It is well known that Market Research is vital for any business. By doing market research, you will understand who your customers and competitors are, as well as the demand for the product/service you provide. A lack of funds when establishing a business may slow up your entrepreneur journey. One of the best ways to increase your business efficiency is to apply for a bank loan by composing a successful business plan.
Here are the 4 questions you need to know the answers to when doing market research for a Bank Business Plan.
What is the purpose of the research?
When doing any type of research for a bank loan business plan, first, you need to establish your purpose. What is the reason behind the market research? Is it to analyze past mistakes, problems, or successes? Or to establish who your customers are? Or, do you have other reasons?
Before even starting your research, determine the purpose.
What is the outlook of your industry?
Now, you have established the purpose of your Market Research, what is next? Summarize the state of your industry.
Determine the direction your industry is heading, and be sure to have reliable data from trusted sources to support your conclusion.
Your bank loan is more likely to be approved if you do your homework on the industry of your business.
Who are your target customers?
After acknowledging the outlook of your industry, focus on your customers.
This is an important segment of market research for a bank loan Business Plan. Not every person can be your customer. To establish who your potential customers are, you may consider the following criteria:
- Age
- Gender
- Location
- Education
- Income
- Occupation
- Family status
Implying these metrics, you will be able to define who your target customer is.
A common approach is to create a buyer persona. This is a fictional character that represents your ideal customer. Your business can have multiple buyer personas.
Creating our buyer persona
Let us say that we own a business plan writing company – like Joorney, for example, and that we need to establish our buyer persona based on the data that we have.
- Here is an example:
- Occupation: Immigration Lawyer
- Education: Harvard University
- Age: 45
- Income: $120,000
- Location: United States of America
- Gender: Male
- Family status: Married
Who is Your Competition?
The final segment of doing successful market research is to study your competition. It is crucial to understand who your competition is. Research what your competitors offer to the customers, and who is their target audience. It will not do you harm if you spy on your competition, because this is the smartest way to learn the strengths and weaknesses of your competition.
Doing thorough market research for your business will help you compose a successful business plan, and having a successful business plan means that your chance of bank loan approval will increase. Simple as that!
If doing deep market research seems difficult, our Professional Business Plan Writers at Joorney will be happy to help.
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