When the going gets tough market research can be effective
Provides a real advantage in the face of competition. There are three
Areas that can reap the rewards for companies starved of
Success.
Market research is vital to any company, as it determines
Or whether people do not want to buy what you have to
View. They can provide valuable information to have
Action plan and strengthen your case if you are going
To the bank for the money. Three main areas of research
Worthy of exploration are:
1. Customer base
When conducting market research on your potential
Ask yourself the customer base who are customers. How
There? Where are they? How can that be
Contacted? Which controls the decision-making process?
2. Your demands customer
You should also consider the potential customers
Really want: What are the services they so desperately need to do? When
They are likely to want your services? How they
Be willing to pay you? You can package your services in the
Especially attractive manner?
3. Competition
You can not complete the research without also effective
Study your competitors. Who are they? If there is
There is competition, why not? What is the competition
The strengths and weaknesses? What are the types of indirect
Competition exist?
Can too much of this information is often found on the
The following sources:
Libraries: Reference libraries are particularly useful;
Commercial department often contains reports on the
Various sectors of the market and competitors. Shall
Also find evidence of organizations by type of industry,
Which can be a valuable resource.
Trade unions: Most of them have specialized
Libraries on the market segments.
Trade publications: Magazines, news or facts can give
You are up-to-date information on the movements of
Industry and your competitors.
Exhibitions and conferences: contacts, and promote
Yourself, and to consider the competition.
Phone Directory: Yellow Pages and Thompson list
All your local contest. You can check out the
From other areas in the library reference.
Home companies: For details on limited companies and
Copies of their audited accounts.
More time spent in market research and you're likely to
Tailor your services to the needs of clients. If you are selling
What your customers want, you are more likely to develop a successful
Work.
When the going gets tough effective market research can
provide a real edge against the competition. There are three
areas that can reap rewards for businesses hungry for
success.
Market research is vital for any business as it determines
whether or not people will want to buy what you have to
offer. It can provide valuable information for your
business plan and strengthen your case if you are going
to the bank for money. The three main areas of research
worth exploring are:
1. Your customer base
When carrying out market research on your potential
customer base ask yourself who your clients are. How
many are there? Where are they? How can they be
contacted? Who controls their decision-making process?
2. Your customer demands
You should also consider what your prospective clients
actually want: what services do they most need? When are
they likely to want your services? How much would they
be willing to pay you? Can you package your services in a
particularly attractive manner?
3. The competition
You can't complete effective research without also
considering your competitors. Who are they? If there is
no competition, why not? What are the competition's
strengths and weaknesses? What types of indirect
competition exist?
Much of this information can often be found at the
following sources:
Libraries: Reference libraries are particularly useful;
the commercial section often contains reports on
various market sectors and competitors. You will
also find directories of organisations by industry type,
which could be a valuable resource.
Trade associations: most of these have specialist
libraries on market sectors.
Trade publications: magazines or news-sheets can give
you up-to-date information on the movements of the
industry and your competitors.
Exhibitions and conferences: make contacts, promote
yourself and examine the competition.
Telephone directories: Yellow Pages and Thomson's list
all your local competition. You can check out those
from other areas at the reference library.
Companies house: for details on limited companies and
copies of their audited accounts.
The more time you spend on market research the more likely you are to
tailor your services to the needs of your clients. And if you are selling
what your clients want, you are more likely to develop a successful
business.