The caliber of a market research process will define the quality of your Marketing Plan and your ability to target profitable market niches. Here are some dandy tips to improve the quality of your market research.
Questions to Ask
- Is a combination of goods and services a better, more competitive rendering for the market than just a product or service?
- What is your advantage? Price? Superior Product or Service? Timing? Barriers to entry?
- What should you emphasize? Quality, Selection, Location, Service, Your Expert Status or the History of the business?
- Can you effectively compete?
- Define your Competition. What’s their Edge?
- Who are your best customers? Why?
- What are their Demographics? Psychographics?
- Why do they buy?
- What media do they interact with?
- What is their spouse doing for a living?
- What is their purchasing prospect for the next year?
- What are the best aspects of your business in the customer’s view?
- What improvements do customers want?
- Do they want more free fundamental interaction like a Newsletter, E-book, Articles, Forums, etc?
Whether a current or prospective customer, they offer the very best marketing info. Prepare a questionnaire for them! Put surveys on your website. These are fantabulous ways to amply define your “best” customer, and what makes them decide to buy. This provides invaluable information on your competition and how you stack up.
Marketing Research Bonanza is the World Wide Web!
- Use multiple Search Engines.
- Use Chat Rooms and Forums. They can perform as Focus Groups and provide invaluable Marketing Research.
Customer Hot Buttons
If you can determine your Marketing Appeals or what your customer hot buttons are that lead them to purchase, you will easily be able to create a Marketing Campaign that speaks directly to these customer needs and wants.
At the End of your Market Research Process
At the conclusion of your initial Marketing Research, ask yourself:
- What customer needs, wants and niches translate into “x” amount of profitability?
- What improvements are needed for your business and business plan?
- How can your competitors obstruct your growth?
- How can you lose current customers?
- What measures need to be taken to assure your Products and Services don’t become obsolete?
- What changing Trends affect your business?
- Who do you need to advise you about running your business? touch off new ideas?
Remember: The Quality and Source of your Marketing Information defines the efficacy of your Research. You need High Quality and Reliable Information, and these two variables are the key to your futurity success.
About the Writer
Frank Goley is a Business Consultant and Business Planner for ABC Business Consulting and has been helping companies to succeed for many years. He is an expert in developing business plans, marketing plans, funding plans, strategic plans, turnaround plans, web marketing strategies, and project specific business plans. Frank is also a business coach, business turnaround consultant, and a web development, web marketing and web seo consultant. Frank is author of the business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 40 published articles on business success strategies. He also writes the Business Success Strategies blog.