Exploring Industries: Tips for Business Sectors

Written by Daisie Team

Published on 11 July 2023 6 min read

When you're looking to set up a business, it's important to get a clear understanding of the industry you're stepping into. This is where we explore industries. We'll go through a systematic exploration of your chosen industry, providing you with actionable tips and insights that will help you navigate your business journey. Ready to dive in?

1. Locate Your Market

Before you even set foot in the business world, you need to find your market. This step is all about understanding where your potential customers are and what they're looking for. Let's break it down.

Identify the Industry

First things first, you need to identify the industry that you're interested in. This can be as broad as 'fashion' or as specific as 'men's streetwear'. Research is key here. Look into current trends, customer preferences, and market gaps. For instance, if you're looking to explore industries like tech, you might want to focus on sectors like AI or cybersecurity. The more specific you are, the easier it will be to locate your market.

Pinpoint the Geographical Area

Next up, it's time to pinpoint the geographical area. Are you targeting local customers in Seattle, Washington, or are you aiming for a global market? Are you looking to set up a physical store, or will you be operating online? Maybe you're eyeing the bustling tech scene in Silicon Valley, or perhaps you're planning to tap into the growing fashion industry in New York City. Knowing this will help you tailor your business strategies and make them more effective.

Analyze the Market Size

Lastly, analyze the market size. You need to know how many potential customers are out there for your business. This involves a bit of number crunching, but don't worry—it's not as scary as it sounds! For instance, if you're planning to sell handmade artisanal cheeses, you might want to look at how many people are buying gourmet food online. This will give you a clear idea of your potential market size, helping you to plan your business more effectively.

2. Evaluate the Competition

Once you've located your market, it's time to scope out the competition. It's a big world out there and chances are, you're not the only one with your business idea. But don't worry, competition is a good thing—it keeps you on your toes! Let's see how we can do this.

List Out the Competitors

The first step to evaluate the competition is to list them out. Whether you're entering the fitness industry or planning to start a bakery, you'll want to know who you're up against. So, put on your detective hat and start researching. For example, if you're launching an organic skincare line, your competitors might include brands like Burt's Bees or The Body Shop.

Compare Their Offerings

Once you have your list, it's time to compare their offerings with yours. What products or services do they offer? How are they priced? What makes them unique? This comparison will help you understand where you stand and how you can differentiate your offerings. If you're opening a café in San Francisco, California, compare your menu, pricing, and ambiance with the other coffee shops in the city.

Take Note of Their Marketing Strategies

Lastly, take a good look at your competitors' marketing strategies. How are they reaching out to their customer base? Are they active on social media? Do they have blog posts or newsletters? By understanding their marketing strategies, you can learn what works and what doesn't, and you can tailor your own strategies accordingly. Suppose you're planning to start a fitness app like Fitbit or MyFitnessPal. In that case, you might want to explore how these industry pioneers are using social media, blogs, and partnerships to reach their audiences.

3. Plan Your Unique Selling Point

Now that you've done your homework on the competition, it's time to focus on you—specifically, what makes your business unique. This is your chance to shine and set yourself apart from the crowd. Let's explore how we can do this.

Decide on Your Products or Services

The core of your business is what you're offering to your customers. So, it's super important to get this right. Are you selling a product or a service? What's special about it? It's equally important to align your offerings with your market needs. For instance, if you're planning to open a vegan restaurant in Austin, Texas, you'll want to offer a menu that caters to the growing plant-based eating trend in the city.

Create a Brand Identity

Your brand identity is like your business's personality. It's what makes you, you! This includes everything from your business name, logo, and color scheme, to the tone of your communication. Your brand identity should reflect your business values and appeal to your target audience. For example, if you're starting a tech startup like GitHub, you might want a brand identity that's innovative, collaborative, and developer-friendly.

Establish Your Value Proposition

Your value proposition is the promise you make to your customers. It's the reason why they should choose you over your competitors. So, what's your promise? Maybe it's offering high-quality products, exceptional customer service, or a unique shopping experience. Let's say you're launching a sustainable clothing brand like Patagonia. Your value proposition could be offering eco-friendly, durable, and stylish outdoor apparel.

4. Build a Strong Team

With your unique selling point established, it's time to gather a team to bring your vision to life. Remember, your business is only as strong as the people who run it. Here's how you can build a team that shines as brightly as your business idea.

Recruit the Right People

You want people who not only have the skills to do the job, but also fit your company culture and share your business values. So where do you find these people? You could look into local job fairs or online job boards. If you're based in a tech hub like San Francisco, you might want to explore industries' job boards like Indeed or LinkedIn for tech-savvy talent.

Train Your Team

Even the most experienced employees need to understand how your business works. Provide the necessary training to ensure everyone knows their role and responsibilities. For example, if you're starting a coffee shop like Starbucks, you'd want to train your baristas not just to make coffee, but to make coffee the Starbucks way.

Promote a Positive Work Culture

A positive work culture fosters happy, motivated employees. Encourage open communication, provide opportunities for growth, and recognize good work. Consider companies like Google who are known for promoting a positive and innovative work culture. Adopting such methods could help in keeping your team motivated and loyal to your vision.

5. Develop Your Business Strategy

With your market located, competition evaluated, unique selling point planned, and a robust team in place, it's time to develop your business strategy. This is your roadmap to success. Let's explore industries' best practices on how to craft a business strategy that works.

Set Clear Objectives

First things first, you need to set clear, attainable objectives. These are your business goals. For instance, if you're launching an eco-friendly cosmetics brand like Burt's Bees, your objectives might include sourcing ethical ingredients, reducing plastic packaging, and reaching a set sales target in the first year.

Design a Marketing Plan

Next, you need to design a marketing plan to get your product or service in front of your target customers. Look at what successful companies in your industry are doing. For example, Red Bull has done a great job marketing their energy drinks to extreme sports enthusiasts. You can learn a thing or two from their strategies as you explore industries and their marketing tactics.

Implement a Sales Strategy

Last, but certainly not least, is your sales strategy. This is how you'll turn interested customers into paying ones. Amazon's Prime service is an excellent example of a successful sales strategy. By offering fast, free shipping and exclusive deals, they've managed to convince millions of people to pay for a subscription. Can you think of a unique sales strategy for your business?

Your business strategy is not set in stone. As you explore industries and learn more about your target market, you can make adjustments to better meet your objectives and cater to your customers' needs.

If you're interested in diving deeper into various business sectors and their relationship with creativity, don't miss the workshop 'Mind, Body and the Creative Industry' by Debbie Knox-Hewson. This workshop will provide you with valuable insights and tips on how to navigate different industries while maintaining a strong focus on creativity and innovation.