This is the 2nd part in a 9 part series on building your marketing plan.
There are two main methods of market research. Depending on what stage your company is at in it's development, you may apply one or both methods.
If you are just starting out in your business your primary objective would be to determine if there is a market for your product and what the size of the market is.
The first method is typically called Primary Research. This method is applied by going directly to your customers or potential customers. In this method you are looking for direct feedback on your product or service. Some way you can gather this data is by using surveys, polls, questionnaires, focus groups and interviews.
The second method is typically called Secondary research. This method is used to gather general market data. Typical data points you might look at would be the size of the target market, spending habits, income levels and market share; if possible competitor sales information.
Some of the questions you want to try and answer with this research are:
Is there a market for my product?
If so, who is buying, and how often for what price?
Who is my target market?
Where are my target customers?
Where are they buying from?
What other products are they interested in?
What publications do they read?
How do they find information on products they are interested in?
Who are my competitors?
Where are they selling their products?
How are the selling their products?
The most important question:
Where can I reach most of potential customers for the most effective return on investment?
4t Creative is here to help you develop your strategic marketing plan. Contact us to find out more about our consulting services.