The objective of market research whether you are starting a business or growing an existing one is to find out if there are enough potential customers for your product or service and if enough of them will be eager to pay your price for the product/service you have to offer. In writing a business plan you want to convince the reader and yourself that there are enough members of your target market to warrant your forecasted sales results. You also must convince the reader that that target market will pay your price for the product. Here are some ideas about how to do the research.
1. Survey - One way to find out if your target market has a need for your product and is willing to pay for your product is to conduct a survey. Check this site for free email surveys that you create yourself. http://www.surveymonkey.com. Not sure what to put on a survey use this link for a library of survey templates.
2. Focus Group - If you want to brainstorm with a group of people about your product and its attractiveness to the market enlist the aid of a focus group. This group can provide valuable input to shape your offer. The focus group would consist of from 8-10 people in your target group. One book to read on focus groups is called Focus Groups - A Practical Guide for Applied Research by Richard Krueger and Mary Anne Casey.
3. Demographic Information - What is the age, sex, income, occupation, marital status of your target market. How many prospects are in your target market? For demographic information use the site of the US census. http://www.census.gov and read some of the articles on this website http://www.bcentral.com/articles/demographics/default.asp.
4. Interviews - Conduct individual face-to-face interviews with members of your target market. You could use survey questions as an outline for your interview. This will lead you to a more in depth understanding of what your target market wants.
5. Similar Businesses - Talk with others in similar businesses. Talk to someone in a similar business in a different geographic area if talking to a competitor seems inappropriate. Otherwise find people who serve the same target market to find out the concerns and challenges they face.
6. Chambers of Commerce - Chambers of Commerce have a wealth of information about their members and usually know most of the businesses in their area. They may be able to direct you to businesses that could be strategic partners as well as people in your target market.
7. Trend information - Understand the trends that would bring you customers. Trendspotting -Think Foreword, Get Ahead, Cash in On the Future by Richard Laemer is a book that addresses the trends in the 21st century. If you can hook your product or service to a trend, marketing it becomes easier.
8. Psychographic information - Psychographic profiling is a process of grouping customers via lifestyle choices, personality, activities, beliefs and values. This information will help you to locate your target market (important when you want to market to the group) and help you to talk to them in a voice they are receptive to. Use this link http://www.bcentral.com/articles/krotz/108.asp to read an article entitled Divide and Conquer Your Customers With Psychographics by Joanna Krotz.
9. Associations - Find associations that your prospects belong to. The leaders of the association can direct you to members who are able to help you in understanding your market. Associations may also provide you access to your target market.
10. Advertise - Place a test ad for your product/service in the paper to see if you a get response. Make your ad hard to refuse.(Free or low price) This is a test to see if your product is wanted and needed. Make note of the response. Is the customer/client satisfied? Follow up to get customer testimonials and comments. Another test ad could check your price point to see what the market will bear.
Ten Methods and Resources to Obtain Market Research Information - To learn more about this author, visit Alvah Parker's Website.
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Alvah Parker
(Visit Alvah's Website)
Alvah Parker is a Practice Advisor (The
Attorneys’ Coach) and a Career Changers’
Coach as well as publisher of "Parker’s
Points", an email tip list and "Road to
Success", an ezine. Subscribe now to
these free monthly publications at her
website www.asparker.com/samples.html
Alvah Parker began her career as a high
school chemistry teacher. She later
transition to a sales career at AT&T. As
a Sales Professional at AT&T for 15 years
she was elected to the prestigious Counsel
of Leaders for the top 3% of the sales
force. After leaving AT&T she
transitioned into a coaching career and
also volunteers as a SCORE Business
Counselor where she advises and counsels
small business owners.
Parker’s Value Program© enables her
clients to find their own way to work that
is more fulfilling and profitable. Her
clients are attorneys and people in
transition who want to find work that is
in line with their own life purpose.
Alvah is found on the web at www.aspar
ker.com. She may also be reached at
781-598-0388.
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