Discover the general growth dynamics of the market
Posted: Wed Dec 18, 2024 4:30 am
With a bit of luck, you will have found a perfectly balanced market, where there is competition but at the same time also an empty space to enter. To reduce future risks, you need to understand whether your industry/niche is growing or declining, how big it is now and how fast it is changing. You can use Market Explorer again : just filter the historical data free turkey number for whatsapp for market traffic.
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Analyze industry trends
There are highly volatile industries, such as the hospitality industry, where seasonal trends have a strong impact on demand. If the same is true in your niche, you need to know how these industry dynamics will affect your business. Use your own domain or that of a strong competitor and check if the traffic pattern is aligned with the overall market trend. If the lines you see are parallel, the business is following the market trend. This is not necessarily good or bad, it is simply a fact that you need to consider in further research.
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Analyze product offering and business development direction
To create an effective business plan, you need to collect as much data as possible on the main products/services offered by the players in the market, the business models they are using, and the development stage of each company. To this end, analyze primary data sources, such as official websites and social profiles of companies, as well as authoritative reports and statistics in the sector.
This information will help you understand the volume of goods and services sold in your market right now and make predictions. To speed up the process, you can use news aggregators like Feedly. If you need business information, such as revenue, investments, and number of employees, go to platforms like Crunchbase and Craft.
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Analyze industry trends
There are highly volatile industries, such as the hospitality industry, where seasonal trends have a strong impact on demand. If the same is true in your niche, you need to know how these industry dynamics will affect your business. Use your own domain or that of a strong competitor and check if the traffic pattern is aligned with the overall market trend. If the lines you see are parallel, the business is following the market trend. This is not necessarily good or bad, it is simply a fact that you need to consider in further research.
img-semblog
Analyze product offering and business development direction
To create an effective business plan, you need to collect as much data as possible on the main products/services offered by the players in the market, the business models they are using, and the development stage of each company. To this end, analyze primary data sources, such as official websites and social profiles of companies, as well as authoritative reports and statistics in the sector.
This information will help you understand the volume of goods and services sold in your market right now and make predictions. To speed up the process, you can use news aggregators like Feedly. If you need business information, such as revenue, investments, and number of employees, go to platforms like Crunchbase and Craft.