Whatrunswhere.com; builtwith.com, optimizely (if it’s being used) use waybackmachine to see what the old site looked like.
STEP 2: How to perform a good market research before starting your business
HOW TO PERFORM A GOOD MARKET RESEARCH BEFORE STARTING YOUR BUSINESS
It is imperative that you carry out a market research before you plunge into starting your business. Market research is a combination of intentional actions with the aim of gathering information on the needs of customer’s, target market and preferences. Formerly, competition was usually observed between new businesses and customers where well known but in recent times, competition now exists between new businesses and successful established businesses. Given this reality, it is important to carry out market research for your business because it helps you:
1) Know your customer preferences and the factors that influence their product or service purchase.
2) Have a brief overview of the market.
3) Recognize your key competitors, know who you are up against and gives you an idea of areas you could build your competitive edge around.
4) Know what clients and customers are ready to pay for what you offer.
No matter the industry sector you want to operate, you need to know how the
socio-cultural, economic, technological, political/regulatory and environmental factors including policies of your community or country will affect your business.
You should start your market research early enough because it will make you save money and invest in only what matters for your business. A thoroughly carried out market research should give you brief overview of the market, an understanding of your key competitors and those who you are up against.
Other fundamental questions your research should provide answers to include:
1) How does the industry work? The essence of this is to know the modus operandi particular to that sector of business you are seeking to run. Understanding the industry itineraries will help you know how to fit your business into the sector.
2) How do existing companies reach customers? This will helps you plan your marketing campaigns and strategize appropriately on how to get the message out on your product or service.
3) Is the industry fragmented or are there only a few key players? When you answer this question, you will be able to know where to focus your competitor research. It will be a sheer waste of time to research inconsequential competitors in your sector when there are top players who are influencing consumer behavior.
4) Is the sales cycle seasonal or cyclical? Responses to this question gives you an idea of how sales occur in your industry. This prepares you to expect either a repetitive or seasonal sales pattern while also giving you an oversight into how your predictions could be impacted by past trends.
When you do all these, the question now is – What is the impact of these replies on your business?
At the end of your research, from your report, you would have covered the five key market research processes. These include defining what questions you need solutions to, knowing what responses to expect to the questions, drawing a plan as to how these information will be sourced (either through the primary or secondary research methods), how the information will be analyzed and the action plan after analysis.
In conclusion, you could carry out your market research on your own but do employ the services of an expert when necessary.
Explain what it is, why it’s important, why we need it, how to obtain it, what it should cover:
What is a brief overview of the market?
Who are the key competitors? Who are you up against?
How does the industry work?
How do existing companies reach customers
Who are the competitors?
Is the industry fragmented or are there only a few key players?
Is the sales cycle seasonal or cyclical?
How could past trends impact your predictions?
What does this mean for your business?
How could past trends impact your predictions?
What does this mean for your business?
If the following factors have an effect on your business, identify them and what effect they have:
Socio-cultural, Economic, Technological, Political/Regulatory, Environmental
STEP: HOW MARKET RESEARCH IS CRITICAL TO THE SUCCESS OF YOUR NEW BUSINESS
Explain what market research is and why it’s important.
Industry Profile & Outlook
Describe the industry you are in.
Is the industry dominated by a few key players or many small shops?
How does the industry work?
How easy is it to start a business in the industry (ease of entry)?
What have the successful businesses done to stay in business?
What challenges does the industry have?
What has been the history of the industry in the past to where it is today?
What are the predictions for the future?
How will any of the following trends have an effect on your business: Socio-cultural, technology, political, geographical, demographic or economic trends.
What market will you serve? Describe the scope of the geographic area you will serve.
Who is your company focused on selling to?
Other Businesses (B2B)
Who is your best customer? This question only need to be answered by Business-to-Customer businesses
Create a target market profile for your business. *For business-to-business.
Keys to Success
What are the keys to success for your business in marketing?
What is the critical factor for your business to obtain customers?
What will be the key element that attracts customers to your business?
What are the keys to success for your business in the area of operations?
How will you fulfill your promise to your customers?
HOW TO MASTER YOUR MARKET BEFORE GETTING INTO YOUR NEW BUSINESS
Aspiring entrepreneurs and business owners need to realize that the old ways of doing business are long gone, the new business marketplace is ever evolving and indeed a cutthroat environment where mistakes are punished. The old ways of build it and they will come no longer apply. Companies need to master their market completely before taking the plunge. Guesswork about how the market will accept your product or solution no longer applies. Nowadays, a business needs to have a direct pipeline to its target market before it even thinks about launching. It’s important to do some research and pre-planning to identify your initial target market. Some tough questions need to be posed. How well do you really know your target market? Where is your market today, and how can it possibly change tomorrow? What is the demand of your product today? What could affect it in 3 to 5 years? What problem does your product or solution solve? How can you differentiate from the competition. When it comes to competition, some entrepreneurs become apprehensive. Actually, competition depicts a healthy market for your product or service, consumers are actually spending money to solve the problem. Now, it becomes about formulating your strategic gameplan to win customers over.
Defining your specific target audience is essential before launching your company. Your products and services may be appealing, even better than the competition, however, you need gauge interest via pre-sales. Until you can actually prove your concept, in other words, getting consumers to pay for your product or solution, it’s still all business theory. This goes beyond just finding early adopters or users of your solution, you need to actually find consumers willing to pay for your service or solution, even if only on a trial basis. Then, after identifying your target market, you need to find a strategic marketing plan to reach them effectively. Far too many rookie entrepreneurs and business owners waste money and energy marketing to the masses, people who don’t need their product or perhaps even have the means to afford it. This leads us to pricing. Finding that perfect price that resonates with your target market is essential. You need to thoroughly assess how your competitors are priced and what their total package includes, next, there’s a need to structure your unique offerings accordingly.
Market research and implementing a strategic business plan are keys to success. An in-depth business plan will clearly outline the strengths, weaknesses, opportunities, threats. Specifically, SWOT is a standard, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The process of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is sufficiently applied with the right market research efforts, SWOT analysis determines what may assist the firm in achieving clearly defined objectives, and what potential obstacles must be overcome or minimized to achieve desired results. A company can then develop its target customer profile with a clear plan on how to reach and sell them.
https://www.fiverr.com/seo_write (2/5) very weak article
STEP: HOW TO MASTER YOUR MARKET BEFORE GETTING INTO YOUR NEW BUSINESS
There is a huge difference between someone who says he wants to have more success in his business and the person who does not just say that, but have perfected a plan to achieve the success he desires. One of the challenges of new business owners is finding a market and mastering it before getting into the new business. This write up will help you overcome such challenge.
The first step to setting up a business is to do a market research. You have to know the profile and outlook of your chosen industry. Some of the things to take into consideration are whether the industry is dominated by a few key players or many small shops.
You have to also know how the industry works. That implies finding out how easy it is to start a business in the industry, the steps other players in the industry have taken to record success and help them remain in business, and also the challenges mainly encountered in the industry. You should also look into the history of the industry; from the past to where it is today, and also future predictions by professionals.
Before starting a new business, it is also important to find out how the following trends will affect your business: technology, political, Social-cultural, geographical, demographic or economic trends.
No business can survive without effective marketing. If you agree to that statement, that means you have to determine the type of strategies to gain clients, and a great customer experience should be your priority. Let your customers know why they should choose you over others. Furthermore, they should also know why your product or service is unique.
Ensure to give your customers enough incentives, and be transparent about costs with them; let them know what the price breakdown is.
Other marketing strategies that will help your business to grow include, billboard advertising, radio advertising, online advertising etc.
With these tips, you are on your way to success in business.
Do you know your market?
Are you gauging interest prior to building your product?
Does your product have a guaranteed demand?
Do you know how much your competitors charge for their services and what they include?
Who is your target market?
What are the opportunities you see?
What are the current threats?
What is the key to your success?
Assign this to someone
STEP: HOW PERFORMING A SWOT ANALYSIS ON YOUR COMPETITORS WILL BENEFIT YOUR NEW BUSINESS
Key Competitors / SWOT Analysis
Who are your 4-5 closest competitors and what are their Strengths, Weaknesses, Opportunities and Threats?
Competitor #1 Name
Competitor #1 Strengths
Competitor #1 Weaknesses
Competitor #1 Opportunities
Competitor #1 Threats
Your Company Name
Your Company Strengths
Your Company Weaknesses
Your Company Opportunities
Your Company Threats