Starting your own business

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Customers and Market Analysis

 

Gaining Knowledge of Customers and Market

The section of the business plan covering analysis and reseaech on customers and market provides an opportunity for the instigators of the business start-up to demonstrate that they have sufficient knowledge and understanding of their proposed environment.

Identify the Key Players

Statistical analysis might be provided about the intended market such as the total value and number of purchasers made by customers in a given period.

Coupled with this information could be the percentages of transactions undertaken by the largest ten or twenty organisations or persons.

The greater the volume of detailed (and relevant) information provided in the section, the more focused and in tune the management of the proposed business may appear to be.

This might be a crucial factor considered by those requested to provide the new venture with funding.

Market and Customer Analysis

Detailed analysis on the market and its customers might provide clues as the whether the statement of objectives is realistic. A claim stating that fifty percent of the current market share will be gained within two years might seem impossible if the market data presents a picture of a largely fragmented industry.

Similarly, if buyer habits suggest a pattern of one time purchases, claims to introduce a course of action to court the major players in the market might seem misguided.

The importance of drawing reasonable and well based conclusions on market and customer data can not be overstated.

 
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