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Market research helps with packaging and marketing your services
Market research is essential to business success because it helps you provide your services the way that people want them. When you know what is happening in the market you can position your business strategically to capture the business but most importantly when a potential customer calls you’ll be able to speak with them calmly and confidently about what is included in your services and how much you charge for them.
You must understand:
- The market for the industry you are in
- Who the major competitors are
- How competitors offer their products and services
- Changes have happened recently in competitors as well as in the industry
- Trends that are impacting on your product or service
- Other major participants like technology companies, overseas companies, industry bodies or Government?
- Why someone should buy from you
Think of market research as the information that helps you formulate the combination of services, products and offers for your business. Without it, you may have a short spurt of success but find that potential clients don’t use your services. You may get lots of enquiries but find that very few of them convert to become customers.
Market research will teach you what is new in your industry, how competitors are currently packaging their products and services as well as how they are promoting them. Many new businesses start off emulating a successful business they admire and then putting their own personality into the business.
This section of your plan is where you identify the opportunity and PROVE that there is a REAL business.
You must also prove that you have the skills, knowledge and attitude to meet the identified business opportunity, and that there is a growth potential for the business. Well documented research will prove a business concept and along with proof of capability of owner will provide grounds for funding. Learn about the laws of the market place, check out the laws related to your industry, fit your product or service to the needs of a target group.
Learning how to research is a skill in itself so once we go through some research fundamentals you’ll then finding out what is really happening in the market place. Documenting your research is how you prove your competency in this module.
Market research will validate your idea and strategy and provide you with clarity and vision – it’s also very powerful information when you are looking for investors or business partners.