Analysing the Market Profile of your product's specific area is very much like seeing what size of fish you are in the big pond, how big (or small!) are all the other fish, how dangerous (or tasty!) are the other fish and what is going to happen to all the fish, including you, in the future.

A thorough Market Profile examination (which should be reviewed regularly) will help you understand more about the current health of your product and what actions you may or may not need to take to protect its position in the market, enable healthy growth and produce an increase in your Market Share.

This periodic examination should include:

The Market size. Is the Market size stable? Has it increased or decreased at all? Is the Market 'shape' changing? (brand types, styles etc).

Market Forecasts. How will the Market change in the near / distant future? Are there any changing trends? (products or target audience).

Competitors. How are our Competitors performing? Are there changes with their Market share? Are there any new Competitors now...or perhaps soon?

Health of the product. How has our product performed? Are the sales stable, increasing, decreasing?

Health of the brand. How is the product perceived within the Market in comparison to other brands? Have we current research? Should we instigate research? Have we any feedback from Media owners (advertising) or from the Press? (editorial, consumer columns).

New technology & brands. Are there any current or future developments regarding our products? Can we improve our product? Have our Competitors any such developments on the horizon that may harm our Market Share.

Regional trends. Is our regional sales trend stable? Has it changed at all? (by town, county, country). Have our Competitors sales trends changed? Have the Market's sales trends changed?

Demographic trends. Has the Target audience changed?

Outside influences. Is there anything that is, or may, influence the Market? ( weather, financial situation, political, legislation, newly publicised health issues etc.)

Pioneering. Is there something missing from the Market? Is there an opportunity for a new product, idea or benefit? Is there a product or industry problem that can be solved?

THE MORE YOU KNOW ABOUT THAT POND AND ALL THE FISH
THAT SWIM IN IT - THE HEALTHIER YOUR FISH WILL BE.