Industry Analysis Helps your Business

Updated: Apr 16

You will need to know more about your industry and who your target market is.

You'll need to know a bit about what you want to sell and who you think will buy it. Search out within the industry you are planning to sell in, who are your direct and indirect competitors. This will help you determine if you products and services need to be further differentiated or if the pricing needs to be changed or if you really should be entering into this market at all, given its competitiveness.

Best place to start:

  • Research your companies and industry news on the internet

  • Identify people within that industry you can speak.

  • Identify some blogs and books you can read that relate to your products/services and that specific industry.

  • you might also find a course that will help you improve your knowledge or skills.

  • There are also agencies you can pay to do this research for you, however they can be expensive so you will need to work out how much capital you have to put into paying someone to do this for you.

You could also try:

  • Advertising agencies who would have data on industries and competition - once again this may cost you money.

  • You could purchase a mailing list based on some demographics, you would need to make some assumption about what that demographic is. This could also be a good indicator as to the size of that target market.

  • You could call some suppliers in that industry, who would be more than happy to give some information about that market, as you potentially would become one of their customers.

If you need help in working out what and how to research in more detail, you can work with your local Bayside BEC advisor who can give you a research plan.

You can have a 20 minute free consultation if you need further help.



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Phone: 02 9316 5877



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