Startup Market Analysis
Market Analysis as a conventional meaning is done to determine the Market Attractiveness or to understand new opportunities but in today’s terms it should be done to identify the Market need and requirements. If you are launching a Product, than Market Analysis helps you understand the need of your Product as you are planning and also can identify if the Product is right fit in terms of features and usability as planned or understood.
Market analysis is a key to StartUp strategy, as it gives you a clear line of direction you should be taking. Market analysis will benefit you as it will clearly identify your vision with your consumers and also caution you for pitfalls if any. At the onset of your StartUp- you will have a clear set of guidelines.
Market Analysis has various dimensions, but the most important dimension for a StartUp is Product Acceptability.
At Veloz we perform Market Analysis on a single source- Customer Surveys, for our Market analysis, the reason being, your product is going to be used by a set group of Customers as identified by you during your Idea Validation Service. Now when your product is ready, it should be tested with the same set of Customer Demographics, for its usability and acceptability. If a sample customer base accepts the product, half your battle is won.
Many times Market Analysis is also required on an existing Product to measure its true potential or even the reason for slow growth. The Market Analysis in this case is done on existing customers or customers who have stopped using the product.
Market Analysis is not required, where you have established customers and have been dealing with them over a period of time.
Plan Market Analysis
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