This document outlines 8 steps for performing market analysis before developing a new market strategy: 1) Perform global research on the industry and local markets; 2) Look for market reports and free information sources; 3) Seek out market segmentations and terms like "market share"; 4) Understand the audience's needs, behaviors, interests, and influencers; 5) Follow industry trends through articles, blogs and websites; 6) Benchmark similar products; 7) Map out the competitive landscape both online and offline; and 8) Ensure reliable sources and take time to thoroughly collect and analyze the data.

1. 8 Steps for Startup
Market Analysis
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2. Before you make any new decision about
your market strategy, you need to map the
market you are playing at.
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3. Mapping the market is done by market analysis.
Here are 8 steps to analyze your market.
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5. Perform Global Research
Perform global research and then take a
look into the local geographical markets
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6. Perform Global Research
Look for market reports
about your industry and
its surrounded fields
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7. Perform Global Research
In order to find a wide range of free information,
it’s worth to look for press releases, and surveys
from research companies.
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9. Seek Out Market Segmentations
Products are divided in many categories in
every industry branch. Search for terms
such as “market share”.
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11. Be an Expert About Your Audience
what is
their need
What do
they say?
What do they do?
What do
they think?
What do
they
read?
Who are their
thought leaders?
Where do they go?
What do they need?
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13. Follow Trends
Thousands of articles, blogs, and websites
deal with industry trends, like the well
known www.trendwatching.com.
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14. Follow Trends
You can Google the word trend with the name
of your industry, and you’ll have huge amount
of information.
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16. Benchmark
Look for products that have similar behaviors:
distribution channels, target audience, or give
a similar solution.
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18. Map your competitive landscape
Competitor is someone who makes your
clients spend their time and their money on
its self.
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19. Map your competitive landscape
Competitive Landscape analysis identifies your
competitors online as well as offline. It involves a
systematic analysis of the current environment and
its implementation on the organic search space.
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21. Reliable Sources
Make sure to choose your information from a
reliable sources (not every blog/article is
credible).
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23. Take Your Time
Collecting data takes
awhile, and requires
concentration and
patience.
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24. Take Your Time
After you’ll find the right information properly,
it will provide you a wide picture of the
market situation. it is definitely worth all the
effort.
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