See where you fit in when you fill out our market analysis template

A product market analysis is a research tool meant to give you a comprehensive look at the space your products or services occupy. Market analyses take several factors into account, including your strengths and weaknesses, notable features, and competitors, to arm you with the knowledge you’ll need to make the biggest impact within the market.

The quickest, easiest way is to start with a market opportunity analysis template from FigJam—all you’ll have to do is fill in the blanks.

While market analyses differ depending on the product or service, most templates will include the following:

- Your product

- Its differentiators

- Details about your offering

- Its assets and potential drawbacks

- Your competitors (and how you compare to them)

List as many points as you can for each category, and you have yourself a market analysis.

When filling out a target market analysis template, it’s helpful to have a framework. With that in mind, try following these steps:

1. Define – First, you’ll identify your reason for performing a market analysis. Are you entering a new market with an upcoming product? Has your market changed drastically in recent times?

2. Develop – Once you’ve determined your purpose and goals, it’s time to develop a data-gathering plan. This step could involve sending out surveys and going through internal documents.

3. Research – Next, combine any data you’ve collected with available insights and trend reports. At this stage, you should have a template full of information on your customers, competitors, and the market at large.

4. Analyze – It’s now time to examine the data you’ve assembled. Look for any market trends, outliers, or opportunities buried in the template.

5. Act – Finally, you can use this wealth of information to create a product or service that will dominate the market.