market trends in business plan

How to Analyze Market Trends for a Business Plan

• March 21, 2024
• Business Plan , How to Write

Analyzing market trends is a crucial step in creating a comprehensive business plan. It involves understanding the movements and changes in your industry that can impact your business strategy and decision-making process.

This analysis helps entrepreneurs and business owners identify opportunities for growth, potential threats, and the overall direction of the market. Whether you’re starting a new venture or looking to expand your existing business, a deep dive into market trends can provide you with a competitive edge.

Define the Scope of Your Analysis

Begin by defining the scope of your market trend analysis. Determine which geographic areas you will consider and which product or service categories are relevant to your business.

Identifying the key factors that influence your industry, such as technological advancements, consumer behavior changes, and economic conditions, is also essential. This step ensures your analysis is focused and relevant.

• Example for a Coffee Shop : If you’re planning to open a coffee shop, your analysis might focus on trends in the coffee industry within your city or region, including consumer preferences for coffee types (e.g., organic, fair trade), the popularity of coffee shop formats (e.g., drive-thru, co-working spaces), and the impact of mobile ordering technology.

Collect Data from Reliable Sources

The next step is to gather data from a variety of reliable sources. This can include industry reports, market research studies, government publications, and academic papers.

Online databases and business news websites are valuable resources for finding up-to-date information. Social media and forums can also provide insights into consumer opinions and behaviors.

• Example for a Coffee Shop : Collect data on coffee consumption patterns, industry growth rates, and competitor analysis in your targeted area. Sources might include market research firms like Statista or Mintel, as well as local business news outlets and coffee industry blogs.

Identify Key Market Trends

With your data in hand, start identifying key trends that are shaping your industry. Look for patterns in consumer behavior, emerging technologies, regulatory changes, and competitive strategies.

It’s important to distinguish between short-term fads and long-term trends that will have a lasting impact on the market.

• Example for a Coffee Shop : Key trends might include the growing demand for specialty coffee, the rise of plant-based milk options, and the increasing importance of sustainability in the supply chain.

Analyze the Impact of Market Trends

Once you’ve identified key trends, analyze their potential impact on your business. Consider how these trends could affect your product or service offerings, marketing strategies , and operational processes.

This analysis should also include considering potential threats and opportunities that these trends might present.

• Example for a Coffee Shop : The demand for specialty coffee may create an opportunity to offer a unique selection of beans and brewing methods, differentiating your shop from competitors. However, the popularity of plant-based milk options may require adjustments to your supply chain and menu offerings.

Incorporate Market Trends into Your Business Plan

Integrate your findings into your business plan, using the insights gained from your market trend analysis to inform your business strategy.

This should include product or service development, marketing and sales strategies , and financial planning. Be sure to clearly articulate how you plan to capitalize on opportunities and mitigate potential threats.

• Example for a Coffee Shop : Your business plan could highlight the introduction of a specialty coffee menu and sustainable sourcing practices as key differentiators. It might also detail marketing strategies targeting health-conscious consumers and environmentally aware individuals.

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How to Write a Market Analysis for a Business Plan

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A lot of preparation goes into starting a business before you can open your doors to the public or launch your online store. One of your first steps should be to write a business plan . A business plan will serve as your roadmap when building your business.

Within your business plan, there’s an important section you should pay careful attention to: your market analysis. Your market analysis helps you understand your target market and how you can thrive within it.

Simply put, your market analysis shows that you’ve done your research. It also contributes to your marketing strategy by defining your target customer and researching their buying habits. Overall, a market analysis will yield invaluable data if you have limited knowledge about your market, the market has fierce competition, and if you require a business loan. In this guide, we'll explore how to conduct your own market analysis.

How to conduct a market analysis: A step-by-step guide

In your market analysis, you can expect to cover the following:

Industry outlook

Target market

Market value

Competition

Barriers to entry

Let’s dive into an in-depth look into each section:

Step 1: Define your objective

Before you begin your market analysis, it’s important to define your objective for writing a market analysis. Are you writing it for internal purposes or for external purposes?

If you were doing a market analysis for internal purposes, you might be brainstorming new products to launch or adjusting your marketing tactics. An example of an external purpose might be that you need a market analysis to get approved for a business loan .

The comprehensiveness of your market analysis will depend on your objective. If you’re preparing for a new product launch, you might focus more heavily on researching the competition. A market analysis for a loan approval would require heavy data and research into market size and growth, share potential, and pricing.

Step 2: Provide an industry outlook

An industry outlook is a general direction of where your industry is heading. Lenders want to know whether you’re targeting a growing industry or declining industry. For example, if you’re looking to sell VCRs in 2020, it’s unlikely that your business will succeed.

Starting your market analysis with an industry outlook offers a preliminary view of the market and what to expect in your market analysis. When writing this section, you'll want to include:

Market size

Are you chasing big markets or are you targeting very niche markets? If you’re targeting a niche market, are there enough customers to support your business and buy your product?

Product life cycle

If you develop a product, what will its life cycle look like? Lenders want an overview of how your product will come into fruition after it’s developed and launched. In this section, you can discuss your product’s:

Research and development

Projected growth

How do you see your company performing over time? Calculating your year-over-year growth will help you and lenders see how your business has grown thus far. Calculating your projected growth shows how your business will fare in future projected market conditions.

Step 3: Determine your target market

This section of your market analysis is dedicated to your potential customer. Who is your ideal target customer? How can you cater your product to serve them specifically?

Don’t make the mistake of wanting to sell your product to everybody. Your target customer should be specific. For example, if you’re selling mittens, you wouldn’t want to market to warmer climates like Hawaii. You should target customers who live in colder regions. The more nuanced your target market is, the more information you’ll have to inform your business and marketing strategy.

With that in mind, your target market section should include the following points:

Demographics

This is where you leave nothing to mystery about your ideal customer. You want to know every aspect of your customer so you can best serve them. Dedicate time to researching the following demographics:

Income level

Create a customer persona

Creating a customer persona can help you better understand your customer. It can be easier to market to a person than data on paper. You can give this persona a name, background, and job. Mold this persona into your target customer.

What are your customer’s pain points? How do these pain points influence how they buy products? What matters most to them? Why do they choose one brand over another?

Research and supporting material

Information without data are just claims. To add credibility to your market analysis, you need to include data. Some methods for collecting data include:

Target group surveys

Focus groups

Reading reviews

Feedback surveys

You can also consult resources online. For example, the U.S. Census Bureau can help you find demographics in calculating your market share. The U.S. Department of Commerce and the U.S. Small Business Administration also offer general data that can help you research your target industry.

Step 4: Calculate market value

You can use either top-down analysis or bottom-up analysis to calculate an estimate of your market value.

A top-down analysis tends to be the easier option of the two. It requires for you to calculate the entire market and then estimate how much of a share you expect your business to get. For example, let’s assume your target market consists of 100,000 people. If you’re optimistic and manage to get 1% of that market, you can expect to make 1,000 sales.

A bottom-up analysis is more data-driven and requires more research. You calculate the individual factors of your business and then estimate how high you can scale them to arrive at a projected market share. Some factors to consider when doing a bottom-up analysis include:

Where products are sold

Who your competition is

The price per unit

How many consumers you expect to reach

The average amount a customer would buy over time

While a bottom-up analysis requires more data than a top-down analysis, you can usually arrive at a more accurate calculation.

Step 5: Get to know your competition

Before you start a business, you need to research the level of competition within your market. Are there certain companies getting the lion’s share of the market? How can you position yourself to stand out from the competition?

There are two types of competitors that you should be aware of: direct competitors and indirect competitors.

Direct competitors are other businesses who sell the same product as you. If you and the company across town both sell apples, you are direct competitors.

An indirect competitor sells a different but similar product to yours. If that company across town sells oranges instead, they are an indirect competitor. Apples and oranges are different but they still target a similar market: people who eat fruits.

Also, here are some questions you want to answer when writing this section of your market analysis:

What are your competitor’s strengths?

What are your competitor’s weaknesses?

How can you cover your competitor’s weaknesses in your own business?

How can you solve the same problems better or differently than your competitors?

How can you leverage technology to better serve your customers?

How big of a threat are your competitors if you open your business?

Step 6: Identify your barriers

Writing a market analysis can help you identify some glaring barriers to starting your business. Researching these barriers will help you avoid any costly legal or business mistakes down the line. Some entry barriers to address in your marketing analysis include:

Technology: How rapid is technology advancing and can it render your product obsolete within the next five years?

Branding: You need to establish your brand identity to stand out in a saturated market.

Cost of entry: Startup costs, like renting a space and hiring employees, are expensive. Also, specialty equipment often comes with hefty price tags. (Consider researching equipment financing to help finance these purchases.)

Location: You need to secure a prime location if you’re opening a physical store.

Competition: A market with fierce competition can be a steep uphill battle (like attempting to go toe-to-toe with Apple or Amazon).

Step 7: Know the regulations

When starting a business, it’s your responsibility to research governmental and state business regulations within your market. Some regulations to keep in mind include (but aren’t limited to):

Employment and labor laws

Advertising

Environmental regulations

If you’re a newer entrepreneur and this is your first business, this part can be daunting so you might want to consult with a business attorney. A legal professional will help you identify the legal requirements specific to your business. You can also check online legal help sites like LegalZoom or Rocket Lawyer.

Tips when writing your market analysis

We wouldn’t be surprised if you feel overwhelmed by the sheer volume of information needed in a market analysis. Keep in mind, though, this research is key to launching a successful business. You don’t want to cut corners, but here are a few tips to help you out when writing your market analysis:

Use visual aids

Nobody likes 30 pages of nothing but text. Using visual aids can break up those text blocks, making your market analysis more visually appealing. When discussing statistics and metrics, charts and graphs will help you better communicate your data.

Include a summary

If you’ve ever read an article from an academic journal, you’ll notice that writers include an abstract that offers the reader a preview.

Use this same tactic when writing your market analysis. It will prime the reader of your market highlights before they dive into the hard data.

Get to the point

It’s better to keep your market analysis concise than to stuff it with fluff and repetition. You’ll want to present your data, analyze it, and then tie it back into how your business can thrive within your target market.

Revisit your market analysis regularly

Markets are always changing and it's important that your business changes with your target market. Revisiting your market analysis ensures that your business operations align with changing market conditions. The best businesses are the ones that can adapt.

Why should you write a market analysis?

Your market analysis helps you look at factors within your market to determine if it’s a good fit for your business model. A market analysis will help you:

1. Learn how to analyze the market need

Markets are always shifting and it’s a good idea to identify current and projected market conditions. These trends will help you understand the size of your market and whether there are paying customers waiting for you. Doing a market analysis helps you confirm that your target market is a lucrative market.

2. Learn about your customers

The best way to serve your customer is to understand them. A market analysis will examine your customer’s buying habits, pain points, and desires. This information will aid you in developing a business that addresses those points.

3. Get approved for a business loan

Starting a business, especially if it’s your first one, requires startup funding. A good first step is to apply for a business loan with your bank or other financial institution.

A thorough market analysis shows that you’re professional, prepared, and worth the investment from lenders. This preparation inspires confidence within the lender that you can build a business and repay the loan.

4. Beat the competition

Your research will offer valuable insight and certain advantages that the competition might not have. For example, thoroughly understanding your customer’s pain points and desires will help you develop a superior product or service than your competitors. If your business is already up and running, an updated market analysis can upgrade your marketing strategy or help you launch a new product.

Final thoughts

There is a saying that the first step to cutting down a tree is to sharpen an axe. In other words, preparation is the key to success. In business, preparation increases the chances that your business will succeed, even in a competitive market.

The market analysis section of your business plan separates the entrepreneurs who have done their homework from those who haven’t. Now that you’ve learned how to write a market analysis, it’s time for you to sharpen your axe and grow a successful business. And keep in mind, if you need help crafting your business plan, you can always turn to business plan software or a free template to help you stay organized.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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• Write Your Business Plan | Part 4 Overview Video
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• How to Identify Market Trends in Your Business Plan
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How to Identify Market Trends in Your Business Plan Where is your industry now, and where's it going? Here's the best way to track industry movements.

By Eric Butow Oct 27, 2023

Opinions expressed by Entrepreneur contributors are their own.

This is part 5 / 9 of Write Your Business Plan: Section 4: Marketing Your Business Plan series.

Timing in business is everything.

And the best time to address a trend is before it is even beginning and certainly before it is widely recognized. If you can prepare a business that satisfies a soon-to-be popular need, you can generate growth that is practically off the scale. (This is, by the way, the combination that venture capitalists favor most.) The problem, of course, is spotting the trends first and acting quickly before others jump in line ahead of you.

Marc Andreessen, founder of Netscape Communications, had the good fortune to develop software for browsing the web just as the internet, which had been around for twenty years, was coming to widespread popular attention. The timing of his move made him hundreds of millions of dollars, but some browser developers who came later fell by the wayside.

Related: Your Guide to Gaining a Competitive Edge and Succeeding as an Entrepreneur Over the Next 5 Years

How to Identify Trends

What is a trend ? Loosely defined, it is a series of occurrences that indicates a pattern. You can use a couple of techniques to identify trends and present your identifications in your plan. Some trend analysts look at past events (usually trends themselves) and project them forward. For example, trend analysts in recent years have looked at the huge numbers of baby boomers, people born in the years between 1946 and 1964. They then projected forward to see that these baby boomers would be retiring in the near future and saw a defined market for that segment of the population.

Another good way to forecast trends is by test marketing. You try to sell something in a single store and see how it does before you roll it out in your whole chain. The key to this technique is trying it in a well-selected test market that closely resembles the market you'll try to sell to later.

Related: Profit From Current Fads

Focus groups and surveys try to catch hold of trends by asking people what's hot. You can ask open-ended questions: What type of apps or new mobile phone features would you like to see? Or show them product samples and see how they react. This is also tricky because you are dealing with a small group of, you hope, representative people and extrapolating to a larger group. If your group isn't representative, your results may be misleading.

Related: 5 Must-Haves for Entrepreneurs and Their Startups to be Successful

Some other ways you can try to nail a trend in advance: Talk to salespeople who are in touch with customer needs, quiz executives whose jobs are to watch the big picture, read a wide variety of periodicals and try to spot connections, or hire think tanks of experts to brainstorm over what the future might hold.

In most of these trend-forecasting techniques, statistics play a big role. Mathematicians assign numerical values to variables such as loyalty to existing brands, then build a model that can indicate invisible trends to intuitive analysis. Providing some statistics in the trends section of your plan can make it more convincing.

Related: How to Identify and Research Your Competition

More in Write Your Business Plan

Section 1: the foundation of a business plan, section 2: putting your business plan to work, section 3: selling your product and team, section 4: marketing your business plan, section 5: organizing operations and finances, section 6: getting your business plan to investors.

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The Ultimate Guide to Market Analysis for Your Business Plan

When creating a business plan , conducting a thorough market analysis is essential to understand your target market, industry trends, and the competitive landscape. A well-executed market analysis for a business plan provides the foundation for informed decision-making, helping you develop strategies that capitalize on opportunities and mitigate potential risks.

In this article, we'll explore the importance of market analysis in a business plan, outline the steps for conducting one effectively, and discuss best practices for ensuring that your analysis is comprehensive and insightful.

What Is Market Analysis for a Business Plan?

Market analysis is a critical component of a business plan that involves gathering and interpreting data about your target market, industry trends, and competitors. It provides a clear picture of the landscape in which your business will operate, enabling you to make data-driven decisions and develop strategies that align with your business plan objectives.

A comprehensive market analysis for a business plan should include:

• Target market identification and segmentation
• Industry trends and growth forecasts
• Competitor analysis
• Market size and potential market share
• Pricing and positioning strategies

Why Do You Need to Conduct Market Analysis for a Business Plan?

Conducting market analysis is critical to the development of a business plan for several reasons:

• Feasibility assessment: Market analysis helps determine whether your business idea is viable and likely to succeed in the current market environment,, which is essential to creating a realistic business plan.
• Informed decision-making: By providing insights into your target market, industry trends, and competition, market analysis enables you to make data-driven decisions that support your business plan's objectives.
• Investor confidence: Including a thorough market analysis in your business plan demonstrates to potential investors that you have a deep understanding of your industry and target market, increasing their confidence in your ability to execute your plan successfully.
• Competitive advantage: Market analysis helps identify your competitors' strengths, weaknesses, and market positioning, allowing you to develop strategies that differentiate your business and strengthen your business plan.

Steps to Conduct Market Analysis for a Business Plan

• Define your target market: Identify your ideal customer and segment your target market based on shared characteristics to ensure your business plan is tailored to their needs and preferences.
• Analyze industry trends: Research your industry's current state, growth projections, and emerging trends to identify factors that may impact your business plan, such as technological advancements or regulatory changes.
• Conduct competitor analysis: Evaluate your competitors' market share, strengths, weaknesses, and unique selling propositions to identify opportunities for differentiation in your business plan.
• Determine market size and potential: Estimate the total size of your target market and your potential market share to set realistic goals and projections in your business plan.
• Develop pricing and positioning strategies: Based on the results of your market analysis, determine the optimal pricing and positioning for your products or services to align with the goals of your business plan.

Best Practices for Effective Market Analysis in a Business Plan

• Use multiple data sources: Gather data from a variety of sources to ensure a comprehensive and balanced analysis that supports your business plan.
• Conduct primary research: Engage directly with potential customers to gain valuable insights that can inform your business plan's strategies and tactics.
• Stay up-to-date: Regularly monitor industry trends, competitor activities, and market conditions to ensure your business plan remains relevant and accurate.
• Collaborate with experts: Consult with industry experts, mentors, or business advisors to gain valuable insights and validate your findings for your business plan.
• Present findings clearly: Use visuals, such as charts, graphs, and infographics, to present your market analysis findings in a clear and engaging manner within your business plan.

By conducting a comprehensive market analysis for your business plan, you'll gain a deep understanding of your target market, industry landscape, and competitive environment. This knowledge will inform your business plan's strategies, guide your decision-making, and ultimately increase your chances of success.

Remember to regularly review and update your market analysis as your business grows and market conditions evolve to ensure that your business plan remains adaptable and well-positioned for long-term success.

Market Trend Analysis: A Simple Step-by-Step Guide

Market trend analysis helps executives and investors spot the next big trends before they peak. 

However, the quality of your market trend analysis process directly impacts the quality of the insights you'll generate.

For example, the data quality you use, the metrics you select for analysis, and how you draw conclusions from that data significantly impact the insights you'll generate from  market trend analysis.

So in this guide we'll walk you through an effective market trend analysis process that outlines:

• Specific data points to identify
• Quality resources to find data
• How to use the insights you discover to inform your business strategy

What is Market Trend Analysis?

Market trend analysis is a process that executives, investors, entrepreneurs, and other business professionals use to identify and assess market patterns based to make informed strategic decisions.

For business leaders, market trend analysis provides insights they need to make sound strategic decisions about new features, product lines, and marketing campaigns to launch (or pivot).

For investors and entrepreneurs, market trend analysis provides insights that guide them toward the most profitable markets and businesses to invest in.

For example, if you’re in the health food market, market trend analysis would help you realize that investing in prebiotic soda is an emerging category. 

Why is Market Trend Analysis Important?

Here are the four main ways market trend analysis helps business executives, entrepreneurs, and investors make better strategic decisions.

Identify Emerging Trends Early

An effective market trend analysis process helps you identify emerging trends before they mature.

Spotting trends early is useful for investors as early investments often yield a higher ROI. This data is also useful for business leaders and entrepreneurs as it allows them to create new products and services to meet future demand before their competitors.

Reduce Investment Risk

Market trend analysis provides insight into market volatility and lets you gauge whether demand increases, decreases, or remains consistent.

This can help you identify the lowest risk opportunities or at least be aware of the risk associated with each investment decision.

Improve Forecasting Accuracy

Launching a new product, service, or marketing campaign requires an accurate estimate of future demand.

Market trend analysis assists your demand calculation by providing an overview of historical consumer interest, which you can use to forecast future demand.

Maintain a Competitive Advantage

Market trend analysis helps businesses maintain a competitive advantage by:

• Uncovering up-and-coming competitors
• Providing insights into why consumers like the new competitors’ products/services
• Providing data on how consumers feel underserved by competitors

For example, Meta has been losing significant market share to TikTok over the last few years. This is mainly because Meta failed to keep up with consumer demand trends.

If Facebook had identified these market trends earlier and pivoted to implement the aspects of TikTok that users love (short, funny videos), it might have retained this market share.

How to Conduct Market Trend Analysis

Whether you’re researching market trends to launch a new business or invest in a startup, here’s a step-by-step process to analyze market trends and inform your business strategy.

Step 1: Identify Emerging Competitors, Products, and Industry Terms

Identifying which trends to analyze is arguably the most important task in this process.

That’s because a great analysis of a mediocre market trend can still lead to a dead end.

Most people approach the trend discovery process by reading industry publications, following industry influencers on social media, and browsing free market trend reports .

While this process can work, it's time-consuming. Plus, there's always a chance that you'll overlook the next emerging trend.

To help you predictably identify under-the-radar trends in seconds, we built Exploding Topics.

The flagship feature is the Trends Database, a curated selection of 1 million data-backed trends our team manually vetted.

To identify emerging competitors, industry terms, and products, simply sort the Trends Database by one of the 35+ categories (fashion, pets, finance, marketing, CPG etc.) and then trend status ("exploding," "regular," and "peaked").

After discovering an interesting trend, click "Track Topic" and save it to a custom Project for more in-depth analysis.

So how do you know that the trends in Exploding Topics are reliable?

We have a thorough trend identification and qualification process to ensure:

• We consistently identify under-the-radar trends and don't miss the next big trend.
• Each trend has long-term growth potential.
• Trends are backed by reliable data – not randomly selected by a single person.

You can use the free Exploding Topics database now to complete this step, or try Exploding Topics Pro to access our premium trends and other market analysis features.

Step 2: Analyze Quantitative Data For Each Trend

It's easy to scan market reports and get lost in endless data without learning anything meaningful about that trend.

So instead of collecting random data, here are the most important quantitative metrics to assess market trends:

• Market size
• Competitor traffic
• Industry funding
• Industry hiring

Below, we'll show you how to collect and use this data to gauge a market's potential.

Market Size

If you Google the trend's keyword combined with the words "market report," you can usually find a market report from Globe Newswire or Grand View Research that shows its market size and growth trend data. This data can help you analyze a market's maturity and estimate its future growth trend.

If a market has a strong compounding annual growth rate (CAGR), it will likely continue to grow.

Traffic Trends

If you used Exploding Topics to identify market trends, you already have search volume trend data. Otherwise, search the trend in Google Trends or Trends Analysis (an Exploding Topics Pro feature) and view its search volume trend.

If you see steady growth, there's a good chance it's a sustainable, long-term trend, whereas spikes and dips indicate that it's either a fad that will die out or a seasonal trend with volatile revenue.

Funding Trends

Another good sign that a market is promising is if venture capitalists are pouring money into that market. While venture capitalists aren't always correct in their predictions, they dedicate all their resources to identifying industry trends, so it's still a good benchmark.

A quick Google search of the industry will usually pull up data on VC investment history for that particular trend. For example, a quick search for "VC funding in sustainable beauty" pulled up this data from a Pitchbook blog post :

Databases like Pitchbook and CB Insights are excellent resources for providing funding data.

Hiring Trends

Hiring trends also help you gauge the market's general health. If most of the top players in a market are all hiring, there's a good chance that the market is growing.

You can find hiring data by looking at the LinkedIn profiles of the top competitors in the space:

You can also check the specific jobs they’re hiring for by looking at their LinkedIn Jobs and Indeed profiles.

Step 3: Gather Qualitative Secondary Data Around Each Trend

Quantitative data provides a good general overview of trend potential. However, qualitative data can help you understand  why a trend is becoming popular and the pain points it's solving.

This information helps you understand how to find gaps in the market and provide a solution to unmet consumer demand.

Here are three ways you can collect qualitative data for various trends.

Reading Customer Reviews

Customer reviews help you understand more about the specific pain points that a particular trend solves and general customer enthusiasm for the new product or service.

The trend will likely continue to thrive if it is highly effective at solving a pain point and customers are enthusiastic about it.

You'll also learn more about your target demographic and the ideal customer persona by reading reviews.

To find reviews, you can use Amazon to research D2C products or Capterra or G2 to read B2B reviews.

Once you have a few hundred reviews to analyze, here are a few key things to look for:

• What specific pain points does the product/service solve?
• How did consumers solve the pain point before this product/service existed, and what alternatives did they use?
• What are common customer complaints with the current products/services available?
• The general sentiment around this trend – what kind of tone do they use when reviewing the product?

For example, if you're researching "bamboo baby clothes," you'll see that customers like the product because the fabric is much softer and more flexible.

Other reviewers claimed they purchased bamboo baby clothes to help with their eczema symptoms.

These reviews help you understand why bamboo baby clothes are popular, which is another positive sign that this trend has long-term growth potential.

You can also extract valuable customer demographic insights from reviews like:

• B2C customer persona (age, gender, knowledge level of the pain point, etc.)
• B2B customer persona (position, company size, budget, etc.)
• Parallel interests
• Goals/ambitions
• How they enjoy spending time
• Activities they don't enjoy

All of this information will be useful in informing future marketing efforts, like how to position products and where to advertise online.

Read Industry Forums

Similar to reviews, industry forums and platforms like Quora and Reddit can provide more detailed discussions on customer pain points around niche trends.

For example, there are several subreddits dedicated to new parents. 

Many of which have active discussions about baby clothes:

This subreddit alone is everything you need to track the current market for baby clothes (including clothes made from bamboo fabric), as it discusses what people like and dislike about the major brands in the space.

You can also join these discussions and get members' feedback on new product ideas.

If you're struggling to find industry forums, you can use a tool like SparkToro to help you. Just type in the trend keyword, and it will show you the websites people searching that keyword frequently visit:

Social Listening

You can also gather plenty of qualitative data and competitive insights by simply listening to what customers say on social media.

For example, you can use a social listening tool like Brand24 or Awario to track competitor brand mentions on social media. Most social listening tools also offer sentiment analysis, which can help you understand how potential customers feel about a particular trend.

Here’s the sentiment analysis trend from Awario of Starbucks:

If you notice that most people have a negative outlook on most of the top brands in the space, that's a negative sign that the trend you're tracking might not be short-term and on its way out.

However, it could also mean that there is unmet demand that you can capitalize on.

Step 4: Conduct Primary Research and Talk to Your Target Market

The secondary market research we did above is great for narrowing down the market trends you're considering, but it's important to also do primary research and talk to your customers before launching a product or service to understand where the gaps in the market exist.

There are two popular methods to execute primary research:

• Survey potential customer
• Interview potential customers

Surveying Potential Customers

If you already have an audience, you can survey your existing email list to gauge their feelings about a particular trend.

However, if you don't have an audience in the market you're analyzing, there are plenty of survey tools like SurveyMonkey and Pollfish that allow you to run a survey to a specific audience.

For example, if you're analyzing the bamboo baby clothing market, you could use one of those survey tools to run a survey to an audience of parents with children under four years old. To get even more specific, you could add a screening question like "Have you ever bought bamboo baby clothing?"

Pricing is usually about $1 per response, making it relatively cost-effective.

Interviewing Customers

Perhaps the best way to assess market demand and learn what customers want is to talk to them one-on-one. Live conversations usually reveal golden insights often missed with other market research methods, as you can ask follow-up questions to get to the root of any pain point.

For example, if you're marketing bamboo baby clothing, you might discover on customer research calls that most users received it as a gift from friends or parents.

That insight means that you should probably adjust your marketing messaging from targeting just new parents to also targeting friends and grandparents who provide more detailed insights.

To conduct customer interviews, you can use a tool like Discuss.io , which records the customer research calls, creates auto-generated clips based on keywords (like "gifts"), and even provides sentiment analysis.

If you're doing B2B customer research, you can find people to interview through a service like Respondent .

Step 5: Create a Beta Offer Around That Trend

By now, you've thoroughly analyzed the market trend from a data perspective. Still, the only way to assess whether or not this trend is worth investing in is to see if customers will buy it.

So create a beta offer and see if people buy it.

Most companies make the mistake of developing a product or service before selling it, only to discover that it's not quite the solution their target demographic actually wants.

To prevent you from making this costly error, create a landing page advertising the offer and see if you can get people to pay real money for the product.

For example, Carry is a platform designed to help freelancers create solo 401ks. Before launching, they  created a landing page to see if enough business owners would sign up for it:

The founder only started building the product after enough people joined.

Even if you're planning to launch an ecommerce product, you can still create a landing page and offer pre-orders before building the product.

If people purchase the product, you can create it and send it to that initial beta group.

If your target audience doesn't buy, you just saved yourself from spending thousands, if not millions, on a market trend that doesn't resonate with your audie

Start The Market Trend Analysis Process Today

A key difference between unicorn companies and legacy companies overtaken by unicorns is their ability to accurately identify, analyze, and swiftly take action on the right market trends.

However, many companies fail to identify the right trends early enough.

So to help you solve this problem, we built Exploding Topics.

It executes the trend discovery process for you by analyzing billions of webpages and extracting the most promising trends. Then, a human analyst manually vets each topic for relevancy before adding it to the Trends Database.

By using the Trends Database, you can find relevant emerging trends in a matter of seconds rather than spending hours reading industry publications, scrolling X, and combing other data sources for potential trends. Which can really help with the trend analysis process.

Find Thousands of Trending Topics With Our Platform

Analyze your market like a pro with this step-by-step guide + insider tips

Don’t fall into the trap of assuming that you already know enough about your market.

No matter how fantastic your product or service is, your business cannot succeed without sufficient market demand .

You need a clear understanding of who will buy your product or service and why .

You want to know if there is a clear market gap and a market large enough to support the survival and growth of your business.

Industry research and market analysis will help make sure that you are on the right track .

It takes time , but it is time well spent . Thank me later.

WHAT is Market Analysis?

The Market Analysis section of a business plan is also sometimes called:

• Market Demand, Market Trends, Target Market, The Market
• Industry Analysis & Trends, Industry & Market Analysis, Industry and Market Research

WHY Should You Do Market Analysis?

First and foremost, you need to demonstrate beyond any reasonable doubt that there is real need and sufficient demand for your product or service in the market, now and going forward.

• What makes you think that people will buy your products or services?
• Can you prove it?

Your due diligence on the market opportunity and validating the problem and solution described in the Product and Service section of your business plan are crucial for the success of your venture.

Also, no company operates in a vacuum. Every business is part of a larger overall industry, the forces that affect your industry as a whole will inevitably affect your business as well.

Evaluating your industry and market increases your own knowledge of the factors that contribute to your company’s success and shows the readers of your business plan that you understand the external business conditions.

External Support

In fact, if you are seeking outside financing, potential backers will most definitely be interested in industry and market conditions and trends.

You will make a positive impression and have a better chance of getting their support if you show market analysis that strengthens your business case, combining relevant and reliable data with sound judgement.

Let’s break down how to do exactly that, step by step:

HOW To Do Market Analysis: Step-by-Step

So, let’s break up how market analysis is done into three steps:

• Industry:  the total market
• Target Market: specific segments of the industry that you will target
• Target Customer: characteristics of the customers that you will focus on

Step 1: Industry Analysis

How do you define an industry.

For example, the fashion industry includes fabric suppliers, designers, companies making finished clothing, distributors, sales representatives, trade publications, retail outlets online and on the high street.

How Do You Analyze an Industry?

Briefly describe your industry, including the following considerations:

1.1. Economic Conditions

Outline the current and projected economic conditions that influence the industry your business operates in, such as:

• Official economic indicators like GDP or inflation
• Labour market statistics
• Foreign trade (e.g., import and export statistics)

1.2. Industry Description

Highlight the distinct characteristic of your industry, including:

• Market leaders , major customer groups and customer loyalty
• Supply chain and distribution channels
• Profitability (e.g., pricing, cost structure, margins), financials
• Key success factors
• Barriers to entry preventing new companies from competing in the industry

1.3. Industry Size and Growth

Estimate the size of your industry and analyze how industry growth affects your company’s prospects:

• Current size (e.g., revenues, units sold, employment)
• Historic and projected industry growth rate (low/medium/high)
• Life-cycle stage /maturity (emerging/expanding/ mature/declining)

1.4. Industry Trends

• Industry Trends: Describe the key industry trends and evaluate the potential impact of PESTEL (political / economic / social / technological / environmental / legal) changes on the industry, including the level of sensitivity to:
• Seasonality
• Economic cycles
• Government regulation (e.g. environment, health and safety, international trade, performance standards, licensing/certification/fair trade/deregulation, product claims) Technological change
• Global Trends: Outline global trends affecting your industry
• Identify global industry concerns and opportunities
• International markets that could help to grow your business
• Strategic Opportunity: Highlight the strategic opportunities that exist in your industry

Step 2: Target Customer Identification

Who is a target customer.

One business can have–and often does have–more than one target customer group.

The success of your business depends on your ability to meet the needs and wants of your customers. So, in a business plan, your aim is to assure readers that:

• Your customers actually exist
• You know exactly who they are and what they want
• They are ready for what you have to offer and are likely to actually buy

How Do You Identify an Ideal Target Customer?

2.1. target customer.

• Identify the customer, remembering that the decision-maker who makes the purchase can be a different person or entity than the end-user.

2.2. Demographics

• For consumers ( demographics ): Age, gender, income, occupation, education, family status, home ownership, lifestyle (e.g., work and leisure activities)
• For businesses ( firmographic ): Industry, sector, years in business, ownership, size (e.g., sales, revenues, budget, employees, branches, sq footage)

2.3. Geographic Location

• Where are your customers based, where do they buy their products/services and where do they actually use them

2.4 Purchasing Patterns

• Identify customer behaviors, i.e., what actions they take
• how frequently
• and how quickly they buy

2.5. Psychographics

• Identify customer attitudes, i.e., how they think or feel
• Urgency, price, quality, reputation, image, convenience, availability, features, brand, customer service, return policy, sustainability, eco-friendliness, supporting local business
• Necessity/luxury, high involvement bit ticket item / low involvement consumable

Step 3: Target Market Analysis

What is a target market.

Target market, or 'target audience', is a group of people that a business has identified as the most likely to purchase its offering, defined by demographic, psychographic, geographic and other characteristics. Target market may be broken down to target customers to customize marketing efforts.

How Do You Analyze a Target Market?

So, how many people are likely to become your customers?

To get an answer to this questions, narrow the industry into your target market with a manageable size, and identify its key characteristics, size and trends:

3.1. Target Market Description

Define your target market by:

• Type: B2C, B2B, government, non-profits
• Geographic reach: Specify the geographic location and reach of your target market

3.2. Market Size and Share

Estimate how large is the market for your product or service (e.g., number of customers, annual purchases in sales units and $ revenues). Explain the logic behind your calculation:

• TAM (Total Available/Addressable/Attainable Market) is the total maximum demand for a product or service that could theoretically be generated by selling to everyone in the world who could possibly buy from you, regardless of competition and any other considerations and restrictions.
• SAM (Serviceable Available Market) is the portion of the TAM that you could potentially address in a specific market. For example, if your product/service is only available in one country or language.
• SOM (Service Obtainable Market / Share of Market) is the share of the SAM that you can realistically carve out for your product or service. This the target market that you will be going after and can reasonably expect to convert into a customer base.

3.3. Market Trends

Illustrate the most important themes, changes and developments happening in your market. Explain the reasons behind these trends and how they will favor your business.

3.4. Demand Growth Opportunity

Estimate future demand for your offering by translating past, current and future market demand trends and drivers into forecasts:

• Historic growth: Check how your target market has grown in the past.
• Drivers past: Identify what has been driving that growth in the past.
• Drivers future: Assess whether there will be any change in influence of these and other drivers in the future.

How Big Should My Target Market Be?

Well, if the market opportunity is small, it will limit how big and successful your business can become. In fact, it may even be too small to support a successful business at all.

On the other hand, many businesses make the mistake of trying to appeal to too many target markets, which also limits their success by distracting their focus.

What If My Stats Look Bad?

Large and growing market suggests promising demand for your offering now and into the future. Nevertheless, your business can still thrive in a smaller or contracting market.

Instead of hiding from unfavorable stats, acknowledge that you are swimming against the tide and devise strategies to cope with whatever lies ahead.

Step 4: Industry and Market Analysis Research

The market analysis section of your business plan should illustrate your own industry and market knowledge as well as the key findings and conclusions from your research.

Back up your findings with external research sources (= secondary research) and results of internal market research and testing (= primary research).

What is Primary and Secondary Market Research?

Yes, there are two main types of market research – primary and secondary – and you should do both to adequately cover the market analysis section of your business plan:

• Primary market research is original data you gather yourself, for example in the form of active fieldwork collecting specific information in your market.
• Secondary market research involves collating information from existing data, which has been researched and shared by reliable outside sources . This is essentially passive desk research of information already published .

Unless you are working for a corporation, this exercise is not about your ability to do professional-level market research.

Instead, you just need to demonstrate fundamental understanding of your business environment and where you fit in within the market and broader industry.

Why Do You Need To Do Primary & Secondary Market Research?

There are countless ways you could go collecting industry and market research data, depending on the type of your business, what your business plan is for, and what your needs, resources and circumstances are.

For tried and tested tips on how to properly conduct your market research, read the next section of this guide that is dedicated to primary and secondary market research methods.

In any case, tell the reader how you carried out your market research. Prove what the facts are and where you got your data. Be as specific as possible. Provide statistics, numbers, and sources.

When doing secondary research, always make sure that all stats, facts and figures are from reputable sources and properly referenced in both the main text and the Appendix of your business plan. This gives more credibility to your business case as the reader has more confidence in the information provided.

Go to the Primary and Secondary Market Research post for my best tips on industry, market and competitor research.

7 TOP TIPS For Writing Market Analysis

1. realistic projections.

Above all, make sure that you are realistic in your projections about how your product or service is going to be accepted in the market, otherwise you are going to seriously undermine the credibility of your entire business case.

2. Laser Focus

Discuss only characteristic of your target market and customers that are observable, factual and meaningful, i.e. directly relate to your customers’ decision to purchase.

Always relate the data back to your business. Market statistics are meaningless until you explain where and how your company fits in.

For example, as you write about the market gap and the needs of your target customers, highlight how you are uniquely positioned to fill them.

In other words, your goal is to:

• Present your data
• Analyze the data
• Tie the data back to how your business can thrive within your target market

3. Target Audience

On a similar note, tailor the market analysis to your target audience and the specific purpose at hand.

For example, if your business plan is for internal use, you may not have to go into as much detail about the market as you would have for external financiers, since your team is likely already very familiar with the business environment your company operates in.

4. Story Time

Make sure that there is a compelling storyline and logical flow to the market information presented.

The saying “a picture is worth a thousand words” certainly applies here. Industry and market statistics are easier to understand and more impactful if presented as a chart or graph.

6. Information Overload

Keep your market analysis concise by only including pertinent information. No fluff, no repetition, no drowning the reader in a sea of redundant facts.

While you should not assume that the reader knows anything about your market, do not elaborate on unnecessary basic facts either.

Do not overload the reader in the main body of the business plan. Move everything that is not essential to telling the story into the Appendix. For example, summarize the results of market testing survey in the main body of the business plan document, but move the list of the actual survey questions into the appendix.

7. Marketing Plan

Note that market analysis and marketing plan are two different things, with two distinct chapters in a business plan.

As the name suggests, market analysis examines where you fit in within your desired industry and market. As you work thorugh this section, jot down your ideas for the marketing and strategy section of your business plan.

Final Thoughts

Remember that the very act of doing the research and analysis is a great opportunity to learn things that affect your business that you did not know before, so take your time doing the work.

Related Questions

What is the purpose of industry & market research and analysis.

The purpose of industry and market research and analysis is to qualitatively and quantitatively assess the environment of a business and to confirm that the market opportunity is sufficient for sustainable success of that business.

Why are Industry & Market Research and Analysis IMPORTANT?

Industry and market research and analysis are important because they allow you to gain knowledge of the industry, the target market you are planning to sell to, and your competition, so you can make informed strategic decisions on how to make your business succeed.

How Can Industry & Market Research and Analysis BENEFIT a Business?

Industry and market research and analysis benefit a business by uncovering opportunities and threats within its environment, including attainable market size, ideal target customers, competition and any potential difficulties on the company’s journey to success.

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Learn from the business planning experts, resources to help you get ahead, market analysis, table of contents.

The Market Analysis section of a business plan is crucial, providing detailed insights into the business environment. It helps entrepreneurs understand their industry, target markets , competition, and the broader economic landscape. This analysis is essential for informed decision-making, strategic planning, risk mitigation, and building investor or banker confidence.

However, before diving into the details of market analysis, it’s imperative for entrepreneurs to have a profound understanding of their target customer.

This foundational step is crucial as it shapes the entire market analysis process, ensuring that the insights gained are relevant and actionable for your specific business idea.

Divergent Paths to Understanding Your Customer

• Model-Based Planning®:  Ideal for experienced entrepreneurs in well-defined industries, Model-Based Planning® offers a structured, model-specific framework. It includes pre-developed customer profiles that guide focused market analysis.
• Pre-Vision Interviews:  Suited for entrepreneurs at the idea phase or those entering new markets, Pre-Vision Interviews establish deep customer understanding. This approach is crucial for businesses that aim to be first-movers or fast-followers and is often vital for those seeking investor capital. For entrepreneurs at the idea stage or entering new markets, delve into the detailed customer insights with Pre-Vision Interviews by   clicking here .

With a clear understanding of your customers, through either Model-Based Planning® or Pre-Vision Interviews , you’re now ready to delve into the various components of Market Analysis, as detailed in the following sections of this webpage.

Components of Market Analysis

Market analysis summary.

• Role as a Synthesis of Findings:  The Market Analysis Summary encapsulates the key findings from your market research . It serves as an executive overview, providing a snapshot of the market’s health, potential, and challenges. This summary should highlight significant points such as market size, growth projections, key trends, and competitive landscape.
• Writing it Last:  It’s recommended to write the summary after completing all other sections of the market analysis. This approach ensures that the summary accurately reflects the comprehensive understanding gained from detailed research.

Detailed Market Analysis

• Understanding Market Size, Growth Rate, and Trends:  Assess the size of the market, its growth rate over time, and key trends affecting it. This includes demographic shifts, technological advancements, and changes in consumer behavior. Use reliable data sources and forecasting methods to provide a well-rounded view of the market.
• Identifying Target Market Segments:  Define the specific customer segments within the market that your business will target. Consider factors like demographics , psychographics, geographic location, and buying behaviors. Tailor your marketing strategies to these segments to maximize impact and efficiency.

Industry Analysis

• Current State of the Industry:  Provide an overview of the industry, including its history, current status, and major players. Discuss the industry’s regulatory environment and any recent changes that might affect the business.
• Industry Structure and Dynamics:  Analyze the industry’s structure, including its supply chain , distribution channels , and major competitors. Evaluate the industry’s competitive dynamics, market entry barriers, and typical profit margins.

Trends Analysis

• Identifying and Evaluating Trends:  Identify current and emerging trends within the industry and market. These could be technological advancements, changes in consumer preferences, or shifts in regulatory policies. Analyze how these trends will impact the industry and your business specifically.
• Impact of Trends on Industry and Target Market:  Discuss the potential opportunities and threats these trends present. Plan strategies to leverage opportunities and mitigate risks associated with these trends.

Competitor Analysis

• Identifying Key Competitors:  List the major competitors in your market, focusing on those directly competing with your business. Assess their market share, strengths, weaknesses, and strategic positioning.
• Assessing Competitors’ Strengths, Weaknesses, and Strategies:  Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for each key competitor. Understand their strategies and how they have been successful or fallen short in the market.

Utilizing Research Tools in Market Analysis

Role of ibis world, esri, and statista in market research.

• IBIS World:  IBIS World is renowned for its comprehensive collection of industry reports and business environment profiles. It offers detailed insights into market conditions, industry trends, and competitive landscapes. These reports are pivotal for understanding industry dynamics and forecasting future market developments.
• ESRI:   ESRI , particularly through its ArcGIS platform, provides a wealth of location-based data and analytics. ESRI’s Market Potential data, for example, offers insights into consumer behavior and demand across various product and service categories. This data is instrumental in understanding geographical market trends and potential customer bases, making it invaluable for businesses seeking to target specific locations or demographics​​​​​​.
• Statista:   Statista is a leading statistics portal, offering access to data from market and opinion research institutions, as well as from business entities and government institutions. It’s a versatile tool for market analysis, providing up-to-date data on various industries, including market sizes, trends, and forecasts.

Leverage These Tools for Quality Research

• Deep Dive into Industry Reports:  Utilize IBIS World for in-depth industry reports to understand your market’s size, trends, and competitive landscape.
• Geographical and Demographic Analysis:  Use ESRI’s tools to analyze market potential based on location and demographics, helping to identify where your customers are and their spending behaviors.
• Statistical Data for Market Trends:  Leverage Statista for comprehensive statistical data to support your market size estimates, trend analysis, and forecasting.

Identifying Industry-Specific Resources

• Look for sources that provide up-to-date, comprehensive, and accurate data.
• Ensure the sources are recognized and respected within the industry.
• Consider the depth of information provided; more detailed reports often offer better insights.
• Trade associations often publish detailed reports on industry trends.
• Government databases can provide reliable statistics on various industries.
• Academic journals and publications can offer in-depth analysis and forecasts.

Incorporating these tools into your market analysis process will enhance the quality of your research, providing a solid foundation for your business plan.

Conducting Competitor Analysis

Importance of personal involvement in competitor research.

Engaging in competitor research personally offers invaluable insights. It allows you to observe and understand your competitors’ strengths and weaknesses from a customer’s perspective. This direct engagement is crucial for developing strategies to differentiate and compete effectively.

Techniques for Effective Competitive Analysis

• Talk to Competitors’ Customers:  Engaging with the customers of your competitors can provide candid insights into what they value and their experiences. This feedback is often more unfiltered and honest than promotional materials or sales pitches.
• Experience Competitors’ Offerings:  Purchase and use the products or services of your competitors. This firsthand experience can reveal strengths to emulate and weaknesses to exploit in your own offerings.
• Visit Competitor Locations:  If applicable, visit their physical establishments. Observe their customer service, store layout, product presentation, and overall customer experience.
• Analyze Competitor Websites:  Review their online presence, noting their branding, communication style, customer engagement, and online services. Look for areas where they excel or lack, providing opportunities for your business to stand out.
• Examine Online Reviews:  While being cautious of potentially manipulated reviews, pay special attention to less-than-perfect ratings. Trends in these reviews can highlight areas that customers feel need improvement.
• Market Positioning:  Understand how your competitors position themselves in the market. Analyze their marketing materials, advertising strategies, and any unique selling propositions they highlight.
• Pricing Strategies:  Observe their pricing models. Are they competing on price, quality, service, or innovation? Understanding their approach can guide your own pricing strategy.
• Supplier and Partner Relationships:  Investigate their supply chain and partnerships. This might give insights into their operational efficiencies or dependencies.
• Customer Service Analysis:  Evaluate their customer service approach. Are there gaps in their customer support that your business could fill?
• Social Media Engagement:  Analyze their social media presence. How do they interact with customers online? What kind of content generates the most engagement?
• Employee Feedback:  If possible, gain insights from current or former employees about the internal workings of the competitor’s business. This can provide a unique perspective on their operations, culture, and challenges.

Outsourcing Market Analysis

When to consider outsourcing.

Outsourcing market analysis can be a strategic decision for businesses, especially when internal resources are limited or when specialized expertise is required. Consider outsourcing when:

• Lack of In-House Expertise:  If your team lacks the skills or experience in conducting in-depth market research.
• Time Constraints:  When you’re under tight timelines to develop a business plan and need to expedite the research process.
• Need for Specialized Knowledge:  Certain industries or markets may require specialized knowledge that an external expert or agency can provide.
• Objective Perspective:  Sometimes, an external perspective can provide unbiased and fresh insights that internal teams might overlook.

Business Plan Writer Reviews

For guidance on choosing the right professional or agency for outsourcing your market analysis, check out our Business Plan Writer Reviews .

Essential Qualifications of Professional Business Plan Writers

When hiring a professional for market analysis, ensure they possess the following qualifications:

• Active Subscriptions to Key Research Organizations:  Verify that they have access to essential market research tools like IBIS World, ESRI, Statista, and others relevant to your industry. Active subscriptions indicate that they can provide current and comprehensive data.
• Experience and Expertise in Diverse Industry Research:  Look for professionals with a proven track record in conducting market analysis across various industries. This experience demonstrates their ability to adapt research methods to different business models and market conditions.
• Understanding of Different Business Models:  The consultant should understand various business models, especially if your business falls into a niche or emerging market. Their ability to adapt their research methodology to fit different models is crucial.
• Analytical Skills:  They should possess strong analytical skills to interpret data effectively and provide actionable insights.
• Communication Skills:  Good communication skills are essential for them to convey complex information in an understandable manner, aligning with your business needs.
• References and Past Work Samples:  Ask for references or samples of their past work to assess the quality and relevance of their research.

Market Analysis in Your Business Plan

Conducting a thorough market analysis is an indispensable part of developing a robust business plan. It provides critical insights into the market size, growth potential, industry trends, competitive landscape, and customer preferences. This analysis forms the foundation upon which strategic decisions are made, risks are assessed, and opportunities are identified.

The insights gained from the market analysis should be seamlessly integrated into your business plan.

A well-executed market analysis can significantly enhance the effectiveness and persuasiveness of your business plan, especially in the eyes of stakeholders, bankers, or potential investors.

Up Next: Developing the Organizational Structure

Having completed the market analysis, the next step in your business planning journey is to develop the organizational structure of your business. This involves outlining the management team, defining roles and responsibilities, and establishing the operational framework of your organization. A clear and efficient organizational structure is crucial for effective management and smooth operation.

Proceed to Organizational Structure

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Market trends: What you need to know

Last updated

1 April 2024

Reviewed by

An example of a trend is the music technology market. Many years ago, people started listening to music on the radio. Then boomboxes took center stage. Next, people bought iPods to listen to their favorite tunes. And more recently, people have been installing music streaming apps on their smartphones.

Market trends can easily make or break a business. Catching the trend early and analyzing it could keep you ahead of the competition and protect your market share.

Market analysis template

Save time, highlight crucial insights, and drive strategic decision-making

• What are market trends?

A market trend is a general direction a market is taking. The market can move up, down, or sideways.

By understanding market trends, businesses can preempt any disruption or loss of sales, change their operations and strategy, and meet and adjust to the new market direction. Companies can then stay competitive and viable.

Identifying a trend starts with having knowledge of your consumers' interests, needs, and pain points. As needs change, smart and proactive companies will rise to meet them. Besides the consumer, marketing experts study the environment (demographics, economy, politics, technology, and social factors) and how these macro concepts will affect customer needs in the future.

• How many types of market trends are there?

When studying market trends, you can identify three primary types:

Uptrend usually means that financial markets are taking steps forward. In most cases, it could demonstrate economic growth and a growth in the number of jobs. An uptrend is a time when prices of assets are rising, so it's an opportunity to make a profit.

Upward trends often happen when the company is experiencing a positive change in sales or growth. It's time to take action because uptrends rarely last long.

A downtrend in the economy usually means a decrease in its size in sales or growth. The value of stocks could decline rapidly and affect the company's well-being. At this point, customers may be making fewer purchases, and businesses could be reevaluating their sales strategies.

During a downtrend, you must look for new ways to stay competitive and keep the customer's attention.

Sideways trend

A sideways trend (also called a horizontal trend) happens when prices don't move dramatically up or down, and the demand doesn’t either. A horizontal trend means consistency for the market. However, similar to other trends, it rarely lasts long.

Horizontal trends don't have a good influence on the economy. Accordingly, governments may take action to encourage an upward trend.

Market trends can also be:

Short-term . These trends can only occur over a few days or even hours. Examples are social media trends, holidays, and news. For example, a news story relevant to your business could drive you to adjust your offer or re-engage with a target audience segment.

Intermediate. These trends could last several weeks (usually between one or two months). Examples are elections, tax time, deadlines, and December holidays. You may need to adjust your offer to stay competitive until the trend subsides.

Long-term trends . These trends could take years. They might involve significant political changes (Democratic vs Republican government) or serious technological trends (iPod vs boombox). To accommodate these trends, you may need to adjust your entire sales and marketing strategy or change the approach to product development.

• What is the importance of market trends?

Whatever market you are in, volatility is unavoidable. What may have been stable in the past can change drastically within hours. That's why it's vital to stay on top of the latest market trends and analyze them for your company's continued success.

The main benefits of market trend analytics include:

Staying ahead of the competition . Catching the trend early enough and adjusting to it could help you steal market share.

Financial profit . Market trend analysis can help you predict change in stock prices and allow you to adjust your investment strategy.

Understanding the market . Knowing exactly how your market works doesn't just help you make predictions and stay ahead of the competition—it can help you understand the target audience more deeply, improve your offer, and streamline your marketing strategies.

Reviewing your business tactics. M arket trend analytics can show you which business strategies are successful and which require changes to suit the market dynamics better.

Market trends create new opportunities for businesses. Analyzing past trends by observing what business strategies they took and how successful they were can help you figure out how to manage disruption and become an industry leader.

• How to identify market trends

Identifying market trends is a continuous process that requires a variety of tools. The most common steps in market trend analytics include:

PEST analysis

PEST (Political, Economic, Social, Technological) factors dictate market trends. Running a PEST analysis allows you to identify factors that may influence your business now and in the future. It's one of the most used long-term business planning tools.

Social media and influencers

Social media trends often shape the market. Tracking influencers and industry leaders can help you see the market’s direction. Photo-sharing websites and even Yelp can provide valuable insights into new preferences or perceptions.

Customer analysis

Listening to your customers is one of the simplest yet most effective ways to identify market trends. When you see customer needs changing, you’ll likely see a change in the market's direction.

Soliciting customer feedback can quickly provide meaningful data for short or long-term business planning and allow you to make changes to meet the market.

Competitive analysis

Always pay close attention to what your competitors are doing. They could be identifying trends faster than you are. A competitive analysis can help you react to the trends, keep your market share, and allow you to benchmark your business with competitors.

• Identifying and analyzing market trends

Market trend analysis is an essential part of business operations. Regularly identifying and analyzing these trends helps the business stay efficient and competitive, focus on the direction it needs to go in, and protect and improve its bottom line.

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How to conduct a market trend analysis (and stay 3 steps ahead of the competition)

Why should you conduct a market trend analysis, how to perform a market trend analysis, market trend analysis examples, use tools to make your next trend analysis easy.

You can’t have a competitive advantage if you don’t know what the competition is doing. One effective way to gain a competitive edge is by conducting a market trend analysis. This type of analysis involves examining data to identify patterns and consumer trends in a particular market, allowing businesses to make informed decisions about their strategies and offerings.

By keeping a finger on the pulse of the market, your business can position itself for long-term success. Here we’ll explore the key steps involved in conducting a market trend analysis and provide tips for staying ahead of the curve in your industry.

Get ahead of the trends with our market analysis survey template

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Some businesses are so focused on optimizing their organization that they forget to look outside. The only time they feel the need to change something is when they see their competitors doing it. They adjust, and follow—riding the waves their competition created.

But following your competitors blindly can result in you missing out on key opportunities to differentiate yourself and carve out a unique position in the market. That’s why it’s crucial to conduct your own market trend analysis , proactively and regularly.

By analyzing industry trends, you can identify opportunities that your competitors may have missed and find unique ways to meet the changing needs of your customers.

Tracking trends over time will also help you get a clearer picture of what to enter into, and what to avoid. Not every hype should is destined to be a long-term success, and if you get enough market trend analysis data over several months or even years, you can start predicting trends and preparing for them.

It also makes perfect sense to conduct market trend analysis research when times aren’t looking so good. When economies and markets slow down, you need to be prepared for possible changes in consumer spending and habits. That’s where your market analysis becomes invaluable to you, your business and your customers.

A trend analysis is also great fuel for your marketing strategy. You can gain a deeper understanding of what motivates your target market to make certain purchases and tailor your marketing strategy accordingly.

You can look for trends in interests, or trends in the channels they use, like the fall of Google among Gen Z. They don’t google where to go on holiday, what skincare to buy or where to find an interior designer. They use platforms like Instagram and TikTok for that. So if you’re hoping to reach this target group, you might want to move some of your search budget to social media.

When conducting a trend analysis, you can get answers to some of the most pressing questions that are keeping you up at night.

Wondering why your sales have been slowing down lately? A trend analysis can help you identify the latest market trends and find out whether your products or services are still relevant in the current climate.

Curious about what your customers really want? A trend analysis can give you insights into the latest customer preferences and buying behaviors, so you can tailor your offerings to meet their specific needs.

Want to know what your competitors are up to? A trend analysis can help you keep an eye on your competitors and identify any emerging threats or opportunities.

Types of trend analysis

Not sure what trends to look for? These types of trend analyses will help you narrow it down.

• Consumer trends: This type target market analysis focuses on understanding changes in consumer behavior, preferences, and purchasing patterns. It can help you identify new opportunities for growth and develop targeted marketing campaigns to reach your target market.
• Historical trends: By analyzing historical data, you can identify patterns and trends that have emerged over time. These can be all types of patterns and market trends. This data can help you make more informed decisions and predict future trends to prepare for them.
• Seasonal trends: Some industries experience seasonal fluctuations in demand, and analyzing seasonal trends can help you adjust inventory levels, pricing, and marketing strategies to maximize sales during peak seasons.
• Geographic trends: Analyzing trends across different regions can help you understand how consumer behavior and preferences vary across different regions. This can help you tailor your marketing strategies and product offerings to meet the unique needs of each region.
• Technological trends: With new technologies emerging all the time, businesses need to keep up with the latest trends to stay relevant and competitive. Analyzing technological trends can help you identify new opportunities for innovation and show you ways to automate processes or save time and money. It can also help you adapt to technological changes, such as the death of the third-party cookie .
• Demographic trends: Analyzing demographic trends, such as age, gender, income and education level can help you understand your target audience and develop marketing strategies that resonate with different demographics.
• Social media trends: Social media has become an integral part of many people’s lives, and your business can benefit from analyzing trends on social media platforms. By monitoring social media conversations and tracking hashtags and trends, you can identify new opportunities to engage with your target audience and build brand awareness.
• Economic trends: We all know that economic trends can have a significant impact on businesses. Analyzing economic indicators, such as GDP, inflation and interest rates can help you make informed decisions about pricing, inventory, and expansion plans. Don’t just wait until it gets explained in the newspapers to jump on this data.
• Competitive trends: A market trend analysis that focuses on the strategies and performance of your competitors, can help you identify new opportunities for growth and stay ahead of the competition. Competitive trend analysis can also help you identify emerging threats and adjust your strategy in an agile way.
• Environmental trends: With increasing concern about environmental issues, you can certainly benefit from analyzing trends related to sustainability and eco-friendliness. By incorporating eco-friendly practices and products into your business strategy, you can appeal to environmentally conscious consumers and reduce their environmental impact.

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Let’s look at the steps you need to take to perform a market trend analysis .

1. Define an actionable goal for your market trend analysis

Don’t start looking for trends without having a goal in mind.

This is important because it will help you focus on the right aspects of the market trends. While it is good to be aware of all the trends, you should focus on what you can act on.

2. Make a plan to conduct market trend analysis regularly

You can’t spot trends by just looking at one moment in time. Ideally, you will regularly conduct market research to uncover trends, and find patterns in the data you collect.

Planning monthly, quarterly or yearly surveys on the same topic helps you do that, while getting data straight from the most valuable source: your customers and target market.

3. Choose the right tools for your research

The right tools can help you identify trends, analyze consumer behavior, and understand the current market. They come with an easy-to-use dashboard that reveals patterns and makes trends easy to communicate.

4. Ask the right questions to the right people

Your research is only as good as your respondent targeting. Make sure you get in front of a large enough and—more importantly—relevant audience.

Asking them the right questions is essential when it comes to uncovering trends in your market research.

5. Analyze the data

Once you’ve gathered the data, it’s time to analyze it. This is where you can identify trends, analyze consumer behavior, and understand the current market.

When analyzing the data, you should look for patterns and correlations. Play around with different parameters and filters to uncover these. This will help you identify emerging trends and understand the current market behavior. You should also look for any inconsistencies in the data that might suggest a trend reversal.

6. Act on your findings

Once you’ve analyzed the data, it’s time to implement it! This is where you can use the data to make informed business decisions.

You should also consider how the data might affect the future of your business. This will help you stay ahead of the competition and make sure your business is always ahead of the curve.

7. Regularly check back in to spot trends

The final step is to regularly check back in to spot trends over time. This will help you identify any shifts in the market and make sure your business is always ahead of the competition. Remember account for external factors and recent changes in the market.

To give you an example of what powerful data you can uncover by looking at certain trends, we’ll show you three examples of our own market trend analysis we’ve done recently.

On-demand grocery

To find out if on-demand grocery brands are actually playing into the demand the right way we used Attest to question consumers in the UK and US. Here’s what we learned.

Even though the media talks a lot about the sustainable aspects of on-demand delivery services and also about the working conditions of drivers, one of the dominant patterns we found was that users of these services prioritize convenience and speed.

Rough, yes, but good to know if you’re trying to market your delivery service. Keep an eye on this though: the sentiment might change. That’s why regularly conducting market research and keeping an eye on current trends is key.

We also learned how price movements in delivery costs affect this industry. Read our full on-demand groceries trend report .

Brits are shopping online more regularly than six months ago

Another one of our dives into market trends revealed a quick boost in online shopping frequency and spending among UK consumers.

Here’s why we emphasize boost : if a business would use this data to inform its future business decisions, it might be a recipe for disaster. If this was only a short-lived increase in spending and orders, you might not want to focus too much on your e-commerce sales. Another reason why we urge brands to track trends over time.

How inflation affects consumers—and how that should affect businesses

From our own economic trend analysis (here’s the US report and the UK report ) we also found that the oldest generation feels the least affected by inflation, and Gen X most. If that is your target market, you need to play into this.

This research also revealed that people are cutting back on takeouts by 53 percent. Bad news for companies who deliver meals, but good news for those who can provide services or products for all those people who are staying at home and cooking at home more.

Cutting back on energy is also a big one, which shows interesting opportunities for companies producing electrical devices to either inform consumers more about the energy consumption of their products, or to even adjust their new products to this behavior.

Another trend we uncovered is that people are switching to cheaper brands, and are more open to buying new things. Get creative with this: ASOS is already selling pre-loved items, and other fashion retailers do too. Furniture, electronic devices, books and entertainment: many businesses can still do more to jump on these trends.

If you regularly conduct market trend analysis , you’ll have powerful information to stay ahead of your competitors, and know what to expect from the market.

Our market analysis tools help you get there, with a survey tool that has everything you need to do one-off or recurring trend analysis.

Get started with the right market trend analysis tool

Want to find trends quickly and easily? We’ve compiled a list of tools to keep your brand ahead of the curve.

Customer Research Lead 

Nick joined Attest in 2021, with more than 10 years' experience in market research and consumer insights on both agency and brand sides. As part of the Customer Research Team team, Nick takes a hands-on role supporting customers uncover insights and opportunities for growth.

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How to do market analysis for a business plan.

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When launching a business, having a clear business plan is critical for success. One aspect of the business plan, how to do market analysis, often eludes new business owners. Below you’ll learn how to identify your market, analyze competitors, read market trends, and more, to create a realistic market analysis for a business plan.

What Is Market Analysis for a Business Plan?

A market analysis is a comprehensive exploration of the target market a business wishes to enter. It aims to determine a company’s position in the market, develop marketing strategies, and identify areas where competitors lack or fail to effectively reach their target audience. 

A market analysis works for all types of businesses, be it a courier business or an organization business or a laundry business . Market analysis looks at a company’s strengths, weaknesses, opportunities, and threats to effectively capture market share and capitalize on growth opportunities. Whether you’re starting a business with $1,000 , launching a stay-at-home-mom business , or considering low-maintenance businesses with big returns, market analysis for business plans can build the foundation for long-term growth. 

7 Steps to Conduct Market Analysis for a Business Plan

Conducting market analysis for a business plan is perhaps the most foundational aspect of a business. Choose the wrong niche, and your business could be a flop; choose an oversaturated market, and you’ll struggle to break in. Here are seven simple steps for effective market analysis:

Identify Your Target Market

Identifying your target market includes describing your potential customers and defining the characteristics of your target market. This is also the stage to clearly define your objective and consider different industries to understand current trends, size, and scope. 

Target market and industry outlook analysis will demonstrate to lenders and potential investors that your business has a reasonable chance of success. It can also help you gauge potential sales and how to effectively reach the target market. 

Determine Market Size and Potential

To understand growth potential, it’s important to define your market size and potential. Market size is measured by segmentation, the process of aggregating prospective buyers into groups (or segments) with common needs. Assuming they will respond similarly to a marketing action, you can use this information to effectively build a marketing plan.

To understand market potential, consider the total market of your target industry, and calculate the market share of major players. Then, consider growth opportunities, new pain points, and potential revenue to gauge business potential. Discuss both market potential and market segmentation as part of your market analysis for a business plan.

Conduct Competitor Analysis

Once you have an industry and target market, it’s time to identify key competitors. Analyze their products, pricing, marketing, and distribution strategies. Consider their market share, presence, and offerings in terms of the pain points of potential consumers. Based on this, explore how to differentiate your business from the competition and enumerate key value propositions that stand out from competitors. 

Determine Market Entry Barriers

Identify any barriers to entry into the target market, such as high capital requirements, legal and regulatory restrictions, or strong competitor presence. Evaluate the challenges and potential risks associated with entering the market. This is the perfect moment to do a SWOT analysis – looking at the strengths, weaknesses, opportunities, and threats for your business positioning and those of your competitors. 

Analyze Market Trends

Market trends can change the landscape of a market over time. While some markets don’t respond to trends, many are highly vulnerable to changes, such as technological advancements. Understand industry trends that can impact your business launch and potential growth. Determine potential opportunities and threats in the market and its current trends to identify opportunities for growth and future demand for your product or service.

Outline a Marketing Strategy

Once you understand market trends, barriers to entry, market potential, and the target market’s pain points, you can develop an effective marketing strategy. A marketing strategy should utilize the right channels and messaging to reach your target audience. As part of the marketing strategy, consider brand voice, positioning, shared beliefs of your audience, and an emotional connection to build brand loyalty and stand out from competitors.

Summarize Findings and Projections

The final step of market analysis for a business plan is to put it all together in an actionable report. Consolidate your market research findings and projections into a concise summary. Highlight key insights, market opportunities, competitive analysis, and potential risks. Use charts, graphs, and data to support your analysis. Effective market analysis for a business plan should show and tell key market opportunities while addressing potential hurdles or threats. 

Clear market analysis will demonstrate value not only to investors or lenders but may provide additional insights into how to effectively market to the target audience and new opportunities to leverage for faster business growth. 

Key Takeaways and Best Practices for Effective Market Analysis

When conducting market analysis for a business plan, make sure to consider each of the following:

Conduct Focus Groups/Surveys

To truly understand your market and target audience, use focus groups or surveys to gather valuable insights. There are several free or paid sites to do this including HubSpot Free Online Form Builder, SurveyMonkey, SurveySparrow, Lucky Orange, and ProProfs Survey Maker. If you already have a mailing list of clients, you can send surveys out and offer entry into a giveaway or any other incentive. If you’re launching the business from scratch, consider paid surveys with a niched-down target audience for relevant findings. 

Gather Secondary Data

Use secondary sources like industry research reports, government statistics, and articles to supplement your primary research. Government and industry reports, in particular, can offer valuable insights and in-depth industry trends that can shape your market analysis with actionable data. 

Track Market Changes and Modify Strategies Accordingly

Market analysis for business plans isn’t a stagnant document. It must be updated regularly as the market shifts and the business grows. Update your SWOT analysis every three months, or more frequently, if needed, to address and build on marketing strategies and increase market share. 

Why Do You Need Market Analysis?

Market analysis for a business plan is the engine that drives business growth. It provides key data and insights. A great product in a vacuum won’t sell. By conducting market analysis, you’ll understand the industry, competitors, potential customers, and opportunities to fill unique targeted needs, capture a greater market share, and build long-term business success. 

To help achieve business success, consider opening an LLC for your business. In addition, get the tools and resources to ensure your business succeeds. Doola Books is designed for founders like you to automate accounting and give you more time to focus on business growth. Get Doola bookkeeping services here!

What are the benefits of conducting market analysis for a business plan?

Market analysis for a business plan means you can understand the current shape of the market and identify opportunities for growth or weaknesses in competitors’ offerings. It allows you to realistically predict business opportunities and analyze clients’ needs to build effective solutions. 

How can I conduct market analysis for my business plan?

Conducting market analysis for your business plan involves conducting direct market research and relying on secondary sources like industry and government reports. Together, these can give you a picture of your business plan’s strengths, weaknesses, opportunities, and threats and help identify the best course of action to build your business.

What are some common methods used for conducting market analysis?

Market analysis includes surveys, focus groups, and analysis of industry-wide trends, government reports, and competitors’ positioning within the market. Market analysis involves deeply examining your industry, objective, potential clients, and brand offerings. 

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Market Sizing & Trends Analysis

Written by Dave Lavinsky

In this article you’ll learn about market sizing and trends and how to identify them for your business.

Why You Need to Know Your Market Sizing & Trends

When you’re developing a simple business plan template to start or grow your company, you need to understand the size of your market and trends affecting it.

The market size confirms the market is big enough to warrant an investment of your time, and potentially investor/lender funding, into pursuing the opportunity. If the market is too small, you nor investors will not be able to get a reasonable return on your investment (which will dissuade angel investors and/or VC funding ).

Likewise trends tell you if the market is increasing or decreasing, and how the market is changing. This can help you improve your strategy. For example, if you were starting a fitness center and you learned that there was a trend towards personal training services, it would be important for your strategy and plan to offer such options.

Market Sizing & Trend Analysis Questions to Answer

The following questions should be answered in the industry analysis component of your business plan :

• How big is the business (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key manufacturers and/or suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your company. The relevant market size equals a company’s sales if it were to capture 100% of its specific niche of the market. It is calculated by multiplying the number of prospective customers by the amount they could realistically spend on your product/service each year.

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How to Conduct Market Sizing & Trend Analysis

We like to determine market sizes using both a top-down (what percent of the market can we reasonably expect to penetrate) and bottom-up (e.g., how many units can we expect to sell at what price) methodology.

As many assumptions are required when sizing a new or emerging market, we tend to rely heavily on case studies of thousands of other companies and clients who have penetrated new markets. We also access paid industry reports from other companies who have done deep dive research into the relevant industries.

In assessing markets, looks at the current market size and what the market size might be in the short, mid and long-term. Specifically, answer the folowing key questions such as the following:

• How has the relevant market size changed over the past one to five years?
• What is the projected growth of the relevant market?
• What factors will affect this growth? Economic factors? Changing regulatory conditions? Changing consumer needs? 

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How to Write the Market Analysis Section of a Business Plan

Alyssa Gregory is an entrepreneur, writer, and marketer with 20 years of experience in the business world. She is the founder of the Small Business Bonfire, a community for entrepreneurs, and has authored more than 2,500 articles for The Balance and other popular small business websites.

The market analysis section of your business plan comes after the products or services section and should provide a detailed overview of the industry you intend to sell your product or service in, including statistics to support your claims.

In general, the market analysis section should include information about the industry, your target market, your competition, and how you intend to make a place for your own product and service. Extensive data for this section should be added to the end of the business plan as appendices, with only the most important statistics included in the market analysis section itself.

What Should a Market Analysis Include?

The market analysis section of your small business plan should include the following:

• Industry Description and Outlook : Describe your industry both qualitatively and quantitatively by laying out the factors that make your industry an attractive place to start and grow a business. Be sure to include detailed statistics that define the industry including size, growth rate , trends, and outlook.
• Target Market : Who is your ideal client/customer? This data should include demographics on the group you are targeting including age, gender, income level, and lifestyle preferences. This section should also include data on the size of the target market, the purchase potential and motivations of the audience, and how you intend to reach the market.
• Market Test Results : This is where you include the results of the market research you conducted as part of your initial investigation into the market. Details about your testing process and supporting statistics should be included in the appendix.
• Lead Time : Lead time is the amount of time it takes for an order to be fulfilled once a customer makes a purchase. This is where you provide information on the research you've completed on how long it will take to handle individual orders and large volume purchases, if applicable.
• Competitive Analysis : Who is your competition? What are the strengths and weaknesses of the competition? What are the potential roadblocks preventing you from entering the market?

7 Tips for Writing a Market Analysis

Here is a collection of tips to help you write an effective and well-rounded market analysis for your small business plan.

• Use the Internet : Since much of the market analysis section relies on raw data, the Internet is a great place to start. Demographic data can be gathered from the U.S. Census Bureau. A series of searches can uncover information on your competition, and you can conduct a portion of your market research online.
• Be the Customer : One of the most effective ways to gauge opportunity among your target market is to look at your products and services through the eyes of a purchaser. What is the problem that needs to be solved? How does the competition solve that problem? How will you solve the problem better or differently?
• Cut to the Chase : It can be helpful to your business plan audience if you include a summary of the market analysis section before diving into the details. This gives the reader an idea about what's to come and helps them zero in on the most important details quickly.
• Conduct Thorough Market Research : Put in the necessary time during the initial exploration phase to research the market and gather as much information as you can. Send out surveys, conduct focus groups, and ask for feedback when you have an opportunity. Then use the data gathered as supporting materials for your market analysis.
• Use Visual Aids : Information that is highly number-driven, such as statistics and metrics included in the market analysis, is typically easier to grasp when it's presented visually. Use charts and graphs to illustrate the most important numbers.
• Be Concise : In most cases, those reading your business plan already have some understanding of the market. Include the most important data and results in the market analysis section and move the support documentation and statistics to the appendix.
• Relate Back to Your Business : All of the statistics and data you incorporate in your market analysis should be related back to your company and your products and services. When you outline the target market's needs, put the focus on how you are uniquely positioned to fulfill those needs.

Starting a Business | 7 min read

How to Identify Market Trends for Long-Term Business Planning

Identifying and analyzing trends is an excellent way to get a jump on future business, but it's important to remember that the best trend analysis will depend on taking everything into consideration. With that in mind, below are some tips on identifying market trends for long-term success.

Make use of digital tools and analytics 

Digital tools and analytics are an important part of identifying market trends for long term business planning. The accuracy and comprehensiveness of data have greatly improved in the past decade, and it is becoming increasingly easy to access. 

Digital tools include things like online surveys, connected devices (Fitbits), e-commerce transactions, photo sharing sites, review sites (Yelp), and social media. Analytics software and aides like precollected datasets are an important part of understanding meaningful data from these sources. For example, a brand can consider a customer review on Yelp as an indicator of consumer sentiment.

Listen to your customers

It is important to listen to your customers if you want to identify market trends. Collecting feedback is one of the most well-known methods, but there are many other ways to do this. For example, having an in-store section where visitors can write down their thoughts about a product or complete a survey allows for immediate feedback to be collected. This method may be more useful than something like online surveys because of the immediate nature of data collection.

Your customers will give you a lot of good insight into what you should be doing to plan for the future. The combined wisdom of your customers often amounts to deep knowledge about current market trends and what you should be doing to take advantage of them.

Consumer segmentation

Trends can remain hidden if you don't properly segment your customer base. For example, while some people bought the new iPhone 6 on release day, others may have waited to get a better deal or opted for a different phone. Customer segmentation can help identify commonalities and differences between groups of people so that you can develop strategies to target not only different demographics in your marketing efforts, but the right ones . 

The most effective long-term businesses are those that can adapt as market trends change. This is probably the hardest part of identifying market trends for long term business planning because it requires foreseeing how people will react to future events and which products or services they will want. However, if everything goes right for a business, the success you see years down the road could be because of this data-driven proactive approach.

Purchase situation analysis

Purchase situation analysis is a great way to identify trends because it involves researching how people make buying decisions. Asking questions like "Why are you considering this product?" or "What are some of your alternatives?" will often tell you a lot about trends in the market. This information can be difficult to gather, but it is necessary for properly identifying market trends.

Knowing the answer to these questions can provide a lot of insight into what your customers want, and what you should be doing to ensure long-term success for your business.

Direct competition analysis

Another important aspect of identifying and taking advantage of long term trends is your direct competition analysis. Knowing about your competitors and how they operate is extremely important when developing a long term business plan. You should always be aware of what other brands in the industry are doing and how they do it so that you can adapt accordingly and ensure future success for your brand.

Competition analysis is important for this reason, because once you figure out how successful companies are accomplishing their goals, you can make plans to do the same thing. Additionally, if you can play off their strengths, you may be able to capitalize on emerging markets that they have not targeted yet. You can preempt future issues that may arise from market trends by knowing what your competitors are up to and how you should react.

Stay abreast of industry influencers and publications

Industry influencers and influential publications are great resources that can provide a lot of great insight into your customers and the state of the market as a whole. These people often have deep knowledge about trends in their industry, and sometimes they will publish articles sharing this information with everyone else. Pay attention to these types of publications because they could play a huge role in your ability to identify future trends for your business.

Learn as much as you can about both your customers and those who influence them because this information is invaluable to long-term success for your business. You should always be aware of what other brands in the industry are doing and how they do it so that you can adapt accordingly and ensure future success for your brand. Even if you don't understand the details, you can use these publications as conversation starters to learn about market trends and why certain things are happening in your industry.

You should continuously monitor your industry because it is always changing! However, if you pay attention to what's going on within your own company and with key influencers, you might be able to take advantage of your competitors and customers, you'll have a good idea of what to do in the future.

Always read up-to-date industry research and trends reports

It is important to not only read constantly on the latest industry trends and reports but to make sure your reading is current. If you read about an issue that has already been identified as a problem with the industry, you will be better prepared to take advantage of it if you are constantly reading. You can even write your own "report" to give yourself some fresh insight into the current status and future projections for your company and for your market in general.

Furthermore, as a company, it is important to read as much as you can about specific market segments and individual countries. For example, if your product appeals to a specific demographic, make sure you know everything there is to know about this demographic. This will help ensure that the products offered by your business meet the needs of those customers, and it will also give you a better idea of what your competitors are up to.

Indirect competition analysis

Your indirect competition refers to brands that are not targeting the same demographic, but may be targeting a similar demographic or offering a competing product to yours.

This is especially important because the actions of your indirect competition could have an effect on your company's profitability and success. For example, if you notice that a direct competitor of yours is experiencing higher than average growth rates in sales, you might want to analyze the reasons for this growth in order to make similar gains.

As a consumer, this is also important because it will help you get a better idea of what types of products are currently popular and which ones are not, further helping you decide what to spend your money on. If your company is seeing an increase in sales of one specific product, then you can probably assume that other customers are seeing the same thing. You might be able to use this information to help you decide what product will sell well in future.

Analysis of complementary products and services

Analyzing complementary products and services can help you identify trends by looking at the success of one product and seeing what kinds of other products it works well with. This could help you determine whether a complementary type of product might work well for your company, whether you might simply want to focus on doing a better job marketing a current product that pairs well with a specific other product, or whether there are opportunities for complementary partnerships . 

For example, if you notice that sales of one product you offer are particularly high in conjunction with the sale of another product, you could try to find ways to make the two products work better together or market them as complementary. The same thing can go for services. If a certain service seems to go well with a specific other services, you might want to examine whether this is something your company could take advantage of.

Identifying competitive advantages for your product or service is important, but not as important as identifying the factors that keep customers coming back to you time and time again. If customers come back to your company instead of buying from other companies who offer similar products or services, then it is likely that your company has a competitive advantage.

Analysis of other industries

Looking at what other industries are doing can also provide you insight into long term trends because just as industries tend to branch out and become involved in new markets, this process happens on an individual company level as well.

For example, if you just read a report about how one major industry is increasing its focus on a specific region, it might be time to take a look at what your company could do with regard to the same region.

Foreign markets analysis

Foreign markets are a great place to focus on information on new and emerging trends because when a market becomes saturated in one country, it often spreads to other countries.

For example, if you notice that people in the United States are beginning to spend less money on home entertainment systems like big-screen TVs and game consoles, this could mean that they will start spending more money on mobile devices like tablets or laptops. Depending on your product or service offering, this could be good news for you. Or it could mean that you need to start developing new technology or products that will fit into the mobile device market and then marketing them as such.

Environment analysis

Performing an environmental analysis is an integral part of good trend research because if you want to know what kinds of products and services will be popular in the future, you need to have an idea of what kinds of problems could arise for which customers might seek a solution.

For example, if you notice that many people are taking up cycling as a hobby or form of exercise, then this could mean that they might start looking for ways to transport their bicycles to races or trails. This could be an opportunity for your company to start developing bike carriers that attach to the back of cars, trucks, or SUVs so that customers can transport their bikes without having them eat up valuable trunk space.

In conclusion

Doing a good job of analyzing and understanding trends is what helps you create long-term business plans that will work for your company. Identifying market trends can help you see where the needs are in the market, whether the needs are being met by someone else, and if they aren't being met, what kinds of products or services would be perfect for meeting this need.

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How To Create A Successful Marketing Plan

Published: Aug 13, 2024, 7:15am

Table of Contents

What is a marketing plan, marketing plan vs. marketing strategy, why businesses need a marketing plan, essential marketing channels, how to create a marketing plan, bottom line, frequently asked questions (faqs).

The difference between a flourishing business and a floundering business often comes down to an effective marketing campaign. This is especially true for small businesses. Every successful marketing campaign starts with a well-thought-out marketing plan. In this article, we will guide you through the steps on how to create a top-notch marketing plan to help put your business on the road to success.

A marketing plan is essentially a roadmap that guides businesses through the complex terrain of promoting their products or services. Think of it as a blueprint that details specific marketing campaigns, timelines, target audiences and channels such as social media , email or traditional media. Your plan should also establish clear metrics for success, the methodology used to evaluate performance and allocated budgets.

It is important to note that a marketing plan is not a static document. It is supposed to be an ever-evolving plan that adapts to market trends, customer feedback and the successful or unsuccessful marketing efforts. If done properly, a marketing plan will help you synchronize your marketing objectives with your overall business goals and ensure every marketing activity aligns with your broader vision of growth.

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Some assume that “marketing plan” and “marketing strategy” are the same thing, but be aware they hold distinct meanings and serve different purposes. A marketing strategy is more big-picture thinking. It identifies your target market, your value proposition, how you position yourself against competitors and how you will sustain your value over time. It involves deep insights into your customers’ needs, market trends and competitive analysis. It is essentially the “why” behind all your marketing actions.

The marketing plan, on the other hand, details the “what” and the “when” of those efforts. Once you have your marketing strategy outlined, you can begin to create a marketing plan. The plan should outline the specific campaigns, activities and tactics you’ll use to carry out the strategy. This includes details on the marketing channels you’ll use, the timeline for implementation, the budget and the key performance indicators you’ll track to measure success. It’s a blueprint that translates the strategy into actionable tasks and schedules.

A carefully crafted marketing plan can be a game-changer for small businesses dreaming of steady growth and a competitive edge over larger companies. Marketing plans with smart strategies and targeted campaigns can level the playing field by helping small businesses carve out their niche. It provides a clear roadmap that aligns marketing efforts with business objectives to ensure every marketing action contributes to the broader company goals.

This focused approach saves small businesses money by efficiently focusing resources instead of using a scattergun approach that can drain limited budgets. By identifying and understanding target markets, businesses can tailor their messaging to meet specific needs, which increases the likelihood of conversion. A solid marketing plan offers a framework for measuring success by setting benchmarks. With careful tracking, small businesses can quickly see what’s not working and adjust strategies in real time for better outcomes.

Today’s businesses have a wide array of marketing channels available to them. From highly analytical PPC advertising to engaging in-person event marketing, there’s no shortage of methods to promote your company.

Social Media

During the past two decades, social media has proved to be a highly effective way for small businesses to market themselves at little to no costs. Platforms including TikTok, Facebook, Instagram, X and LinkedIn offer businesses a dynamic platform to engage directly with their audience. They allow for the sharing of content, running targeted ads and fostering community through comments and shares. Effective social media marketing can enhance brand awareness, drive traffic and strengthen customer loyalty.

Email Marketing

Email marketing is another highly effective way to reach an audience directly. Newsletters, promotional offers and personalized content can nurture leads, promote loyalty and drive conversions. Email marketing offers measurable results and high ROI, making it a staple in a digital marketing strategy toolbox.

• Content Marketing

Content marketing involves creating hyper-relevant and compelling content that will act as a magnet to attract a laser-focused group of people. You can create blogs, videos, infographics and podcasts to cultivate an engaged community of followers with whom your brand’s message genuinely resonates.

Search Engine Optimization (SEO)

SEO is the practice of optimizing website content to rank higher in search engine results pages. Effective SEO strategies including on-page optimization, quality link building and keyword research help drive traffic to your website.

Pay-Per-Click (PPC) Advertising

PPC advertising is a method of online marketing where you pay a fee each time someone clicks on your ad. Popular platforms such as Google Ads and Bing Ads guarantee your ads show up first in search engine results for specific keywords, allowing you to bypass the “organic” results. While the pay-per-click fees can add up, this form of advertising provides immediate traffic and measurable results.

Influencer Marketing

Influencer marketing leverages the reach of influencers in specific niches to help you promote your business to a larger audience. When you partner with a credible influencer, you can tap into their loyal followings, gain trust quickly and drive engagement that will hopefully lead to greater sales. Affiliate marketing can complement influencer marketing by allowing influencers to earn commissions on the sales they drive. This performance-based option is cost effective, as you will only pay for actual results.

Event Marketing

Event marketing involves marketing your brand, company or service through in-person or virtual events. It can be anything from interactive webinars and educational workshops to large-scale conferences and industry trade shows. Event marketing gives you the opportunity to directly engage with your audience and hopefully provide a memorable experience for your customers.

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Creating a marketing plan is a step-by-step process. Make sure you take your time with each step before moving on to the next one.

1. Create an Executive Summary

An executive summary is a snapshot of your simplified marketing goals, significant milestones and an outline of future plans. It should encapsulate relevant facts about your brand, setting the stage for the detailed strategy that follows. This section provides stakeholders with a clear understanding of where the company stands and where it intends to go, concisely summarizing the essence of the marketing efforts.

2. Identify Your Target Market

Who are you trying to reach? By identifying your target market you can tailor your marketing strategies effectively to help them reach the people most likely to be interested in your products or services. Outline the characteristics of your ideal customer including age, location, goals, pains and trigger points.

3. Research Your Competitors

Competitor research is a critical step in forming a marketing plan. Analyze the strengths and weaknesses in other businesses in your industry. This insight can help you identify opportunities for differentiation and areas where you can fill in the opportunity your competitors may have overlooked.

4. Determine Your Marketing Goals

Without clear marketing goals, you are just shooting barrels in the dark. Are you trying to increase brand awareness, boast sales or grow your digital footprint? And if so, by how much and in what timeframe? Use the SMART criteria for goal setting, which advises that goals should be specific, measurable, achievable, relevant and time-bound.

5. Establish and Track Benchmarks

Once you determine what your marketing goals are, it is important to track their effectiveness.

To do this, set baseline measurements for key performance indicators related to your goals, such as website traffic, conversion rates or social media engagement. Monitor these benchmarks on a regular basis and adjust strategies as needed to enhance marketing performance.

6. Identify Your Marketing Channels

Are you going to throw all your eggs in the social media basket? Or are you going to diversify your marketing strategy with both digital and in-person events? This step requires a deep dive into the various channels available—be it social media, email marketing, SEO or traditional advertising. When choosing your marketing channels, be sure to ask yourself where your target audience is most engaged.

7. Create a Budget

Finally, create a budget that covers all aspects of your marketing efforts from paid advertising and content creation to software subscriptions and event sponsorships. This will help you stay financially responsible as more marketing opportunities arise.

One of the keys to a successful business is setting yourself apart from the competition. A strategic marketing plan that details your marketing efforts can not only help you stand out but also provide a step-by-step guide toward reaching your business objectives.

What are the main elements of a marketing plan?

The main elements of a marketing plan typically include an executive summary, marketing objectives, target audience definition, marketing strategies, budget and metrics for performance evaluation. It outlines the company’s strategy for attracting and retaining customers by detailing specific actions to achieve campaign goals, timeline with key milestones, channels to be used and team members responsibilities.

What is a realistic marketing budget?

A realistic marketing budget is typically determined as a percentage of a company’s revenue. It is recommended that B2B companies spend 2% to 5% of their revenue on marketing. Because B2C companies typically have a broader range of marketing channels, it is recommended they spend between 5% and 10% of their revenue on marketing.

What should every marketing plan start with?

Every marketing plan should start with a clear mission statement for the marketing department that aligns with the overall mission of the business. This statement should be specific enough to guide marketing efforts but also allow room to adjust the plan as needed. For example, if your company’s mission is “to revolutionize home cooking,” the marketing mission might be “to inspire home cooks and provide them with innovative cooking solutions.”

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Jennifer Simonson draws on two decades as a journalist covering everything from local economic developement to small business marketing. Beyond writing, she tested entrepreneurial waters by launching a mobile massage service, a content marketing firm and an e-commerce venture. These experiences enriched her understanding of small business management and marketing strategies. Today, she channels this first-hand knowledge into her articles for Forbes Advisor.

Consulting has a Gen Z problem

• Gen Z consultants view consulting as a stepping stone, not a long-term career.
• High-pressure work and a lack of passion drive young consultants to seek more fulfilling jobs.
• "I want to feel like I'm actually doing something meaningful," one Gen Z consultant told BI.

As a freshman at Penn State University, Ezra Gershanok was set on landing a job in consulting after graduation. He joined a consulting club and spent countless hours preparing for interviews.

He ended his senior year with three full-time offers, including one at Deloitte in the firm's government and public services sector and one, which he accepted, at McKinsey & Company .

"There's not really that many better jobs where you can work on different things, you can travel, you can work with young people, and there's a lot of perks," he told Business Insider. As a college student, the prospect of flying business class, staying at the Ritz Carlton, and, of course, learning from big-name executives in his first job had appeal.

However, Gershanok quickly realized that his role wasn't all it was cracked up to be.

"My first project was working for a utility provider, and we were literally doing nothing," he said. "I was like, there's no problem-solving in this job. It's just babysitting."

Within two years, he'd left the firm and launched his venture, a sublet startup called Ohana.

Whereas consulting was once a dream job for many, Gen Zers are starting to see it as a mere lucrative stepping stone. Four Gen Z consultants told BI they were not in the industry for the long haul. It's a stable job and a shiny badge on their résumés that opens doors for them to pursue their passions.

The missing work-life balance

Vicki Salemi, a career expert for Monster, told BI that because consulting can be high-pressure — think 60- to 80-hour weeks — some young workers are questioning whether it's right for them, at least for the long term.

"There has been a shift in terms of looking at this type of position and thinking, 'What did I sign up for?'" she said, adding, "When you reach that level, there's not a balance. It's typically all work."

Salemi, who previously recruited for large consultancies and Big Four accounting firms, said many young people starting their careers are shifting from questions about benefits to focus more on areas like office culture.

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Yet she doesn't expect the consulting industry will go hungry for workers because of the opportunities the experience can bring. Beyond making contacts with client companies, workers early in their careers can learn from their more experienced colleagues and through offerings like in-house training programs.

"They may feel like they can give a lot in terms of their output for work, but also get a lot from the internal organizational structures and the immense knowledge that their mentors and bosses may bring to the table," Salemi said.

She said the learning opportunities can help some young consultants cope with the long hours and stress of the gig.

"Some jobs are still high pressure, and that won't change," Salemi said.

Gen Z consultants said the hours are worth it as long as they pick up new skills. But after a couple of years on the job, the learning curve tapers, and their work can lose meaning.

Jorge García Febles, a senior consultant at Deloitte, told BI, "I guess a lot of people just coast through, but that's not what I'm looking for. I want to feel like I'm actually doing something meaningful."

It's a good launchpad, but the passion isn't there

Clouds Joo, a Gen Z strategy and management consultant at a leading global firm, said she has the ultimate entry-level job: You learn a lot very quickly, there's enough variety never to get bored, and, perhaps most appealing of all, it's an easy industry to leave.

"Because you are always working in different industries, there's so many great doors in terms of exit opportunities," Clouds, who preferred to go by her nickname for privacy reasons, told BI. "You don't confine yourself to one industry."

There's also the prestige of landing at a top consulting firm — something that does not go unnoticed or unappreciated by the social media generation.

A Gen Z consultant at PwC said he thinks the job is ideal for grads who don't know what they want to do because it's a good way to pick up many generalist skills. But the consultant, who asked not to be named because his employer didn't authorize him to speak to the press, said it's not work he is passionate about.

He thinks some longtime consultants he works with simply got comfortable in their jobs and gave up on their other ambitions and passions. To avoid that, he plans to leave consulting to do work that he feels is more impactful and in an industry he cares about.

He said he's passionate about working out and healthy eating, so he might move on from consulting to working in public health, fitness, or nutrition.

"Consulting is not a passion industry," he said. "Some people genuinely love consulting. I think they're freaks."

Some young consultants say that at some point, they have to gamble between staying at a job that offers prestige and some security and finding purpose in their careers.

Gershanok said he was pushed out of McKinsey earlier than expected because the firm had overhired. However, he said he always planned to become an entrepreneur. The McKinsey brand on his résumé made it easier to raise funding for his startup, which has won the backing of big names like Zillow's cofounder and former CEO, Spencer Rascoff, and Airbnb's former director of engineering, Surabhi Gupta.

"In the consulting world, you have security. The brand is good, but your job is meaningless. At least in my experience, it was meaningless," he said. Now that he's running a startup, he has "a mission."

Watch: How Gen Z will change the workplace, according to LinkedIn's CMO

• Main content

Building on growth: Dubai developers share key real estate trends

Well-known Dubai-based developers share insights into key trends shaping the offerings of Dubai’s real estate sector

Dubai’s real estate market is witnessing a significant transformation, with a shift in consumer preferences between off-plan projects and ready-to-move-in properties. As the market evolves, some of Dubai’s top developers are shedding light on the factors driving this change.

Here, industry names such as Shaher Mousli, chairman and CEO of Gulf Land Property, highlight the growing appeal of off-plan projects due to their investment potential, flexible payment plans, and customisation options. Meanwhile, insights from Ramjee Iyer of Acube Developments and Yogesh Bulchandani of Sunrise Capital underscore the increasing demand for well-designed, sustainable, and amenity-rich living spaces. As developers navigate these trends, they are also looking ahead to the future of the market, with experts like Sergi Voronovych of Peak Summit expressing optimism about the opportunities for growth and innovation in the years to come.

On factors driving a shift in consumer preference between off-plan projects and ready-to-move-in properties

Shaher Mousli, chairman and CEO, Gulf Land Property

In recent years, we’ve observed a notable shift in consumer preference towards off-plan projects within the UAE real estate market. Several factors are driving this trend. Off-plan properties offer buyers the opportunity to purchase at lower initial prices compared to ready-to-move-in properties, making them attractive for investment purposes. Additionally, off-plan projects provide flexibility in terms of payment plans, often allowing buyers to spread payments over the construction period.

As Gulf Land Property Developers, we strategically focus on launching off-plan projects for their diverse advantages. Off-plan projects offer significant flexibility in design and customisation, allowing buyers to customise finishes and fixtures to their specific tastes and preferences where applicable. They also provide valuable market insights into consumer demands, enabling us to refine our offerings to better meet market expectations. This early engagement not only strengthens our market position but also enhances the return on investment for our customers, particularly investors seeking financial gains.

The extended timeframe for marketing and brand development associated with off-plan projects further reinforces our commitment to delivering exceptional value and meeting the evolving needs of our clientele in the Gulf region

Key trends seen among real estate buyers and investors

Amenities are also an important factor as buyers want to have all the facilities for exercise, health and wellbeing conveniently available within their community. We are responding to this need by offering over 50 unique amenities at our latest development, Electra. We see this trend continuing for the foreseeable future and have even appointed an international theme park consultancy to help create and design exciting amenities that cater to the needs of the entire family.

Other important factors include sustainable features like smart lighting and water-saving fixtures which have a positive environmental impact but also reduce utility costs for residents. Smart Home technology is also key as it creates convenience for the tenant and adds a touch of luxury to any home.

Read Villas vs apartments in Dubai: What’s a better investment?

A very recent trend has been the demand for home office areas, with so many people working at least partly remotely. Eco-friendly features such as energy-efficient appliances, green building materials, and water-saving fixtures are also increasingly important in this era of sustainability – while smart homes with integrated automation, such as smart lighting, security systems, and climate control, are also in demand for added convenience.

As ever, proximity to schools, hospitals, shopping malls, and parks, along with access to amenities like gyms, pools, and community spaces, are prized. I would also say consumers have become more savvy about quality construction and are doing their research on a developer’s reputation.

At Sunrise, we adopt a truly holistic approach to project development and take pride in delivering homes that appeal to all the above concerns – especially when it comes to eliciting a sense of seamless community and individual wellbeing.

On the outlook for the Dubai property market over the next two to three years

For medium-sized developers, there are abundant opportunities. The development process is multifaceted and creative, with no singular approach to success.

Just as Gaudi’s unique buildings in Barcelona are not the most efficient but highly successful, we view building development as creating art. There are countless styles and approaches, each with its potential for success. Medium-sized developers must find their unique style, niche, and clientele.

Following trends, such as developing communities rather than individual buildings and branded residencies, can provide initial advantages. However, to achieve long-term success, all project details must be meticulously implemented. Peak Summit ’s strategy involves launching new projects in the central parts of well-developed districts and acquiring large plots to control the quality and design of the community. This approach ensures additional benefits for our residents.

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Who Is Brian Niccol, the Incoming Starbucks C.E.O. From Chipotle?

Mr. Niccol, whom the coffee chain poached from Chipotle, has emerged in recent years as a top leader in the restaurant industry.

By Danielle Kaye

Starbucks unveiled an abrupt leadership change on Tuesday: Brian Niccol, a high-profile name in the restaurant industry, is taking the reins, after months of weak sales at the coffee giant and a falling stock price.

Mr. Niccol will step in as chief executive next month, replacing Laxman Narasimhan , whose relatively brief stint in the top job at Starbucks began in March last year. The company’s chief financial officer, Rachel Ruggeri, will serve as interim chief executive until Mr. Niccol officially joins the company on Sept. 9.

Starbucks’ shares soared on Tuesday after the announcement, rising about 20 percent as investors — including activist investment groups that have pushed the company to make changes — largely cheered the leadership pivot.

Here’s what to know about the incoming Starbucks leader.

Chipotle saw rapid growth during his tenure.

Mr. Niccol is coming off of six years at the helm of Chipotle Mexican Grill — a period that saw the fast-casual burrito chain nearly double its sales. The company’s stock price has increased about 800 percent since he took over in early 2018.

Much of that growth has stemmed from Mr. Niccol’s focus on opening more drive-through options and expanding the company’s loyalty program.

Chain Reactions

Percentage change in share price since March 2018, when Brian Niccol became Chipotle’s C.E.O.

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What are market trends in a business plan?

Table of Contents

What are market trends?

Why do i need market trends in my business plan, how to keep up with market trends, what market trends to monitor frequently, customer behaviours, technological advances, industry regulations, how to write the market trends in your business plan, using countingup to streamline your business.

Market trends in a business plan are key pieces of information that share where your company sits in the wider picture of your industry. Your business plan should prove why your business is viable, show where you fit in the market and what customers you serve. Examining what the market looks like is a smart business move when starting out.

This article on market trends in a business plan will cover:

• What are market trends
• Why market trends are necessary in my business plan

Market trends are the direction changes of a specific industry and can be influenced by customer behaviours or developing technology. 

Take the mobile phone industry for example, as technology has improved over the last twenty years consumers have moved from bulky handsets to slimmer smartphones, that can do everything a computer can and more. Consumers have even gone back to the fashion of flip phones now that technology has allowed a bigger screen that can be folded to save space. This is a good example where both technology and customer demand has influenced the direction of the industry,

Acknowledging these trends when running a business ensures that you stay on the same path as the industry itself, moving with customer needs and adapting your business as the sector and technology evolve. Ignoring market trends in the long term could mean you are left behind by customers, as they may move to businesses that meet their needs more. 

Your market trend research should be part of wider market analysis in your business plan. Understanding where you fit in a sector and what separates your company from competitors will help you shape everything from your product to pricing and marketing plans.

It’s important to focus on trends in this process so you can understand what appeals to your target audience. By analysing the market landscape and trends, you will be able to serve your customers better. It will also feed into your marketing messaging and content creation strategy later on.

A market and trend analysis should be both quantitative (using numbers and statistics such as projections and financial forecasts) and qualitative (based on experience or observation). Trends will fit into both categories of research and you should be able to find data and non-numerical information to support your examination of trends when writing your business plan. 

It’s important to remember that a business plan is not set in stone. It can be a document that you regularly update to reflect changes in your industry and company.

Keeping pace in a fast-changing market is not easy – after all, you’ve got a business to run. Using social media and subscribing to relevant industry emails make it simpler to get the information you need. Doing this will allow you to stay on top of market trends to include in your initial business plan and for more long-term future planning. 

Follow influencers in your industry to see what they talk about and how they create content for the audience that you serve. This will give you an idea of what resonates with your target customers when it comes to content and the form of content the influencer tends to use (video, written blogs, imagery etc.).

Read relevant publications in your sector to find out what is making headlines. Magazines or online blogs that share up-to-date opinions and thought leadership (influential content) will help you stay on the pulse of what is currently important to the industry.

Reading detailed reports and research can be time-consuming but will give you a good overview of the industry’s current state and any new developments. You can then update your business plan to follow the trends that arise from any data you’ve seen. 

Some common areas will affect the running of your business, the trends in your business plan and the whole market landscape. Keeping on top of the following aspects and regularly checking in on them will ensure your business develops as the market does.

Your customer can make or break your business. If you don’t cater to their needs and wants, your business will not be on the radar of your target audience. 

Let’s take an example – if your target customer is under 45, and you primarily do business online, you will need to ensure your website is optimised for mobile. This is because consumer behaviours have changed in recent years, and most searches are now conducted via mobile . If you don’t pick up on this development, your business risks being left behind when competitors optimise for mobile and you don’t.

Like our previous example, customer behaviour often changes with advances in technology. As mobile phones, and then smartphones, have become more able to operate as a computer, consumers have moved to using their phones out of convenience. 

Keep on top of developments that are relevant to your business and make sure you can move with, and not against, the technology changes.

Every now and again, there will be a law change or new regulation that rocks many industries – such as GDPR in 2018. Staying up to date with regulations that could affect the way you run and market your business will save you weighty fines (especially in the case of data protection).

There may be more frequent regulation updates if you operate in an industry that requires you to follow safety guidelines or best practices, such as those that an electrician or builder will have to follow. 

Ensuring that you are up to date on precautions and rules, as well as renewing any professional certifications you need to operate, will ensure your business plan reflects the changing face of your industry.

Using your research on your target customers and the sector,  use the following steps to write up the market trends section of your business plan:

• Current market overview, including which company has the biggest share or most influence
• Where you fit in that market, what gives your business a competitive edge.
• Current trends that impact your business operation
• Any upcoming trends that may impact your business or the products/services you offer
• Outline any plans on how you will keep up with trends
• Upcoming regulatory changes

You can then follow this with your competitor research in your business plan, to give a full picture of your industry and where you fit in.

Now that you have the answers to questions like ‘what are market trends in a business plan’, you will be able to prepare a thorough market analysis to set up your new venture for success. 

Countingup can help your new business by making your business accounting simple, too. Countingup is the business account with built-in accounting software. The app is helping thousands of business owners across the UK save time and money by automating the time consuming parts of accounting. Find out more here and get started today.

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Money blog: Trendy area in uproar over Gail's potentially coming to high street

Welcome to the Money blog, a hub of personal finance and consumer news/tips. Today's posts include a look at the discounts available to students, and local a revolt against Gail's. Leave a comment on any of the stories we're covering in the box below - we round them up every Saturday.

Thursday 15 August 2024 18:43, UK

• Uproar over Gail's potentially coming to high street in trendy area
• Aldi axes click and collect
• UK inflation rises for first time since December - analysis

Essential reads

• Is this the end of the British pub?
• What's gone wrong at Asda?
• Best of the Money blog - an archive of features

Tips and advice

• All the discounts you get as a student or young person
• TV chef picks best cheap eats in London
• Savings Guide : Why you should now be checking T&Cs
• 'I cancelled swimming with weeks of notice - can they keep my money?'

Ask a question or make a comment

British pubs are in trouble, with more of them closing every year. 

Once the beloved watering holes for many communities, they have fallen victim to higher costs, changing habits and "the real estate incentive". 

Some 239 pubs closed in England and Wales during the first three months of the year, according to government figures – 56% more than in the same period in 2023. 

Our Money reporter Brad Young has been exploring whether this is the end of the British pub as we know it. 

Earlier this week, he spoke to communities and experts about the reasons behind recent closures - you can read his piece here . 

In the video below, Brad explains three reasons why pubs are struggling. 

Amazon has been cleared for take-off with the testing of new drone delivery in the UK.

Amazon Prime Air already offers drone deliveries in the US with drones able to fly 12km from their fulfilment centres. 

But the service could now come to the UK, with Amazon hoping to launch it by the end of the year. It has ambitions of delivering small packages within an hour of an order being placed.

The online retailer is one of six organisations taking part in a new trial from the Civil Aviation Authority (CAA) - with other projects including using drones to inspect offshore windfarms, for policing and delivering medical supplies. 

The trials will gather safety data and look at how drones can detect and avoid other aircraft while up in the air. 

"Our goal is to make drone operations beyond visual line of sight a safe and everyday reality, contributing to the modernisation of UK airspace and the incorporation of new technology into our skies," said Sophie O'Sullivan, from the CAA.

Octopus Energy is launching "free electricity sessions" for its customers when wholesale prices plummet. 

Starting from today, those who are signed up to the "Octoplus" rewards scheme can take part. 

The one-hour-long sessions will be available whenever the wholesale electricity price hits zero or goes into negative figures, the energy firm said.

Rebecca Dibb-Simkin, chief product officer at Octopus Energy, said: "Free electricity sounds like it's too good to be true but it's real.

"By using more when there is plenty of renewable energy instead of when the grid is dirty, our customers can save money while making the grid greener and more efficient. It's a win-win for our customers and the planet." 

How does it work? 

Those who have signed up for the free electricity will be notified the day before the session will take place. 

On its website, the company said the free period will generally be between 1pm to 2pm. 

During that time, customers can use as much electricity as they want, with all the power used above their typical usage not costing anything. 

Within a week, customers will receive an email telling them how much extra power they used, and within two weeks, they will see that amount paid into their account as bill credit. 

How many sessions will there be? 

There are no set amount of sessions planned to take place as they are based on dips in the market, which is changing all the time. 

However, Octopus Energy has said it is hoping for at least two or three before winter.

In the last year, it said there had been 14 days when electricity prices dropped below £0 due to excess renewable energy being generated. 

"During these times, wind farms are often paid to shut down to prevent grid overload, meaning valuable green electrons go to waste," it added.

"By powering up during these periods, households can maximise green energy availability - making the system more efficient and lowering system costs for all." 

It's important to know that you must have a working electric smart meter in order to take part. 

You can read all the terms and conditions here ... 

Drivers are being told to avoid scanning QR codes to pay for parking in light of a spate of scams.

Motorists should only make payments with cash, cards or using official apps, the RAC has warned.

It comes after fraudsters placed stickers with fake QR codes on parking signs in Barking and Dagenham, Northumberland, Northamptonshire, South Tyneside and Pembrokeshire (among others).

When drivers scan the codes, they are taken to a scam website where they are asked to enter their card details, which the criminals use to take money from their accounts.

"As if this scam isn't nasty enough, it can also lead to drivers being caught out twice if they don’t realise they haven't paid for parking and end up getting a hefty fine from the council," says RAC head of policy Simon Williams. 

And depending on where you are in the UK, that fine can be anything from £50 to £300. 

Thousands of prosecutions for alleged fare evasion are set to be declared void after a judge ruled they were wrongly made. 

It means people who previously paid fines for fare evasion could be due a refund, with a team being set up by the end of November to identify everyone unlawfully prosecuted. 

Four train companies including Northern Rail and Greater Anglia brought prosecutions against thousands of passengers using the single justice procedure (SJP) - despite not being permitted to do so.

The SJP was set up in 2015 to allow magistrates to decide on minor offences, such as using a television without a licence or driving without car insurance, without defendants going to court.

But concerns have been raised that cases are being brought before magistrates without prosecutors, or without any mitigation being taken into account. 

Rail companies were permitted to use the SJP in 2016 to prosecute privately fare evaders, but the Evening Standard reported that several of these cases were brought under the Regulation of Railways Act 1889, which is not allowed under the procedure.

Chief Magistrate Paul Goldspring told Westminster Magistrates' Court in June that thousands of prosecutions were "probably unlawful".

The exact number of those affected is currently unknown, with a previous hearing told around 75,000 people could have been prosecuted for fare evasion offences under the SJP.

Northern Rail, just one of the companies involved, said it apologised for the errors involved.

Greater Anglia also said it acknowledged "a series of significant errors" had occurred.

Locals in a trendy London neighbourhood have signed a petition against Gail's bakery setting up shop in their area.

After (unconfirmed) rumours began circulating that the chain was looking to open a site in Walthamstow village, more than 600 have signed a petition opposing the plans.

The petition, which features a cross made out of two baguettes over the company logo, says the village "faces a threat to its uniqueness" should Gail's move into the area.

"Gail's, although respected for their quality, bring a risk of overshadowing our much-loved local stores due to their massive scale and advertising reach," it continues.

"This could lead to decreased visibility and pedestrian traffic towards independently run businesses, threatening their very existence and dismantling the character and diversity crucial to Walthamstow's charm."

Local business owners have also said they oppose the plans because of the pro-Brexit and anti-lockdown views of Luke Johnson, the company’s minority investor.

Adrian Spurdon, a barista at an independent coffee shop, said Mr Johnson's views clashed with the politics of Walthamstow.

He told The Times: "We've just had this big, diverse counter-protest to protect Walthamstow from the far-right and I doubt Luke Johnson would support that.

"He is very different to the people here. His views are not the same."

The opening of a Gail's - where a regular latte will set you back £4.10 - has become a mark of prosperity in the area. 

Liberal Democrat leader Ed Davey said the party looked at where the bakery chain had opened as an indicator of constituencies that could turn yellow, while the Princess of Wales, Kate Middleton is known to be partial to their chocolate brownie finger. 

A spokesman for Gail's said: "We understand the concern around chains, but our view is that a healthy high street is one with a diversity of quality offers, each delivering their best.

"High streets evolve over time and we open our small bakeries often in closed banks or stranded restaurants.

"All of our bakeries exist in areas where the choices are wide and growing – we should be celebrating the improvement in our food landscapes."

By Sarah Taaffe-Maguire , business reporter

Despite the Middle East and Russia-Ukraine tension, the benchmark oil price has come down from the highs of Monday to just over $80 a barrel, good news for motorists. 

The value of a pound is down from the highs of July but still better than most of the last six months, with £1 equal to $1.2856. Sterling has done worse against the euro with one pound buying €1.1663, less than could be bought for most of the last three months.

Following news that insurance company Admiral will up payments to shareholders, the price of its shares increased nearly 8%, the most of all the companies on the London Stock Exchange's benchmark index, the FTSE 100. 

As a whole, the FTSE 100 grew 0.06% while the larger and more UK-based FTSE 250 index of valuable London-listed companies grew 0.28%.

Whether or not results day goes to plan today, you can always console yourself with some free chicken, pizza and nachos. 

Major chains like Nando's, Pizza Express and Frankie & Benny's are offering some great freebies for students picking up their A-level results. Most you can get simply by showing a copy of your results to staff. Some have a few extra steps - but we've outlined this below, and most usually just involve signing up for some kind of free app or reward programme.

(And don't worry year 11, many of these offers will also be available when you receive your GCSE results next week).

Nandos: Chicken Bring your ID and results and you will get a free starter or quarter chicken, provided you also spend £7 or more.

Frankie & Benny's: Pizza Each restaurant is giving away 50 free pizzas - you just need to purchase a large soft drink (and show off your results).

Pizza Express: Dough balls You'll get one free portion of dough balls when you purchase a main - for this one you also need to present a valid UNiDAYS offer code.

Wagamama: Free side and drink You need to sign up to the Soul Club app to get this one, but you'll get a free side dish and free soft drink, or cider can, if you order between 11am and 3pm.

Bill's: Dessert To qualify for a free dessert you also need to purchase a main course, or brunch.

Banana Tree: Pad Thai You need to purchase one starter (excluding edamame) and a drink, but you then qualify for a free main meal. Just make sure you sign up  here  first.

Chiquito: Loaded nachos You have two options for this - Chicken & Chorizo or Pibil Pulled Jackfruit, as long as you order at least one large soft drink. There are only 600 available, so you'll want to head down early.

Bird & Blend: Drink Get a magical matcha, refreshing ice tea or a herbal brew if you present your results and your student ID between 11am and 5pm.

Showcase Cinema: Popcorn If you have a ticket for a film today, just show proof you received your results and you qualify for a free popcorn.

Starbucks: Cookie Grab a free cookie with any beverage today.

Bella Italia: 30% off Students get a very decent 30% off their food bill - but you will need to sign up here first.

TGI Fridays: 24% off your bill You need to be a free Stripes Reward member to get this one, and bring a copy of your results.

In a little over a month, hundreds of thousands of young people will once again descend on university towns across the UK - armed with maintenance loans and newly found financial freedoms.

With their arrival comes their business - and retailers and restaurants all fight for the chance to part students with their cash in the form of special discounts. 

It would be a pretty long post were we to list every single student discount, so for this guide we'll go through some of the most notable and our favourites. 

Let's start with the world's most valuable company, which offers various deals to students. 

Buying a new iPad or Mac will land you a gift card worth £120, while you're able to access a cheaper Apple Music plan with Apple TV+ included. 

It's available through discount portal UNiDAYS , or you can read more about the offers here .

Another student essential - bag yourself six months of free Amazon Prime (which offers next-day delivery on thousands of items and Prime Video).

Once that ends, students only need to pay half price for their membership (£4.49 a month). 

Check out the offer here .

If you didn't opt for the Apple Music offer outlined above, then getting 45% off your Spotify subscription might be worth it. 

It's this link to sign up. 

If you want 10% off clothes from one of the world's biggest online fashion retailers, you simply need to fill in this form . 

Another top tip: ASOS often drops prices, starts sales or increases discount when your student maintenance loans hit your account. 

It might be worth waiting for then to use your codes to maximise your savings - you'll get your first loan at the end of September/start of October, one at the start of January and the last will be at the start of April.

YouTube Premium and Music can be yours for £7.99 (plus a free trial month) - allowing you ad-free watching, downloads, background play and unlimited tunes. 

Click here for more. 

An unequivocal student essential. 

Railcards are a must while you're moving around the country visiting friends, family or just making your way home for Christmas. 

They cost just £30 and give you a third off expensive rail fares for the full year. 

More on that here . 

Nike and  Adidas

Two of the big players in sports fashion.

Bag the latest athleisure with 15% from Adidas and 10% off at Nike . 

If you don't like the trainers either Nike or Adidas provide, then take a look at Schuh.

The footwear brand offers 10% off full-price and  sale items - click here to find out how. 

Another top tip: if you like a pair of Nike or Adidas shoes, check out whether you could get them cheaper at Schuh with discounts, and factoring in delivery charges and sales.

Via discount portal StudentBeans, you can grab 15% off at Sephora. 

It's one of the biggest self-care and beauty brands anywhere on the planet, and 15% off will save you a decent chunk. 

Click here to find out more. 

Boots 

Being a student can save you 10% at Boots - sometimes more.

However, you will need to sign up for one of their (free) advantage cars, so maybe one you need to think about.

Check out the steps here .

Burger King

Students can enjoy a free Chicken or Vegan Royale with purchase of a Chicken or Vegan Royale via their StudentBeans portal.

This link has more.

The big night in vendor offers students up to 50% off. 

This is another one you'll need a StudentBeans discount portal login for, but you can get all the details here . 

Through UNiDAYS, you can get £10 off your first two orders (over £15) on Uber Eats.

They're not only offering takeaways, but grocery shopping too, so that's something to bear in mind. 

Details here .

There's 10% off at New Look for students - and you can bag a further 25% if you sign up to their mailing list.

Discount is in-store and online, so there's a bit of flexibility regarding where you shop.

This one is through UNiDAYS, details here .

Grab yourself a free cheeseburger, mayo chicken or McFlurry when you buy selected menu items. 

Read the full list and T&Cs here . 

The delivery giant always offers student deals, but they're yet to make public this year's plans.

You can enter your email address into this link for updates on it. 

Savings on your sex life start at 20%.

This one is via UNiDAYS - more here .

MyProtein 

50% off protein at MyProtein for fitness-hungry students is one of several offers the company has put up. 

Again, via UNiDAYS, which has the full list of deals/offers here .

Sticking with health and fitness, several high-street value gym chains offer discounts, including  The Gym Group  and  PureGym . 

Blackwell's

We've done all the fun stuff like food and clothes - but you do have to study at some stage. 

That's where having 15% off at major book supplier Blackwell's can help. 

All the details are here . 

While we're on the more boring stuff - let's turn to furniture and cutlery. 

Over the years millions of students have descended on the Swedish giant to fill their new rooms and cupboards. 

Offers change every year - and they'll be updated here . 

If you are a regular reader of the Money blog, you will have seen us cover the topic of security tags before. 

We've noticed them on meat, cheese and baby milk , and now some chocolate treats are also getting the yellow security sticker treatment. 

We spotted the tags below at an Asda in Twickenham earlier this week. 

They were placed on a £2.50 box of Celebrations and Lindt Salted Caramel Lindors costing £5.

Also tagged were a £9.30 box of Maltesers Truffles, a £6.55 pack of Raffaello, a £10.50 tray of Ferrero Rocher and an £8.95 Thortons Classic box. 

An Asda spokesperson confirmed to the Money team that "individual stores may tag specific products at their own discretion as a precautionary measure". 

Earlier this year, it was revealed shoplifting had hit its highest level in 20 years. 

The number of offences increased by 37% to 430,104 in the year ending 31 December 2023, compared with 2022, the latest Crime Survey for England and Wales found. 

Several retailers have taken steps to curb the surge, including extra security and body-worn cameras. 

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