What is an industry analysis?
An industry analysis helps you to analyze the market and the conditions prevailing in it.
It gives you answers to questions such as:
- Who are your competitors?
- How big is the market potential?
- What trends will determine the future?
With this knowledge, you can make strategic decisions and position your company optimally.
The most important elements of the industry analysis
a) Market size and growth
How big is your market? Is there potential for growth or is it already saturated?
The better you know these factors, the better you can target your strategy.
b) Competitive situation
Who are your main competitors and what makes them successful?
Analyze their strengths and weaknesses to improve your own positioning.
c) Customers and target groups
Who are your customers and what do they need?
A detailed target group analysis will help you to tailor your offering precisely to their needs.
d) Suppliers and partners
How dependent are you on suppliers? Are there strategic partners who can support you in your growth?
A stable supply chain is essential for your success.
e) Regulations and trends
Technological developments, legal requirements and social trends can have a major impact on your industry.
Those who adapt at an early stage have a decisive advantage.
Methods of industry analysis
a) Porter’s five forces analysis
This method helps you to understand how attractive an industry is by looking at five key influencing factors:
- Threat from new competitors
- Bargaining power of suppliers
- Bargaining power of customers
- Threat from substitute products
- Competition within the industry
b) SWOT analysis
With the SWOT analysis, you can systematically record your strengths, weaknesses, opportunities and threats and derive a strategy from this.
c) PESTEL analysis
This involves analyzing external factors that influence your industry: political, economic, social, technological, environmental and legal aspects.
d) Surveys and market research
Direct feedback is often worth its weight in gold.
You can gather important information about market trends and customer needs through customer surveys, expert interviews or online panels.
This method is particularly valuable for start-ups and new products.
Conclusion: Industry analysis as your success booster
A well-founded industry analysis is not a one-off project, but a continuous process.
Those who regularly review the market remain flexible and are better able to adapt to changes.
Regardless of whether you are starting a new company or want to optimize your existing business – a good analysis helps you to minimize risks and make targeted use of the best opportunities.
In short: if you understand your industry, you can make smarter decisions and build sustainable success.
So grab your compass and get going!
