Market Research – The Basis for Great Marketing china yiwu

Market Research – The Basis for Great Marketing

In order to market effectively Jewerly . you need to understand your market very well. A lot of business owners seem to think they can develop a product and then push it into the market place without any research whatsoever. This can be a fatal mistake for any business. Sure Wholesale Jewelry Wholesale . in some instances this approach will work china yiwu . but it is much more likely for you to be successful in your business if you first do the market research Bracelet Steel Jewelry. and then start marketing your product. You will have gained a better understanding about your customers. the market conditions as well as the size of the market. i.e. your opportunity. Here is how to go about your market research:

1. Figure out who your target market is. This step may seem very easy and simple Stainless Steel Rings Wholesale Stainless. but is more complex than you first may imagine. Let’s assume for example you are a carpet cleaning business. At first you may think your target market is any home owner or renter in your area. This is correct. However(Beauty Fashion Necklace). by looking at this in more depth you may realize that a large percentage of your clients are actually families with young children or pet owners Wholesale Jewelry Shop(yiwu jewelry Cartier Jewelry factory). since they have a need to get their carpets cleaned more frequently. Also(Zircon Cufflink Luxury Jewelry). you may discover that most frequently Steel Ceramic Bracelet. a female will make the call to hire a carpet cleaning company. In other words jewelry Wholesale. while your target market consists of all home owners and/or renters in your area(Cutting Rings Tungsten Jewelry). you have several segments (young families and pet owners) to cater to with your marketing. Your marketing material can contain language and pictures that are especially appealing to those segments. Insert a picture of a cute baby or a guilty looking pet in your material and you catch the attention of your two segments.

2. Learn how big your target market is. This part of your research can be a little tricky but is crucial if you want to get a good idea about what your market potential really is. There are a lot of businesses and resources out there that can help you determine how big your target market is. For local businesses. we recommend checking with the local Chamber of Commerce for some information. Also your County offices may have some information on the local economy. The US Census Bureau publishes statistical data on the US and its regions on an annual basis. Try to find out how big your market potential really is and attach a dollar value to it. You may find it is significantly bigger than you originally thought. or that your segment is too small for your business to survive.

3. Research your competition. Next you need to know who your competition really is. First Wholesale. list all the competitors that come to mind. Then do some research on the Web to see who else serves your target market with a competitive product or service. It also helps to ask your friends and family who else they think off when they think of your company. Once you have the list developed the real work starts. Try to find out as much about your competitors as possible. Here is a partial list of questions you may want to get answered: – How long have they been in business? – What are they best known for? – What are their price points? – How do they market? – What market share do they have? – What are their other products that don’t compete with you? – What are their weak points? – What are their strengths?

4. Develop a SWOT Analysis. All the research you have done about the market and the competition will be summed up in a SWOT Analysis (SWOT = Strengths. Weaknesses. Opportunities Cheap Stamping Bracelet. Threats). For your own business list these four areas in a grid:

Strengths – List all the strengths your business/product/service has compared to the competition

Opportunities – List the opportunities you see for your business/product/service

Weaknesses – List all the weaknesses you business/product/service has compared to the competition

Threats – List all the threats you can see facing you in your company/product/service

After you are done with your SWOT analysis Stainless Steel Earring Mens Jewelry. you should have a very clear picture of your own opportunity. List ways you can take advantage of your strengths and opportunities. And most importantly list ways you can overcome weaknesses of your company and the threats it faces in the market place.

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