Complete Guide for Writing a Market Analysis—With Templates!
Summary
TLDRThis video script by Mike Ploger and Visme introduces the concept of turning your business into an 'analytical machine'. It emphasizes the importance of market analysis for informed decision-making, identifying growth opportunities, and overcoming obstacles. The script outlines the benefits of market research, including staying ahead of trends and measuring business performance. It also provides a step-by-step guide on the components of a market analysis, from industry description to SWOT analysis, and suggests tools for market projections and PESTLE analysis. The goal is to equip viewers with the knowledge to enhance their business strategies and compete effectively in their industry.
Takeaways
- 📈 Market analysis is essential for identifying growth opportunities, developing strategies, and positioning your business effectively.
- 🔍 40% of marketers use consumer research to make decisions, emphasizing the importance of understanding the industry, competitors, and customers.
- 🛠 Market analysis involves continuous effort to maintain peak market knowledge, including insights into market size, customer purchasing habits, barriers to entry, and competitive landscape.
- 📚 The first benefit of market analysis is making informed decisions by spotting risks, threats, and opportunities for growth.
- 👀 Staying ahead of the curve involves market forecasting to predict trends, financial projections, and characteristics of the target market.
- 🗣️ Listening to the market through customer feedback is crucial for understanding their needs and preferences to provide targeted solutions.
- 📊 Seven key components of a market analysis include industry description, market description, consumer analysis, competitive analysis, market projections, and analysis of external environmental factors.
- 📈 Use tools like SWOT, Porter's Five Forces, and strategic group analysis to evaluate internal strengths and weaknesses, as well as external opportunities and threats.
- 🌐 Market projections are vital for assessing the sustainability of your business by forecasting market trends and sales volumes.
- 🌳 PESTLE analysis helps in understanding and preparing for external factors like political, economic, sociological, technological, legal, and environmental influences on your business.
- 📝 Customize templates, like those from Visme, to visually represent market data and trends, making it easier to communicate your analysis to stakeholders.
Q & A
What is the primary purpose of creating a market analysis?
-The primary purpose of creating a market analysis is to help businesses find opportunities for growth, develop strategies to overcome obstacles, and better position themselves in front of customers.
How does a market analysis benefit a business in making informed decisions?
-A market analysis helps businesses make informed decisions by providing insights into the size of the market, demand for products or services, customer purchasing habits, barriers to entry, competition, and other market forces.
What are the seven components of a market analysis mentioned in the video?
-The seven components of a market analysis are: industry's description and outlook, market segmentation, market trends, competition analysis, market projections, external environmental factors, and marketing strategies.
Why is it important to study and note market trends?
-Studying and noting market trends is important because it helps businesses predict changes in consumer preferences, market demographics, technological advancements, demand for products or services, pricing influences, and other factors that impact the market's direction.
How can businesses gather information about their competitors?
-Businesses can gather information about their competitors by investigating their websites, social media channels, marketing materials, newsletters, reviews, and by purchasing their products. They can also use frameworks like Porter's five forces and SWOT analysis.
What are Porter's five forces in competitive market analysis?
-Porter's five forces in competitive market analysis are: bargaining power of suppliers, bargaining power of buyers, competitive rivalry, threat of substitute products, and threat of new entrants.
What is the significance of making market projections?
-Making market projections is significant because it helps businesses predict trends, financial projections, characteristics of the target market, and plan accordingly. It ensures that businesses can anticipate changes and adapt their strategies to maintain sustainability.
Why should businesses analyze external environmental factors?
-Businesses should analyze external environmental factors because these factors can disrupt business processes. Understanding political, economic, sociological, technological, legal, and environmental factors helps businesses prepare and resolve potential issues.
What is a PESTLE analysis and what does it include?
-A PESTLE analysis is a model used to analyze external environmental factors that can impact a business. It includes political, economic, sociological, technological, legal, and environmental factors.
How can businesses use templates to create effective market analyses?
-Businesses can use templates like those provided by Visme to create effective market analyses. These templates allow for easy customization of colors, fonts, data, and information to visually represent statistics and trends, making the analysis more accessible and understandable.
Outlines
📊 Embracing Analytics in Market Research
This paragraph introduces the concept of applying analytics to market research, drawing a parallel to how baseball has evolved into an analytical sport. The speaker, Mike Ploger, and Vismi, aim to provide insights into creating a market analysis that can enhance business growth. They highlight the importance of understanding the market, competitors, and customers to make informed decisions. The paragraph outlines the benefits of market analysis, such as identifying opportunities for growth, overcoming obstacles, and positioning the business effectively. It emphasizes the continuous effort required to maintain market knowledge and the insights gained from understanding market size, customer purchasing habits, barriers to entry, and competitive landscape. The speaker encourages viewers to think analytically to stay ahead of trends and measure business performance effectively.
📈 Components of a Market Analysis
The second paragraph delves into the specifics of what constitutes a market analysis. It lists seven key components that should be included: industry description and outlook, market description, customer analysis, SWOT analysis, competitive analysis, market projections, and analysis of external environmental factors. The speaker explains the importance of each component, such as understanding industry trends, predicting profitability, and identifying market opportunities. The paragraph also suggests tools and resources for gathering data, like government agencies, trade associations, and various online platforms. It emphasizes the need for ongoing research and analysis to stay current with market trends and competitive dynamics, and it introduces methods like Porter's Five Forces and SWOT analysis to evaluate the competitive landscape and business positioning.
📉 Market Projections and Environmental Analysis
The final paragraph focuses on the importance of making accurate market projections and analyzing external environmental factors that can impact business operations. It stresses the need for solid research to forecast market trends and sustainability, recommending resources like statista and Euro monitor for data. The speaker also introduces the PESTLE analysis model as a tool for examining political, economic, sociological, technological, legal, and environmental factors that could influence the business. The paragraph concludes by encouraging viewers to apply the tips and processes discussed in the video to improve their business standing in the industry. It ends with a call to action for viewers to like the video and subscribe to the channel for more business-enhancing content.
Mindmap
Keywords
💡Market Analysis
💡Consumer Research
💡Market Forecast
💡Competitive Analysis
💡SWOT Analysis
💡Porter's Five Forces
💡Strategic Group Analysis
💡Market Projections
💡PESTLE Analysis
💡Business Performance Measurement
💡Market Positioning
Highlights
Market research is essential for business growth, with 40% of marketers using it for decision-making.
Creating a market analysis helps businesses find growth opportunities and overcome obstacles.
A market analysis provides insights into market size, customer purchasing habits, barriers to entry, and competitive landscape.
Market analysis aids in informed decision-making by identifying risks, threats, and growth opportunities.
Staying ahead of market trends is crucial, and a market analysis can predict financial projections and target market characteristics.
Understanding customer needs and preferences is key, and a market analysis helps in providing targeted solutions.
A market analysis includes seven key components: industry description, market focus, trends, competition, market projections, and external environmental factors.
Utilizing tools like Google Trends and U.S. census data can help in understanding market trends and consumer data.
Porter's Five Forces is a method to analyze competition by examining supplier and buyer power, rivalry, substitute threats, and new entrants.
SWOT analysis is a framework for evaluating a business's strengths, weaknesses, opportunities, and threats.
Strategic group analysis groups competitors based on company size, product features, distribution channels, and pricing policy.
Market projections are important for understanding market sustainability and should be based on firm research.
PESTLE analysis helps in analyzing political, economic, sociological, technological, legal, and environmental factors affecting the business.
Visme offers customizable templates for market analysis, making it easier to represent data and trends visually.
Staying current with industry events and networking with leaders is crucial for continuous business growth.
The video provides actionable tips and processes to improve business positioning and competitiveness in the industry.
Encouragement for viewers to apply the insights from the video to enhance their business strategies and performance.
Transcripts
it's time to get analytical market
research will never be the same and
neither will you after what you'll learn
in this video
[Applause]
[Music]
hello world Mike ploger and vismi are
back at it to dive head first today into
analytics just like baseball has become
an analytical sport it's time for your
business to become an analytical machine
forty percent of marketers leverage
consumer research to make decisions
they're putting in the hours to know
everything they can about their industry
competitors customers and everything in
between that directly grows their
business and while it may seem a little
scary or like a heavy workload to take
on think again in this video fizme and I
will share everything that you need to
know about creating a market analysis
that will help boost your business from
the benefits to components to templates
that you can edit in minutes we've got
you covered shall we
foreign
really dive into the nuts and bolts of
this thing let's just quickly recap what
exactly a market analysis is put simply
it's an assessment of the market duh
right more specifically its purpose is
to help you find opportunities for
growth develop strategies to overcome
obstacles and better position yourselves
in front of your customers it can be
used to launch a new product revamp your
entire business strategy or take on new
Ventures but it doesn't happen all at
once it's a continued effort that keeps
your market knowledge at a peak you'll
have insight into the size of the market
that a man for your products or Services
purchasing habits of customers any
barriers of Entry what your competition
looks like and various other forces
affecting customers and Industry players
writing a market analysis is like
looking into the engine of a car and
understanding why every little component
gets that vehicle from point A to point
B you may be at Point a right now but
soon you'll be sitting pretty riding off
into this concept
our first and maybe most important
benefit to creating a market analysis is
that it'll help you make informed
decisions spotting risks threats and
opportunities for growth is an
opportunity that's hard to pass up
information is power and power is growth
[Music]
want to see what your competitors aren't
seeing trying to stay on top of Trends
before they're even fully trending well
create a market analysis having that
core understanding of your Market in the
direction its heading is massively
important
a part of your research is listening to
the market and what potential current or
even past customers have to say you want
to be asking these questions who or what
influences their purchase decisions what
do they expect from Brands why did those
customers choose your product over your
competitions and lastly how do your
customers use your product and does it
meet their needs once you have these
answers you'll be better positioned to
provide targeted Solutions and fulfill
your customers needs
foreign
[Music]
as I mentioned in step two you want to
stay ahead of the curve a market
forecast will help you predict Trends
Financial projections and
characteristics of your target market
this will help you predict what to
expect in terms of your Revenue cost and
profit margins then you plan accordingly
and our fifth benefit is quite simple
how else are you measuring your business
performance do you even know how you
stack up against your competitors or
what your customers are seeking stop
winging it and start writing it it's
time to get into the components of a
market analysis
when it comes time to start writing your
market analysis there's seven components
that you'll want to include the first is
your industry's description and Outlook
determining its current state and future
is Paramount you'll want to include
information on what the industry offers
the size of the industry any emerging
Trends the rate of or potential growth
for your industry and the sustainability
of your industry as a whole if you're in
the world of video production how big is
it now and where is it heading those are
important questions to answer look to
government agencies trade associations
or your local Chamber of Commerce if
you're having a hard time Gathering
statistics and reports to back your
answers
[Music]
now that you and any readers have a
better understanding of your industry as
a whole the next section you'll want to
narrow it down to focus solely on the
market that you're operating in by doing
so you'll be able to more clearly
predict how profitable you can be by
tackling specific Solutions and ideas
meant for your Target population it's
like getting the best bang for your buck
take a look at this visme infographic
which would be a perfect market analysis
by visually representing statistics and
information through pie charts bar
charts and other visuals a reader can
easily identify Trends in Market data
that would otherwise be confusing or
wordy and remember this is just one
vismy template available to edit right
now you can change the colors fonts data
information and everything in between to
fit your needs
now descriptions are quite simple it's
determining Trends where it can start to
get a little tricky you'll want to study
and note occurrences in your industry
that have made impacts on its overall
direction what are some things to look
for follow along
changes in consumer preferences change
in Market demographics
technological advancements changing
demand in specific products or Services
influences in pricing by supplies and
any fluctuations that that's led to now
that seems like a lot and you might have
no clue on where to begin but we can
help you there too check out websites
like think with Google or Google Trends
you also have U.S census business data
at your fingertips or the Pew Research
Center any of these places can help you
see the bigger picture of your Market
consumer data and how it relates to the
overall economy keep an eye on your
competitors are they headed in a
direction that you didn't see coming
maybe they have access to information
and analytics that you haven't seen by
watching them closely you can make more
informed decisions and never skip out on
an industry event network with industry
leaders subscribe to newsletters sign up
for webinars watch the news you name it
stay current as best as you can
step four outlines your competition in
what you're up against you'll have a
clearer picture of what you need to do
to keep up with other industry leaders
or better yet how to surpass them this
isn't a one-time thing this will be an
ongoing process that shows you who your
competition is what their products and
pricing looks like how they stand out
and what an overall bird's eye view of
their business and to give you an
example it'll look something like this
now there are different ways that you
can analyze the competitive market the
most simple is simply investigating them
scan their website stalk their social
media channels take a peep at their
marketing materials and newsletters
study their reviews and even buy their
products do everything that you can to
be connected with them and think how
they think another option you have is
using Porter's five forces this breaks
down your analysis into five sections as
you can see in this infographic first up
is the bargaining power of suppliers are
you familiar with how many suppliers are
in your area this will determine how
easy it is for them to raise their
prices the more suppliers the more power
that you have next is examining the
bargaining power of buyers if you have a
lot of competition then the power lies
in the consumer as they have more
options to choose from the competitive
rivalry section will look further into
how intense the competition is how many
competitors exist and what's the quality
of their product or service compared to
yours
the threat of substitute products
examines how easy it is for a consumer
to say yeah I don't need you anymore and
find another seller if there's cheaper
substitutes for largely the same thing
you could be in trouble and lastly
there's the threat of new entrants
what's the likelihood of someone new
coming to your school to take your
boyfriend or girlfriend AKA could a new
business after new business launch and
then lessen your market share it's
something you'll want to consider
if you don't like good old Porter then
another option you have is conducting a
SWOT analysis it's a framework for
evaluating your strengths weaknesses
opportunities and threats in a two by
two grid your strengths and weaknesses
are internal there are things that you
can control perhaps it's your workplace
culture patents that you have technology
others don't have your location I don't
know you tell me opportunities and
threats are more external you have no
control over them these are your market
trends cost of raw materials economic
growth or decline
Etc your last option would be a
strategic group analysis this will group
competitors in the market based on a
number of characteristics including but
not limited to company size product
features distribution channels and price
policy
[Music]
if you're just starting your business or
even just looking to take the next step
a great way to analyze the market and
improve your positioning is by exploring
what your competition is doing right how
are they adapting to those external
factors out of their control how do they
build up their business look into their
resources management operational
strategies marketing strategies people
and everything in between by
understanding their areas of strength
more doors will open for you you'll
recognize what it takes to be
sustainable in the market you'll
identify areas of improvement and most
importantly you'll take continuous steps
of growth for your business
[Music]
the second to last step is making Market
projections where's the market now and
where is it headed this will help answer
how sustainable your business is it's
important to not simply guess in this
step don't be lazy find hard firm
research that forecasts the market write
this down statista and Euro monitor are
two websites that could be very helpful
you can search a company like McDonald's
and analyze market trends competitor
analysis customer descriptions and
purchase behavior and that's what you're
looking for here hone in on Market size
projected sales volume average purchase
price for customers market shares and
Industry net margins but hey look
another vismi template to consider this
one is on industry trends for pizza
while it looks at Global statistics on
how much pizza is eaten to what toppings
are the most popular you can again edit
it to fit your needs it's easy to change
the pizza pictures to whatever fits your
business update the charts with your own
numbers and you could be sharing this to
your employees or customers in no time
[Music]
your last step is to analyze outside
environmental factors you might be
asking why analyze factors that I have
zero control over and my answer to that
is because they can easily disrupt your
business processes studying them now
will help you better prepare and resolve
the issues when they arrive one way to
do this is with the pestle analysis
model the acronym stands for political
economic sociological technological
legal and environmental let's break it
down more to help you get an idea of how
to plan it out political factors include
taxation laws government policies import
restrictions or likewise economic
factors are your interest rates or other
economic policies sociological factors
include things we've discussed like
lifestyle Trends demographic
considerations location and more
technological innovations and Trends
could be influential like the arrival of
5G would be an example legal factors
include any and all laws from employment
to Consumer Protection to safety an
environmental considerations include
your carbon footprint or extreme weather
events and before you go let's visit one
last template this is another SWOT
analysis example that literally spells
it out for you each page consists of
strengths weaknesses and so on for this
marketing business you can easily drag
and drop new elements into the template
rework the colors and customize the
template to match your style ladies and
gentlemen I hope you took plenty of
notes because it's time for you to start
creating there's no shame in going back
and watching again if you need to but we
can assure you if you follow the tips
and processes we outlined in this video
your business will be much better off
you'll be able to stand up with the
leaders in your industry don't let that
goal slip your mind if you made it to
this point in the video please do us a
favor and drop a like on the video and
if you want to continue to learn and
take your business to the next level
subscribe to our Channel it won't be
long before we put out another video
just like this one that's meant to help
people just like you thank you again so
much for watching we'll look forward to
seeing you again soon with vismi I'm
Mike ploger helping you make information
beautiful
foreign
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