Market Research

Whilst your enthusiasm and determination to succeed are essential and admirable you shouldn't let them cloud your judgement when it comes to marketing the product i.e. persuading the right people to buy at the right price.

Market research sounds dull and expensive but it needn't be. Before you rush out and start trying to sell your product or yourself, consider the following:

Research yourself, what are your strengths and weaknesses? What aspects of the business can you do yourself and what do you need help with?

Who are your customers? Do you know where and how they live, their sex, age, tasks, willingness to try new things? You may have several types of customer, or target markets; try to visualise them as real people.

Research the competition by looking through trade magazines, directories and your competitors literature.

Is the market sensitive to price or is quality more important? What price will your consumers except to pay accept as fair and

reasonable? Can you make a profit at that price?

Is the demand steady, or is it seasonable, cyclical, local, national.

What is special about you and/or your product/service? Is it cheaper, faster, better quality, longer lasting etc?

THE CUSTOMER

How do your customers perceive you and why do they buy from you?

Use this knowledge to keep customers coming back for more.

A customer is a perishable commodity, and each customer has a different shelf life.

The aim of any business is to extend that shelf life, the longer you keep the customers the more money you make from them.

DISCOVER

The first step in keeping customers is to know why they have chosen you, rather than your competitors. Don’t your simply selling a product - that’s not all your customers buy.

They are also buying your service.

Then, you can use this knowledge to reinforce your perceived competitive strengths,

MARKET RESEARCH