Market Demand Analysis belong to the Analytical and product development tools. It is a really important process which every entrepreneur needs to be expert of!

The task is to identify and prove market demand for new business idea. How to do it? Following these steps:

1. Analyze who your competitors are – make a list and short description.
2. Identify potential market for your product/service – use different approaches – analyze market trends, observe, read articles, check trends on Google trend monitor, use social chatter – analyze what customers are talking about the product!
3. Identify your target customer – carry out a survey with your target group – get opinions and feedback about your product/service from various groups.
4. Create a test store – one of the best and most reliable ways to test demand for your idea is by approaching actual potential customer – do the demonstration of a product/service prototype and ask their feedback.

After going through these 4 steps you should be able to write a report concluding Market Demand Analysis. In Creative Steps 2.0 workshop participants need to go through these steps during the Step 9 (read more about this step → here!) when they need to PROVE demand on the market.

It helps Creative Teams to understand the strong and weak points of the product, actual reaction of potential customers and will provide background for improvements of the prototype. It is crucial for the further development of ANY product or service!