Conducting market & industry analysis to target customers for your product
The purpose of the market analysis is to help you better understand the dynamics involved in selecting and targeting customers for your product. In-fact market analysis should be done before we begin with product development. This helps identify the need and demands of the market. The major areas which needs to be focused while having an effective market analysis include : Market Segments, Target Customer, Needs and Demands, Migration / Switching Cost, Price / Budget and Market Challenges. Considering these factors adds value and helps to optimize the overall product plan.
A market forecast is a core component of a market analysis !
A market forecast is a core component of a market analysis projecting the future numbers, characteristics, and trends in your target market. Potential customers can then be divided into segments. You want to focus on the best market – which is not necessarily the largest one or the market with the highest growth – it will be the one that matches your own company profile
Key benefits of market research
- Helps you to identify yours and yours competetiors strengths & weaknesses
- Know potential threats and opportunites beforehand
- Overall minimises your investment risks
- Gives an strength to your strategic planning
- Helps you to provide revenue projections
- It focuses on customer needs and demands on different geographies
- Set benchmark for your product success
Why Splice Global for Market & Industry Analysis for your product ?
Splice Global professional expertise includes helping startups to shapeup their strategy with a professional maturity and makes it presentable to the potential investors for their products and ideas, helping them to prepare a Business Plan including financial projections and get them ready. Market & Industry Analysis is one of the services among them.
We have helped startups with the financial projections upto USD 200 million upto 5 years planning and projections. Worked with startups in India, Canada, New York, Texas, Czech Republic, Italy, Spain, Turkey, Japan and other parts of countries.
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