Don’t Stumble at The First Hurdle: Market Analysis and Competitive Acquisition
Are you about to launch a new business?
Maybe you already have a business, but you are about to enter into a new market.
We hear you! But your initial excitement might cloud your judgement when it comes to crucial aspects of your launch.
This can be a costly mistake. Making the wrong business decisions can cost you your investment and can cause a lot of heartache. Even after your business launch, it is important to keep up with market research to increase growth and prevent any future hurdles.
We know you put your heart and soul into your work and your business is something extremely meaningful.
Here are some considerations that must be mapped out before you risk your investment:
Keeping up to date in the tech world allows you to assess how new innovations will disrupt your industry. It also allows you to make advantageous money saving decisions, as well as using new technology to increase your overall revenue.
Who are your main competitors?
What are their tactics when it comes to stealing your customers?
Perhaps you are losing your midweek customers to “Two for One Wednesdays” at the trendy cafe down the road.
Keep your enemies closer: Knowing your competition inside out is crucial to surviving any industry.
Finding key insights which relate to your competition can really make a difference.
Key insights can be found within executing a Competitive Full Stack Audit.
A Full Stack Audit will analyse your competitors social media strategies, SEO, remarketing and advertising efforts.
If you’d like to learn more about how a Full Stack Audit can help your business, check out this blog post.
With a wealth of information, it provides you with a roadmap of how to proceed in a highly competitive industry.
One of the most annoying and disruptive things which can happen, especially if you have a brick and mortar business is road closures and building developments. This can seriously lower the footfall of a particular area so it’s important to keep up with current events and local town / city developments.
For example: If there is a major housing development being done, it would make sense for the development to want a corner supermarket to serve the public in that area.
You can find opportunities to make money by getting in at the forefront of this information being released.
You can join local committees like community planning, which will let you in on these key pieces of information.
Looking into specific locations and comparing them will help you assess how well your business will thrive in the area.
What is the average income of people living in the area?
What are the crime rates there and what sort of crimes are committed the most?
Are there any regular occurrences such as flooding, which would put your business premises at risk (and hike up your insurance prices)?
Employment law and economic factors within the national government sector can impact your business on a huge scale. This will affect how your entire business model will run, along with how you choose to staff the premises. If your product offering does not bring in enough revenue to support all of your staff wages and employment benefits, the project simply will not be able to succeed.
Assessing different beliefs and cultural attitudes can save you from embarrassment. Aligning your key messages, product and branding in a way which will be welcomed by other cultures and countries is a must for building a brand that lasts.
Understanding exactly who your customers are, along with how they purchase products will help your business grow much faster. You will be able to tap into your customers’ pain points and develop an emotional connection with them through your brand and offering. With the right research practices you can discover a wealth of deep insights to help you on your decision making journey.
What’s in and what’s out?
Analysis of current and future buying trends in the industry will help you figure out if your product offering is going to stand the test of time. Finding out if your specific marketing is growing or contracting will give you a good indication if your investment will be worth it, along with measuring what your customers are willing to pay for your product.
How do you know when it’s the right time to launch? Perhaps your establishment serves people of a lower socio-economic bracket.
Launching during a rocky economic time could result in slower growth for the business, due to their target customers having and spending less disposable income.
Keep in mind that industries like the hospitality businesses need heavy investment due to the many overheads and regulations they must keep up with. Risk management is a critical factor within the industry.
There are many variables, but assessing this information could save you from making financially and emotionally costly mistakes. You want your launch to be as smooth and pain free as possible. Analysis is exactly how you can achieve that and manage risk.
Don’t forget to save our exclusive checklist below so you can kick start you business.