Market segment
The market segment part of the business plan will help you put your ideas on paper, make them more focused, and gather your team.
This area will include your niche selection, target market, and competitive analysis.
Niche Selection
The niche section provides an overview of your niche, why you selected it, whether there is doctor database a micro niche included, and the type of niche you have chosen.
The purpose of this section is to crystallize the ideas you have and make sure they are understandable and viable.
Target market
The target market section covers an overview of your target market and describes your market segments.
Ask yourself who your target customer is (population size, age, geography, education, ethnicity, income level) and consider whether consumers are comfortable purchasing your product category online.
When listing your target market information, be sure to mention the size of your target audience, as this is important to ensure your audience is adequately covered.
With the competitive analysis portion of your market analysis, you want to list your market leader and its direct and indirect competitors.
After you mention who these entities are, you should list the characteristics of each one, such as domain name, business model, monthly traffic, and price range.
However, before you start writing this section, you should spend several hours researching your target market.
Industry Reports
Google is your best friend. Look for recent industry reports on the market of your choice. This will give you a good idea of how much growth the industry is experiencing, why this growth is occurring, and what the largest customer segments are. In our example of Atlas Hiking Co., we need to research the market for outdoor apparel.
