Listen to the Market

This is the 5th installment in a series on starting a Business as Mission company.

Launching a Business as Mission (BAM) venture is like embarking on a grand adventure. It’s exciting, challenging, and, if done right, incredibly rewarding. But before you set sail, you need a map – a well-conducted market survey. Here’s a straightforward guide to help you navigate the uncharted waters of a new market.

Define Your Objectives

First things first, know what you want to learn. Are you curious about the market size? Maybe you’re interested in customer preferences or scoping out the competition. Whatever it is, be clear about your objectives. Think of it as setting your compass – without it, you’re sailing blind.

Know Your Target Market

Next, identify who your potential customers are. Picture them – their age, lifestyle, buying habits. Segment the market like a pie and figure out which slice you’re aiming for. This helps you tailor your approach to meet their specific needs. A business can rarely serve everybody.

Dive into Secondary Data

Before reinventing the wheel, see what’s already out there. Dive into existing reports, market analyses, and statistics. Use government publications, industry reports, and online databases as your treasure troves of information. This secondary data gives you a solid foundation to build upon.

Gather Primary Insights

Now, it’s time to get your hands dirty. Conduct surveys, interviews, and focus groups to gather firsthand information. Ask questions that reveal local preferences, needs, and pain points. This is where you get the real scoop from the people who matter most – your future customers.

Scope Out the Competition

No adventure is complete without knowing who else is on the island. Identify your key competitors and analyze their strengths, weaknesses, and strategies. Understanding what they’re doing right (and wrong) helps you carve out your unique niche. Shop them if you are able.

Cultural and Legal Know-How

Every land has its customs. Research local business practices, cultural nuances, and consumer behavior. Also, don’t forget to check the legal and regulatory requirements. This knowledge ensures you respect local traditions and comply with the law – a key aspect of any BAM venture.

Evaluate Distribution Channels

How will you get your product or service to your customers? Identify the best local distribution networks and potential partners. Think about logistics, too. This step ensures your offerings reach the market efficiently.

Assess the Economic Landscape

Consider the economic environment. Analyze your country’s (or city’s) stability, growth potential, and business climate. Look at currency exchange rates, inflation, and local economic policies. A stable economy can significantly impact your business’s success.

Compile and Analyze Data

Once you’ve gathered all this information, organize it in a structured format. Analyze the data to spot trends, opportunities, and challenges. This analysis is your treasure map, guiding you toward informed decisions.

Chart Your Course

Finally, use these insights to refine your business plan. Decide if entering this market is feasible and outline your strategy. With thorough research, you’re not just hoping for the best – you’re prepared for it.

Conclusion

During my early days in Central Asia, an excited young entrepreneur approached me about his business idea. He was a leather craftsman and wanted to make beautiful leather Bible covers to sell. Not wanting to discourage him but also not wanting to give him false hope, I asked the kind of questions that come from a market study. How many Christians are there in the country? His answer was about 500. How many of them own Bibles? His answer, about 100. How many of them could afford $10 USD for a Bible cover? His answer was maybe15. Then, his face brightened as he began to see the implications of the questions. I didn’t have to tell him it was a nice but not good idea. The data told him and he humbly accepted it and went back to the drawing board.

For more information on Business as Mission, we recommend the online course, “Creating Your BAM Lean Canvas” at this link— https://thirdpathinitiative.com/all-courses . It is available in 6 languages: English, Spanish, Azeri, Russian, Ukrainian, Romanian. Other resources include https://businessasmission.com and Business as Mission by Michael R. Baer available at https://www.ywampublishing.com/p-961-business-as-missionbrthe-power-of-business-in-the-kingdom-of-god.aspx