Page 18 - MICROHUB Handbook - ENGLISH

MARKET ANALYSIS

SWOT analysis is one way to spot new opportunities using analysis of your

business. The other one is market analysis. If you are a micro businessman,
you probably have enough on your plate besides doing extensive research. You
have a business to run and things to do. Big companies have resources and

people conducting the analysis for them. So why waste precious time?

Market research helps you to stay in touch with your audience. If you lose your
clientele, you lose everything, especially if you’re small. First and foremost it
opens a door to new opportunities by identifying more specific clientele,

suggesting ideas for new products, minimising bad choices, and saving your
time and resources, as well as helping you to stay alert and always know what's
trending.

Here are some useful tools you can use to help you research the market to
adapt to your client's needs. They are usually for free or for a small fee. Please
keep in mind that these tools, and social media especially, change over time
and what is considered today as “trendy” might not be relevant in a few

months’ time. Hence it is important to try to stay up-to-date to what medium is
currently considered “IT”.

SOCIAL MEDIA QUORA REDDIT

SURVEY SEARCH ENGINES ANALYTICS

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