we rescue a classic when it comes to analyzing
Mar 16, 2024 7:00:35 GMT 2
Post by account_disabled on Mar 16, 2024 7:00:35 GMT 2
Strengths and weaknesses of both our own and the market, the SWOT analysis. It is about analyzing 4 fundamental aspects when starting out: Your Weaknesses and Strengths : internal factors , your own resources (talent, time, money, contacts) as well as personal aspects that limit you. The Threats and Opportunities of the environment: external factors that can favor the development of your business idea or prevent its success. Let's look at an example. Imagine that you want to create a new mobile application to find establishments that offer paddle tennis classes. A SWOT analysis could look like this: WEAKNESSES (internal negative aspects) STRENGTHS (internal positive aspects) Right now you can't dedicate much time to the project Knowledge of the topic: you have been a player for years Your investment capacity is limited You are a computer scientist and you know how to program You do not have marketing and sales knowledge Do you have contacts in the sector.
THREATS (external negative aspects) OPPORTUNITIES (external positive aspects) The general opinion about these applications is quite negative Existing applications can be improved Paddle tennis is an increasingly popular sport Evaluating the results you can draw different conclusions: To start, it would be enough to dedicate 5 hours a week to the project. You must choose between Crypto Database investing in marketing or learning the basics to launch the app You can turn a matchmate into your ideal client and ask them everything you need The threat can become a strength if you stand out with your application You could do a test and test with your contacts before finalizing it Let's now look at the second requirement to find your market niche: knowing if there is a real need for what you want to offer . 2. Confirm market demand There are many ways to investigate the market to know what needs are not being met and that complement the SWOT analysis.
Research trends on Google Being up to date with trends and news will allow you to be one step ahead of the rest. Although it may be hard to believe, many businesses do not take care of updating themselves on the trends in their market. Start with tools as simple as the Google search engine , paying attention to autocompletion , suggestions that other users search for, or frequently asked questions . Let's take as an example that you are a lawyer looking to specialize in a niche. You would only have to search Google for “Lawyer specialized in” and write down the ideas it suggests: Autocomplete Frequently asked questions and related searches It is not about inventing any need, but about responding to an existing one with what we know how to do best. And no one like Google to detect those needs and market trends. Another very useful tool is Google Trends where you will find information on market trends and most frequent searches, as well as the evolution of searches for a specific topic (which gives you clues about whether interest is growing or not ). Let's see it with an example focused on services within marketing.
THREATS (external negative aspects) OPPORTUNITIES (external positive aspects) The general opinion about these applications is quite negative Existing applications can be improved Paddle tennis is an increasingly popular sport Evaluating the results you can draw different conclusions: To start, it would be enough to dedicate 5 hours a week to the project. You must choose between Crypto Database investing in marketing or learning the basics to launch the app You can turn a matchmate into your ideal client and ask them everything you need The threat can become a strength if you stand out with your application You could do a test and test with your contacts before finalizing it Let's now look at the second requirement to find your market niche: knowing if there is a real need for what you want to offer . 2. Confirm market demand There are many ways to investigate the market to know what needs are not being met and that complement the SWOT analysis.
Research trends on Google Being up to date with trends and news will allow you to be one step ahead of the rest. Although it may be hard to believe, many businesses do not take care of updating themselves on the trends in their market. Start with tools as simple as the Google search engine , paying attention to autocompletion , suggestions that other users search for, or frequently asked questions . Let's take as an example that you are a lawyer looking to specialize in a niche. You would only have to search Google for “Lawyer specialized in” and write down the ideas it suggests: Autocomplete Frequently asked questions and related searches It is not about inventing any need, but about responding to an existing one with what we know how to do best. And no one like Google to detect those needs and market trends. Another very useful tool is Google Trends where you will find information on market trends and most frequent searches, as well as the evolution of searches for a specific topic (which gives you clues about whether interest is growing or not ). Let's see it with an example focused on services within marketing.