Market Research -
Your Guide to Intelligent Decision
Making
Business decisions can only be made intelligently with a solid base of
knowledge. Thorough market research completed before launching your
business can save you time, money and trouble. By knowing
what your competitors are doing or not doing, and what your target
audience wants, you will be able to develop an effective
Unique Selling
Proposition and an effective marketing strategy. These are essential
elements of success.
Find
Out What Your Competitors Are Doing
If you are already in the
business you wish to expand, the best place to
start is talking to your current customers. Find out what they
like best about your product. Find out what they like
least. Discuss what they would want to see with your
product or service.
What did they like best about competitor's products or services? What did they
like least? You can do this through informal discussions or
formal surveys.
Find out what people are
talking about the most in your subject area. Which element is the
most popular? What is it that everyone is looking for? Find
out what they would find of value. Start asking some questions.
Keep your ears and eyes open.
Every time someone says "There must be an easier way to ..." or "I
wish there was a way to ..." that's a new product or service waiting
to be created or improved.
Check out your competitors'
Web sites. Think of all the probable keywords and phrases
related to your products or services that people would be likely to
use to search within the search engines.
Create a list of your
competitors' web sites which are marketing the same type or similar product that
you wish to market. Then begin to methodically visit them.
Keep track of each site that appears relevant. Find the ones that
appear to be most successful.
Subscribe to the free
electronic newsletters offered at the sites, if any. If
there are excellent newsletters that can be obtained only by paid
subscription, pony up the cash. You need to know what is being done
and being said to avoid the risk of an inaccurate market
assessment.
What are the other sites
doing? Studying your most successful competitors will
give you insights on how they have been marketing their specific
product.
They may be a great resource for you and avoid
many costly mistakes. Their sitescould show you many things to
enhance your products and your marketing approach. They
may offer something you wish to incorporate into marketing plan to better
promote and market your own products or services.
Find out what others think
about your competitors.
What do the customers need
that they cannot easily get now? What must you do to be unique
and be better than your competitors? Compile an exhaustive
list of ideas on how you could better satisfy the customer in your
target market.
In summary, you will come
at this from two directions:
-
Be a solution finder for
your customers. Offer what they want. Don't offer
something, and hope someone wants it.
-
Figure out how your
successful competitors are doing it, then improve upon it in some
unique way that is of benefit to your customers.
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