A competitive market place will need business to source out why should customers come to them?
When starting with an idea ,you will be taking a chance on the idea to work
Of course, sometimes the idea works anyway, in spite of a lack of market research. Unfortunately, other times, the idea crashes and burns, halting a business in its tracks. We’d like to help you avoid the latter. This how to on researching your business idea is just what you need to keep your business goals on track.
Market research is for discovering what people want, need, or believe.
It can also involve discovering how they act.
Once that research is completed, it can be used to determine how to market your product.
Market research is a key factor to get advantage over competitors.
Market research provides important information to identify and analyze the market need, market size and competition.
better product or services
better understanding of your customer needs
allows you to increase your business
Determine the goal of your research. Do you need to improve customerservice or increase sales? Are you looking for the right market for a new product?
2
Use trade journals, marketing magazines, government reports and chamber of commerce market profiles to determine the demographics of your market. These publications also provide data on purchasing trends that will clue you in on the buying habits of your target market.
3
Conduct mail and telephone surveys using randomly selected addresses and telephone numbers in your local area.
4
Collect information from existing customers. Use questionnaires, personal interviews and focus groups to get feedback on your products and services. If you have a Web site, start a chat room or message board and encourage customers to participate.
5
Observe customers at various points of contact in yourbusiness, including reception, sales, and customer service. Watch for glitches in your operation and how your employees interact with the customers.
6
Analyze your sales records. Knowing your best customers and most profitable products can help you to better focus your marketing efforts.
7
Organize the research data you’ve collected and determine – or reevaluate – your marketing strategy based on the results
DIFFERENT ways to target your research ?
EMPLOYEES
the best people who interact with your customers
COMMENT CARDS
1/2 a page asking basic questions
1) where you satisfield with our service?
2)how can we provide a perfect service?
3)are there any additional services you would like to see?
COMPETITION
What is your competion selling?
Ask People who shop there?
YOUR OWN CUSTOMERS
The best way to find out by asking them when they visit you.
SURVEYS BY MAIL
promise a discount if they fill and post
TELEPHONE SURVEYS
contacting your data base