How to Conduct a Market Analysis in 4 Steps

Great strategy comes from understanding where your opportunities are. Market analyses tend to be overly comprehensive and complicated. We break down the process into four easy steps to help you understand how to conduct a market analysis for your organization.

1. What’s happening in your market/industry? Identify the megatrends in your industry that will either help or hinder your organization.
2. Who are your competitors and how are they winning and losing? Take your top five competitors and analyze their strategy.
3. What customers do you (or can you) serve? Build knowledge of your current customers while paying attention to new customers and emerging trends.
4. How are you performing today and what kind of new opportunities do you have? Look within and outside of your current markets to grow and build dominance.

To build this four-step framework, you’ll need to collect both internal and external data.

Internal sources of data include profit and loss statements, forecasts, marketing performance, sales performance, staff insights, and customer insights.

External sources include consumer data, labor data, economic forecasts, supply chain information, local data, and census data.

Set your framework, gather data, and populate it into useful information. What does this information tell you? The idea is to uncover opportunities and formulate a plan on how to capitalize on them. Conducting a market analysis doesn’t have to be difficult but it does have to be purposeful and strategic.

[StewBedazzle]

I'm interviewing for a job that will have me doing this on the regular...I don't have any experience and this succinct breakdown was very helpful. Subscribed!

[ITPMMentor]

Appreciate the insight and time that you take to simplify what is often expressed in very complicated terms by college professors and other consultants.

[davidriley]

Gosh, this really simplified it. Thank you so much.

[_FullCup]

Hi and thank your the video and the good work you are doing in educating us.

I wanted to understand: The tips you have shared here, do they also apply when conducting research for demand of a product one want to sell?

[welcometooaudioland]

This video was fantastic and just what I was looking for in relation to the topic.

[napasornsriwattana]

your video is excellent! i appreciate you explanation that makes everything easier to understand

[shimaadil]

Great explanations, as a freshgrad with no business background
I’ve been struggling on how to create a market analysis and yes sometimes its ends up just collecting bunch of datas and I dont know how to use them. This video really helps a lot, keep making them

[karltonhoskins]

We love the business education content you’ve shared on YouTube and would like to feature/promote your content on our platform.

[SonicBoomSquad]

Thank you very much for this video. Helped me a lot in my studies.

[duggrim]

I was looking for a marketing market analysis, which is something very different. Because getting into the financials for organic traffic just not something anyone would do. :D

[edwinutama]

How conduct competitor analysis by using SWOT ?

[harleysmith]

Anybody recommend a word doc in particular? Find Google or Microsoft better etc? Any tips or suggestions would be so appreciated ty Gigi

[bobbyondracek]

What do you think about $SPY's =$5 gap down?

[Empress_Dominique]

With question #4. Can a company that hasn't launched yet answer that question? If not when would be a good time frame that the company can answer that question?

[kirbyewel]

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