The market analysis is basically the target market section of your business plan. It is a thorough examination of the ideal people to whom you intend to sell your products or services. Even if you intend on selling a product or service only in your community, you won't be selling that service to everyone who lives there. Knowing exactly what type s of people might be interested in buying your product or service and how many of them reside in your projected area or region is fundamental in creating your market analysis. Once target market data has been established, you'll also work on sales projections within specific time frames, as well as how prospective sales might be affected by trends and policies. Don't skip market research; otherwise, you could end up starting a business that doesn't have a paying market.
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The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1 identify its target customers, 2 convey the needs of these customers, and 3 show how its products and services satisfy these needs. The first step of the Customer Analysis is to define exactly which customers the company is serving. This requires specificity. It is not adequate to say the company is targeting small businesses, for example, because there are several million of these types of customers. Rather, the plan must identify precisely the customers it is serving, such as small businesses with 10 to 50 employees based in large metropolitan cities on the West Coast. Once the plan has clearly identified and defined the company's target customers, it is necessary to explain the demographics of these customers.
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Maybe you think you don't need a step-by-step guide to writing a great business plan. Maybe you think you don't need a template for writing a business plan. After all, some entrepreneurs succeed without writing a business plan.
The customer profile is often brushed over when it comes to writing a business plan. You'll be making a mistake if you don't write this portion of the plan well, or do a rushed job. Your market analysis will be based on your customers, and if you don't know their profile, you'll miss the mark. It takes research and statistical analysis to write a well thought out customer profile, and it should include the following: Age of Your Customers If you're primarily doing business with individuals, then you'll list a range of ages.