📊 Session 3: Market Research & Analysis

🔍 Overview

In this session, participants will delve into the fundamentals of market research and analysis. Understanding your target market, identifying customer needs, and analyzing competitors are crucial steps in developing a successful business strategy.​

🧠 Learning Objectives

• Expanding Your Market Research: Learn techniques to gather and analyze market data effectively.
• Identifying Your Target Market: Understand how to define and reach your ideal customer base.
• Problem-Solving: Develop strategies to address market challenges and customer needs.
• Describing Your Product: Articulate your product or service offerings clearly to appeal to your target audience.​

📝 Pre-Session Assignments

1. Review Session 3 PowerPoint Presentation
2. Complete Session 3 Worksheets/Assessments
3. Complete Business Plan Section IV: Marketing Plan, including:
   • Competitor Analysis Worksheet
   • Marketing Expenses Strategy Chart
   • Distribution Assessment Worksheet

📚 Additional Resources

• Steps To Identify Your Target Market (forbes.com)
• What Is Target Marketing? (thebalancemoney.com)
• Why Finding Your Niche Is Key To Your Business’ Success (forbes.com)
• 4 Examples for creating your Elevator Pitch
• Examples of Target Markets (from Indeed)
  

📄 Business Plan Focus

After this session, you should work on Section IV: Marketing Plan of your business plan. Specifically, focus on:

• Target Market Description
  Identify and clearly define your ideal customers based on demographics, behaviors, and needs.
• Market Needs & Trends
  Explain the problem your business solves and why now is the right time to offer your product or service.
• Competitive Analysis
  List your top competitors. What are their strengths and weaknesses? How will you position yourself differently?
• Marketing Strategy Outline
  Briefly describe how you plan to reach your target audience (social media, ads, partnerships, events, etc).
• Distribution Channels
  Explain how you will deliver your product or service to customers (online, retail, direct sales, etc).

GET INSPIRED BY ANOTHER FOUNDER’S STORY!

In this episode of “How I Built This With Guy Raz“, Janice Bryant Howroyd shares her journey from starting with just $1,500 to founding ActOne Group, the largest minority woman-owned employment agency in the U.S. Her story highlights the importance of understanding market needs, building strong client relationships, and navigating the complexities of business growth.

LISTEN NOW!