by The SP Team | Business
Market Research Analysis is a data collection process about your buyers’ personas, target audiences, and customers. It determines how successful your product or service is or will be among these people. This is necessary because this information can help you with planning.
Before conducting market research analysis, it’s good to reflect on your past and what led you to this point. Forgive others for all they put you through and all the times you suffered and were wronged. Remember, forgiveness doesn’t make the other person right, however, it makes you free.
It can be challenging to do, but God can help you let go, soften your heart, and forgive. After that, the most challenging part will most likely be forgiving yourself for your ignorance, wrong teachings, and circumstances. Forgive yourself for all the times you have failed.
Release all the bitterness built up inside you and let God take it from you.
Now ask God to forgive you, heal you, and free you because this will help you to put your focus on helping other people and making a difference.
Be grateful for where you are no matter how far you feel behind or where you think you should be. Thank God for all He’s brought you through leading you to this place of desire to help the market.
Do whatever it takes to record your journey, always remember it, and never forget it. It’s your story and your testimony. It’s one of two ways you are going to help people. But the main way is by sharing Jesus and helping serve people the solution(s) you offer.
See how easy it is to be up and running whether you work in another business, own a business, or are starting a new business because failure only happens when you quit or give up.
This guide is for you:
- Before starting a business, find a hole in the market or do something completely new. It’s a good idea to find a unique niche to employ a business strategy called Blue Ocean Strategy. What Blue Ocean Strategy is: How many car insurance agencies compete for your business?
- You can imagine that it’s a red ocean shark fight. Blue ocean means you have no competitors and have the corner of the market. You’ll offer something no others can because then, you’ll have a wide-open free big blue ocean of opportunity.
- If you are not the only one offering the solution you have, you need to find a different approach to providing it. Find or create an approach to helping people that separates yourself and be differentiated from all others. What you offer will become unique and set apart from the rest.
- Keep a notebook you call your idea book specifically for all your creativity. Write down your ideas, and over time, you’ll see that while some may be ridiculous, some will still look like a great idea from all angles.
- Pray about your best ideas and meditate on them to make sure they align with God’s will. If you are unsure, His will is His word.
- Learn and plan all you can through analysis and discernment before starting the business, so you don’t have too many surprises and so that you can guide people as the expert of what you do.
Start conducting market research analysis when ready.
Google, google scholar, the library, and other competitors who operate the closest to the way you do or will are great places to look, read, and learn from.
Firstly, engineer your business market blueprint.
Start working on an analysis to get a clear plan and picture of the product or service, customer end-user, and basic revenue model. Make sure the fundamentals of your revenue model work. Even if you don’t have all the details worked out, make sure your unit economics work and scale to address a significant market need.
Without a sound business model, you won’t have a foundation for building a brand and business. The more research you do, the better.
Suppose you offer something people can get elsewhere. It increases the difficulty as now you’ll have to outperform all others, which will tempt you to compare yourself to them. This brings us to the next one:
Secondly, avoid the comparison trap.
By focusing on a different approach, setting yourself apart, and being unique, growth will come naturally because people will desire what they can only find with you.
Thirdly, build and develop a strong reputation of trust.
Be a person who follows through to completion. Be focused, not double-minded, full of integrity and transparency.