Study your market and clients:
- Define your target market
- Determine the size of the target market
- Define your specific segment within the target market
- Define the size and the revenue opportunity of your segment
- Determine how fast the overall market and your specific segment are growing
Is there glut or lack of supply? What future is predicted for this market by economic experts?
What are their main characteristics? Research the expectations of your customers. Learn what factors are most important to your customers (such as price, technology, easiness of use, etc). What can motivate them to purchase your product?
- Research the most important characteristics of your industry
Is it oriented on high or low sales volume? What are the capital and labor requirements in your industry? Is there seasonality factor?
- Research how representatives of your target audience decide to purchase a product
- Identify and categorize your targeted customers by their consumer budgets
Study your competitors:
- Identify your direct and indirect competitors
Decide what companies serve same markets or market segments with you.
- Identify CSF's (critical success factors) for your industry
- Perform analysis of your competitors according to most used methods
Research their strengths and weaknesses, research how well do they focus on CSF'.
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