The evaluation of market is an essential phase during the creation of your business. This will help identify the competition, determine your potential turnover and thus validate the idea that there are actually customers ready to buy your product or service. Several solutions are available to you. You can order a study at a specialist firm, download a free sector study on the internet or make a online survey. In general it is always advisable toassess your market locally and as close as possible to your end customers. Here are some tips to help you assess your market …
The market study should allow you to recover key information concerning:
- Competitors’ offer (What do your competitors offer? What are their competitive advantages? Weak points in their offers, their positioning, their market shares?)
- Customer demand (Who are the customers? What are their needs? Their expectations regarding your product?)
- Market data (market size in volume and value, your potential market share, etc.)
The advice of our expert : You can develop questionnaires according to these categories and thus identify all the information that will be specifically useful to you, depending on your project.
Means and tools
To obtain the useful information mentioned above, you can either consult existing studies or carry out the surveys yourself.
General sector studies:
You will find on the internet studies and trends on household purchasing intentions, turnover in a given sector, market leaders. It will be a good starting point.
PACE, for example, or Xerfi studies will provide you with valuable information on market trends and figures for your sector.
However, this information should be supplemented with more local data.
You will necessarily have to go there if you want to have precise information about your market. 2 possibilities are available to you.
- Evaluate the turnover of the sector thanks to your competitors
You can study the accounts of your competitors when published. After identifying your main local competitors, consult their latest reports on sites such as societe.com or manageo.fr. Sometimes there is gold information!
The other tip is to consult the accounts of your competitors’ suppliers, using the same logic as before.
- Evaluate potential turnover thanks to customers
If the first solution is not conclusive, you can always you base on household purchase intentions to assess the potential market. You can rely on the consular network (chambers of trades or chambers of commerce depending on your activity). They often have a documentary base and carry out local studies that can help you in your project.
Finally, there is a free practical tool available online. Carried out by the INSEE, the aid to the diagnosis of local implantation (ODIL) will be of a precious help to you to precisely determine your catchment area by providing you with essential information on the target customers (CSP, gender, power purchase, etc.).