Tips for a Market Study
November 20, 2012 § Leave a comment
When someone starts a business is always the uncertainty of what the process of improvement or evolution. This can be avoided if you have studied before whom you offer the product, at what price and in what area. You have to find the right niche to offer your products to the right people.
The market study is that, who study specifically going to sell a product or service, and also know that someone will be willing to buy not just once but repeatedly. In conclusion, in implementing business strategy you will realize that your products and services are not for everyone but for those using the result of market research are applying these products and services, how often, etc. Here some recommendations for doing so:
Study the area personally. Touring the area in which you plan to place your business is important to find valuable information to help improve your company or raise new ideas for your business. In this way you must realize that other businesses similar to yours exist or if there are others who provide complementary services that could optimize yours, for example if you want to open hotel and some have a hotel and restaurants in the surrounding area or shopping centers, would be perfect. It is best accompanied by another person who has the same vision as you in order to determine exactly what steps to take in the future to improve the company.
You have polls. Surveys are an essential tool to detect the public’s interest in the kind of products or services that you plan to sell. This should be short but concise, clear and no more than 15 questions ask questions avoid compromising or inconvenienced the passer, with a duration of 2-3 minutes. Already with the result you will realize that you have to improve or implement missing you in your business project.
Make Mystery Shopping. The mystery shopping is to send someone undercover to individual customer business competition in order to find out prices, value-added product or service quality, customer quality, hours of operation, how to use marketing and advertising, etc., and then implement it in their own business but improved so already. You could also make phone calls to ask for such information, the important thing is to find out how strong sales ability and then apply it to the business itself.
Analyzes advertising strategies. It’s important to know what kind of advertising is you use to realize how that influences the growth of the organization. If you see that is good, just skip it and make it better. Advertisements related to your products and services can be found on the flyers, newspapers, Internet, magazines, websites, bills and invoices, television, radio, etc.
In conclusion, we say that the market research is the cornerstone of any business, because without this strategy will not know what you are selling or if you’re selling everything you really should do advertise.