s strengths and weaknesses in that environment.

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Why is marketing analysis important?

The marketing analysis is the foundation of the business plan. This section will really make or break your business plan. It will solidify what problem you're solving and what makes your #business unique.

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What should be included in a marketing analysis?

A good #marketing analysis will address everything that pertains to your startup's internal and external environment. Topics covered could include:

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#Economics
-Distribution
-Manufacture
Regulations
-#Taxes
-Privacy
Customer avatars
-#Demographics
-Geographics
Competitors
-Identification
-Analysis

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Customer behavior
-Decision making
-Motivation
Risk
-#Government instability
-Operational risk
Opportunity
-Market size
-Unique selling proposition
Value
-Problem identification
-Product/service benefits

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How should you do a marketing analysis?

First think about what problem your product or service will solve. Remember that customers buy benefits, not features. Be honest with yourself about what your product or service actually is. It's probably not "everything to everybody."6/12

Finally, solidify your unique selling proposition. Consider what's exceptional about your product, #customerservice, pricing, branding, or customer base.

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Tools to help perform a marketing analysis

Some of the best tools for performing market research are made available by government entities. For example, #Census Data, the Census Business Builder, the Bureau of Economic Analysis, Bureau of Labor Statistics, the list goes on

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Common mistakes in #marketing analysis and how to avoid them

The biggest mistake is glossing over this #research because it is time-consuming, difficult, or you're afraid of what you might find.

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How to write a marketing analysis in a #businessplan (or other
document)

Perform an analysis of demand
-Think about substitute products
-Look at #survey information
-Consider demand drivers
-Test the sensitivity of demand

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Determine the market size based on your demand #analysis
Examine pertinent #economic indicators
Choose locations that will set you up for success
Determine the market saturation for your product or service

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How often should a #marketing analysis be performed?

Certainly when drafting your business plan. Then, I would suggest reviewing it yearly and researching potential changes in the market as needed.

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