Before you build your offer or launch your business, you need to understand the market you’re stepping into. This isn’t just about knowing your competitors—it’s about seeing the bigger picture, spotting opportunities, and avoiding costly mistakes.
Let’s break it down.
Start with the basics: What industry and category are you operating in?
Markets often have layers. For example:
If you’re still exploring, keep your definition broad. Flexibility is your friend in the early stages.
You might even be entering an emerging market—one that’s not yet industry standard but growing fast. These can be exciting but risky. Think of how Apple redefined mobile phones or how Netflix changed movie consumption. Unless you have proprietary tech or strong market evidence, it’s safer to start with an existing market and pivot later.
Even disruptors need to understand the current landscape before they change it.
Market size matters. Ask yourself:
Take online education: education that was once limited to schools and books, exploded thanks to fast internet and video-capable devices.
But be cautious with forecasts. Understand what drives the growth before you bet on it.
Trends can unlock opportunities. Look out for:
Example: For years, global hair care brands catered mostly to white Caucasian women. The needs of African and Asian hair types were ignored—until local brands stepped in. Or consider Gillette’s razor designed for caregivers shaving someone else—a niche but real need.
That’s normal. As a solopreneur, you won’t have access to expensive market reports. But you do have something powerful: AI and desk research.
Spend just 15 minutes using AI tools to explore your market. I’ll share 15 prompts to guide you (coming soon!). With a few hours of focused research, you can even estimate your business potential.
This exercise might give you confidence—or save you from investing in a market that’s too small or already saturated.
Once you define your market, the next step is to understand it deeply. Who are you serving? What unmet needs exist?
You can’t serve everyone with the same offer. Nuances matter.
When I started my business, I thought I’d help young marketers. But research showed that non-marketer entrepreneurs struggling with marketing were a much larger group. My expertise fits both—but focusing on the bigger market made more sense.
Defining your market isn’t just a box to tick—it’s the foundation of your strategy. Take the time to explore it. Your future self will thank you.
