How to study the market? Not just read two industry reports.
Release time:
2015-05-28
The importance of the market, it is difficult to be stressed. If entrepreneurs are fish, the market is the pool. Fish can't change the size of the pool, nor can they directly affect the number of fish in it. However, these two objective environmental factors greatly affect how big a business can be and whether it can generate healthy profits. The market is too small, and no excellent team can make a great enterprise. There are too many competitors, and it is difficult for anyone to open up enough advantages. Therefore, compared with ability and product, choosing the right market is a more important lesson for business personnel to carry out business. But it is a pity that many business personnel, mostly did not spend too much time to study the market he aimed. To make matters worse, many people just read two consulting company reports, even topology and MIC research reports, and believe that he has understood his market. This way of working is very dangerous. First, based on budget and time constraints, these research institutions usually do only a small sample of the market and then use the information obtained to predict the overall situation. Such a report can only tell you a vague idea, but it really cannot be used as a basis for strategy formation. More importantly, all the information you spend 30 minutes on Baidu to find is basically public information. No matter how much value is added to public information, it is basically difficult to produce any unfair competitive advantage. So you have to do your own market research and get key own information in order to make good market decisions based on that information and enhance the chances of building a long-lasting, healthy profitable business. A lot of communication with real market participants is the most basic. You must chat with consumers, channels, platforms, partners, supply chain manufacturers, and get real intelligence from their mouths. The point of this work is that it must be done in large quantities, because every market observer will have his deviation, so you must absorb it extensively in order to gradually get the appearance of the whole elephant. Become a top-notch questioner and soon you'll find that the point is not to talk to them, but to ask good questions. Unfortunately, the ability to ask questions is not in our education from an early age, so it needs to be exercised. Don't be defeated by the initial setback and shrink back to your comfort zone. Please continue to communicate with people and consciously hone your ability to ask questions in the process. Moving targets and the market is not a static system after all, so the information you get today is likely to expire tomorrow. So the focus is on developing effective access to information, including understanding who are the key owners of the latest market information. To a certain extent, you will find that you have more extensive market information than many people. At this time, don't just harvest, but also provide timely information that is closely related to friends. Assumptions and validation In the end, the market is a large, complex, and ever-changing system. As a result, you will never be able to master 100 percent of it. But at a certain point, you can make fairly accurate assumptions about it and use actual products to test those assumptions. You will be surprised that more than 90% of business personnel can't do such a cliché. Therefore, if you can overcome the instinct of wanting to make products at home, and really go to the crowd to dig out the real information about the market, in fact, you may have defeated most of your competitors.
If the entrepreneur is a fish, the market is a pool. Fish can't change the size of the pool, nor can they directly affect the number of fish in it. However, these two objective environmental factors greatly affect how big a business can be and whether it can generate healthy profits. The market is too small, and no excellent team can make a great enterprise. There are too many competitors, and it is difficult for anyone to open up enough advantages.
Therefore, choosing the right market is a more important task for business personnel to carry out business than ability and product. But it is a pity that many business personnel, mostly did not spend too much time to study the market he aimed. To make matters worse, many people just read two consulting company reports, even topology and MIC research reports, and believe that he has understood his market.
This way of working is very dangerous. First, based on budget and time constraints, these research institutions usually do only a small sample of the market and then use the information obtained to predict the overall situation. Such a report can only tell you a vague idea, but it really cannot be used as a basis for strategy formation.
More importantly, all the information you find on Baidu in 30 minutes is basically public information. No matter how much value is added to public information, it is basically difficult to produce any unfair competitive advantage.
So you have to do your own market research and get key own information in order to make good market decisions based on that information and improve the chances of building a long-lasting, healthy profitable business.
Communicate a lot with real market participants
The most basic thing is that you have to chat with market participants such as consumers, channels, platforms, partners, and supply chain vendors to get real intelligence from their mouths. The point of this work is that it must be done in large quantities, because every market observer will have his deviation, so you must absorb it extensively in order to gradually get the appearance of the whole elephant.
Become a top-notch questioner
Soon you'll find that the point is not to talk to them, but to ask good questions. Unfortunately, the ability to ask questions is not in our education from an early age, so it needs to be exercised. Don't be defeated by the initial setback and shrink back to your comfort zone. Please continue to communicate with people and consciously hone your ability to ask questions in the process.
Moving Target
The market is not a static system after all, so the information you get today is likely to be out of date tomorrow. So the focus is on developing effective access to information, including understanding who are the key owners of the latest market information.
Pay
to a certain extent, you will find that you have more extensive market information than many people. At this time, don't just harvest, but also provide timely information that is closely related to friends.
Assumptions and Validation
In the end, the market is a large, complex, and ever-changing system. As a result, you will never be able to master 100 percent of it. But at a certain point, you can make fairly accurate assumptions about it and use actual products to test those assumptions.
You'll be surprised that more than 90% of business people can't do a job that sounds so cliché. Therefore, if you can overcome the instinct of wanting to make products at home, and really go to the crowd to dig out the real information about the market, in fact, you may have defeated most of your competitors.
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