Know Your Market

bar-charts-37107002_600W“If we knew what it was we were doing, it would not be called research, would it?”

– Albert Einstein

If you’re like most business owners, you know your market or you wouldn’t be in business. You don’t need this chapter to set your strategy and tactics. Still, an annual fresh look at your market is a good idea, and this chapter might help you with that.

If you’re a new entrepreneur, just starting a new business, then this chapter is for you. It is about how to test, explore, research, understand, describe, and prove the potential of your market.

And in either case, if you have the business plan event that requires a market analysis as part of the plan, then this chapter will help you present your information for your target audience.

Yes, I do say that the lean planning principle of Do Only What You’ll Use means you do Market Analysis, Proof of Market, Only as Needed. But that point is about whether you proactively research a market you already know. And it’s about whether you have to describe or prove your market in a document or pitch for outsiders. I do believe you have to know your market very well to develop effective business strategy and tactics. And that’s what this chapter is about: knowing your market.

This chapter includes:

  1. Market Information: Needles and Haystacks
  2. Market Segmentation
  3. Strategic Segmentation
  4. Strategic Market Intersection
  5. Evolution of Niches to Opportunities
  6. TAM, SAM, SOM, and Potential Market
  7. Stories Matter More than Numbers
  8. Know the Industry
  9. Market Analysis or Proof of Market

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