Marketing analysis is the backbone of any business decision. Starting a business without doing market analysis is a surefire recipe for disaster. Traditional market analysis called for a lot of work. Finding the target market and getting the information was very hit and miss.

The 4p method of marketing analysis

Most people relied on the 4 P method. Find a Product, Put an advert in the paper, Put up the feet and Pray.

Most businesses were product driven rather than customer driven. You spent money developing a product, offered it to the market and then it was a crapshoot. Would the market like the product or not. Most businesses would ask a few questions first. What do the current customers think of this idea. They would get an answer and then guess if it were financialy feasible.

The internet and marketing analysis

The internet solves this problem, Would you like to know how many searches there are a day for the problem you want to solve? So how much of that searching is done by people wanting to spend money. How can you test the market and see if those people will actually open their wallets before doing any development?

Marketing Analysis, Trends

Using tools available on the internet you can now see what the trends are regarding the industry you want to join. You can research the popular keywords in that niche, You can verify the trends going back to previous years. Is the market going into the toilet or is it on the up?

Marketing analysis, Market competition

How much competition is there for the market? How strong is the competition? How local is the competition? Is the market saturated?

Marketing Analysis, Product availability

What products solve similar issues? What products are available? How are the Products priced? Can your Product compete?

Don’t you think knowing just that could make your decision that much easier?