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Marketing Analysis: Assessing Whether Or Not There Is a Need for Your Services

Market Analysis Photo

Before starting any type of business be it for profit or nonprofit, one should do a market analysis to determine whether or not there is a need for the services you’re providing.

How Do I Do A Marketing Analysis

The very first thing you want to do is look at the demographics of the area you desire to set up shop. This can very easily be obtained by going to the U. S. Census Bureau and pulling up the data. Although it may be a little outdated, it still provides valuable information as it relates to the number of people in the service area, those within certain income brackets, the number of families and children and so on.

The next step is to look to see if the services you’re providing are presently being done by someone else. If so, assess to see if that person or those persons are fulfilling the entire need for those you aspire to serve, or is there room for your business.

In assessing the situation, ask yourself, is this business confined to one geographical area or do you plan to take it globally or expand the services to other regions, cities and states.

Keep in mind that often although there may be one group or organization or perhaps several doing the same thing, there still might be a need for your business. Don’t be deterred because you see one person already doing the work you aspire to do or similar works.

Ask yourself, is this that I am attempting to start something that should be done as a new business or perhaps something you can assist another who’s already doing it.

There are times when we are given dreams and visions for a particular task or business and it’s not to start something new, but rather to collaborate and partner with someone else that’s already doing it.  In doing so, you are still fulfilling your dream and vision for operating a business. You are just using your gift of “helps” to bring it to manifestation.

Speak with various trusted business owners, nonprofits, Chambers and others within the area you desire to serve and get their take on your new business venture. Ask them questions as to whether or not they believe there is a need for what you aspire to do. Listen and take notes.

If after doing the above steps you find that there is a need for your business then by all means go for it.

As I’ve stated so many times before; starting and building a business from the ground up is no light task. Do the research. Do a S.W.O.T (Strengths Weaknesses Opportunities and Threats) analysis.

These are just a few pointers for those considering starting a business or perhaps even expanding a business. The bottom line is BEFORE YOU DO, you need to DO YOUR HOMEWORK!

The harvest is plentiful! Just put in your due diligence, decide and then move on to developing your actual Marketing Plan. In it, you will look at the 4 p’s of the Marketing Mix: Product, Price, Platform/Placement and Promotions as well as the 4 c’s: Customer/Consumer; Cost; Convenience and Communication (Lauterborn, 1990), as with the 4 c’s for marketing communications: Clarity; Credibility; Consistency and Competitiveness. (Jobber and Fahy, 2009).

Best of luck to you as you endeavor into the journey of becoming a successful business owner. Don’t despise the days of small beginnings! Everything that ever grew to become an empire began as a seed!

One final word, as you are building your business, begin to think of generational blessings. Build it on a solid foundation. Always, always, always PRAY about it…ALL through the process.

Next week, we go back to inspirational messages…

Slice, Slice, Baby! (1)

The Back of the Book Cover Me Courtney and Roz