6 Creating a PEST (Political, Environmental, Social, and Technology) Analysis
A PEST analysis is an external-looking analysis of what is going in the marketplace in which your business, product, or service competes. The elements of the PEST look at the following:
- Political Environment: includes regulations, laws, blue state versus red state attitudes from a political point of point of view
- Economic Environment: is your product expensive or cheap or provide value for the money, how good is the economy, what is the per per capita income of your target audience, what other economic factors could impact your product proposition
- Social Environment: covers attitudes of prospects and customers, their demographics, buying and consuming behavior, psychographics, gender, age, openness to new ideas, outside influences or influencers
- The Technological Environment: considers new and emerging technologies that could have an impact on your current product or service. It could include nascent technologies that seem not to have direct application to the pain point you are solving today but could in the future.
To learn more about the PEST analysis, listen to the following YouTube video. Following the video is a PEST Analysis Template that provides detailed instructions for your use in developing a PEST for your product or service.
Here is the worksheet you can use
