tools and advice to follow

tools and advice to follow

Carrying out a market study is essential when you want to launch a new project. It is important to analyze both demand and supply but also to observe the market environment. We have selected best practices and tools to help you obtain a complete market study.

1. Define your market

Who says market research, says analysis of market opportunities. You must pay attention to both the macro-environment (regulatory, economic, sociological) and the micro-environment (location, competition, potential clientele). It is important to know the major trends in your market but also the associated players.

Resources to help you:

  • The questions to ask yourself before launching your project: for example, what is the purpose of my business? How is the market in which I position myself doing? What resources are needed for this project?etc.
  • Market research infographics: if you are embarking on a business creation project, Bpifrance offers an infographic that brings together the key steps to help you carry out a market study step by step.

2. Analyze the request

Analyzing demand involves: quantifying the size of the market, the number of customers and its evolution over time, having precise knowledge of your potential customers and users. And finally, you will have to think about segmenting the demand to define your core target or in other words: your priority target.

A resource to help you:

  • How to create a persona: create profiles of potential customers in a fictitious way to better understand your target. This will allow you to subsequently adapt your business strategy to best meet the needs of your different types of customers.

3. Analyze the project environment

You should also take a look at the external factors that can have a positive or negative influence on your new project. For this, you can rely on the PESTEL analysis, a strategic tool that should not be neglected.

A resource to help you:

  • The PESTEL analysis: this involves evaluating 6 external factors that can impact your business (Political, Economic, Sociological, Technological, Ecological and Legal.).

4. Analyze the competitors present in the market

It is also necessary to look at the existing offer of the market (the products or services of competitors). To identify your main competitors and collect key data on their online activity, you can use business intelligence tools: platforms like Bright Data or Similarweb can allow you to access key data on your competitors and make decisions more informed for your business strategy.

In some cases, you can also use SEO tools: they can allow you to know the keywords where your competitors are best positioned on Google, which can help you identify new opportunities for your business.

When you have clearly identified your competitors, you can also use the free competitive analysis templates made available by HubSpot. Among the models offered: competitive mapping, content marketing analysis, evaluation grid, strategic review and SWOT analysis. Objective: analyze your strengths and weaknesses, while comparing them to those of your competitors!

5. Set SMART goals

Another important point for your market research: it will be essential to think about setting SMART objectives. That is to say objectives: Specific, Measurable, Achievable, Achievable and Temporarily Defined. This is what will allow you to set up your action plans for the commercial part and for the communication/marketing part.

And after the market study? The time will come to the realization of the business plan: a document to present in a synthetic way the ins and outs of a project, and in particular its financing needs.

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