Marketing and Competitive Analysis is Critical to Success

My parents often used the term “beating a dead horse” when someone in the family would not let go of a particular topic. After blogging for awhile, it is very hard to let go of certain topics like the disservice that certain software and templates do to entrepreneurs in completing faulty business plans. Another topic that bears repeating is the absolute importance of a detailed Marketing and Competitive Analysis. If you do not understand your competition, how can you develop a winning marketing plan against that competition? If you do not understand your market/competition or have a weak marketing plan as a result, do you think an investor or bank will find any value in your forecasted revenue assumptions?

With a local business such as a restaurant or spa, where the business owner has conducted his/her own research and visited competitors and we can augment that research, the time and effort for a Market Analysis is somewhat limited. For companies introducing new products or services and competing in a regional and/or national markets, there is more research and time required. Some companies have products or services within several verticals or segments and each segment requires its own research and related conclusions.

Without the key market analysis, you can't write a quality business plan or forecasts, and you will not achieve your goals of a successful business or raising capital or have a great marketing plan for existing businesses or start ups. We often suggest completing a Market Analysis first, then the Business Plan. Plus, many well established businesses benefit from a fresh look at their competitors.

Feel free to contact tim@thebusinessplanconsultants.com for a free consult on how understanding your market and competitors better can be the difference in your ultimate success.