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Then practice it over and over and over again until you feel really confident in explaining it to someone.Once you write this and are happy with it, use it on your ecommerce store as your company description.
This will give you a good sense of how much growth the industry is experiencing, why this growth is happening and what are the largest customer segments.
In our example of Atlas Hiking Co., we should research the outdoor apparel market.
It’s amazing how these insights can translate into a meaningful business opportunity. After conducting the competitor analysis, Atlas Hiking Co.
Here’s an example: If I was going into a Billy’s Outdoor Store to research the outdoor apparel market, I would probably ask Billy the following: What is the competition missing? might find that the competition’s hiking shirts offer very few features at a low price point, but no one offers a luxury hiking shirt with additional features at a higher price point.
Depending on what you intend to sell, it’s important to think through which business model makes the most sense for your product. Here’s a fact you can bank on: there has never been a successful e-commerce entrepreneur that didn’t understand his/her target market, cold.
That’s why this section is one of the most important in the entire business plan.
It will force you to understand the industry in which you operate, the overall industry outlook, the existing competition, and your target customer demographic.
[click To Tweet tweet=”there has never been a successful e-commerce entrepreneur that didn’t understand his/her market, cold” quote=”there has never been a successful e-commerce entrepreneur that didn’t understand his/her market, cold”] Before you even get started in writing this section, you need to spend several hours researching your target market.
This is just an example of the types of insights one can gain from market research which can drastically alter your business model Google Analytics By using Google’s keyword planner and trends pages, you can get a good sense of how in demand your product is and whether it’s trending upward, or downward.
Google is great for a general idea, just don’t bank on it.