In the first workshop of the Startup Workshop, we looked at a crucial topic for every startup: analysing the market and the competition. These two analyses help you to understand the market and strengthen your positioning.
Why is market analysis so important?
A well-founded market analysis is essential to evaluate the potential of your product. This involves defining the relevant market, determining the market size and identifying the target groups. A clear market definition helps you to target your resources and set realistic growth targets.
Important steps in the market analysis are
Market size and potential: How big is the market and how much turnover can you realistically achieve?
Target group analysis: Who are your ideal customers? What demographic, geographical or behavioural characteristics do they have?
Competitor analysis - your position in the market
The competitive analysis shows you how you stand out from your competitors. Analyse your direct and indirect competitors to find out what strengths and weaknesses they have. Use this information to define your Unique Selling Point (USP) and strengthen your market position.
Important elements of the competitive analysis:
Identify competitors: Who offers similar products or services?
Strengths and weaknesses: How does your product differ from the competition?
Market entry barriers: What hurdles do you need to overcome to successfully enter the market?
Conclusion
A solid market and competition analysis is the foundation for your corporate strategy. It helps you to recognise opportunities and risks and optimally align your offering with the needs of your target group.
Start your market analysis now and use our Startup Day to delve deeper into the topic!
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