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Market Research Inexpensive

You need to study the market in order to succeed in selling to prospects. But if you do not have enough financial capability surveys and customer surveys focus groups expensive, try the affordable and innovative to identify your target customers.
You will pay $ 200 for a pair of shoes without carrying try? Jumping into the rushing water is evaporated tub without dip one foot in front? Of course not - but every day there are business people like it. Many businesses are realizing too late that nobody wants to buy right socks for Christmas, hand sewn with price of $ 24.99, or customers have money will not step into downtown luxury not to buy the document expensive stationery.

The paradox here is that market research in the normal way very expensive (usually corporations spend thousands budgets or hundreds of thousands of dollars for this), but no one needs this more a business startups. Some blunders in marketing will not make a huge manufacturer bankruptcy, but just a mistake like that is enough to engulf a fledgling entrepreneurs an easy way.

This paper aims instructions Tell you the basics of market research that you can do for yourself. We'll skip these methods have been proven to be effective and reliable financial but unaffordable - as investigating customer focus groups, professional survey and send questionnaire survey by mail - and go fast to the idea for those who have much more creativity as our money. The central issue is to study entrepreneurship, but the same methods can also be used to make your marketing plan effectively for an existing business or to understand why it does not have effective as you think.  

You will start by identifying customer broadly typical of you, see how many clients have not, and, finally, try to learn the habits, preferences and taboos in their purchases.

Step 1: Identify your target customers:
Customers "target" of you are those who are likely to buy from you the most. Let us resist the temptation to target all customers in hopes to win greater market share. That's like firing 10 bullets howling graphics instead of aiming at a target shot dead spots - so only costly and dangerous.


Try to describe them as detailed as possible, based on the knowledge of products and services. Drag the family and friends to participate in the exercises of this nature imagine ("Please describe a typical type of person that would hire me paint the kitchen floor that looks like inlaid marble ...") to learned many different perspectives - the more, the better.  

Here are a few questions to get started:

• your target customers are male or female?
• How old are they?
• Where do they live? Problem location of their lives as factors hindering not reviewed by any reason?
• Their income is how much? This issue is most important if you are trading the commodities relatively expensive and luxurious. Most people are able to buy a candy bar carob. But not everyone can afford these frescoes painted set.
• The other aspects of their lives related like? If you do business in roofing services, then your target customers are sure to have a house.  

It obviously can cu. For example, if you sell collectibles comics on a website, but is not ready to equip themselves with the knowledge of the international export regulations, while your customers can in America. Or if you plan to open a tailor shop and need busy executives to your tailors clothes for 3 attempts, you may need to limit your business in the area you live in it.  

Step 2 : Determine whether or not you have markets
Before you take the time to examine what customers want from you, it is better to find out if you have the target market can be done or not.


The simple The most and least expensive to do this is through "secondary data" is information that has people collecting it. Often this information is in the form of many different types of statistics and can answer questions such as: how much? When? Where? The question you posed depending on the information that customers provide and becoming tight, focus more properly based on the information you gathered during the search process.


You can find answers in several ways:

1. The library manager in charge of finding books: most of them are very happy to help you study. Often, in fact they do it for you. Today, they can find a lot of information you need in the database is stored in the computer, and you are more likely to leave after getting all the answers. To print out your data will have to pay more cents per page.  

2. Office investigation in the local study of the Ministry of Trade: This office can provide free or nearly free information on the population, demographics, housing, economics, trends market, the survey of existing businesses, and much more information.

3. The business specialized library of the university: the library usually has much clear detail information about business trends rather than a public library. Ask your manager to help your library.

4. Branch or Centre SBA small business development at the local level: This place has a multitude of books and documents on the business with a wealth of advice and the market predicts.  

Once you have all the answers, it's time to question a decision: You have an active market does not?

Only you can decide whether there are 14 competitors too much for 19,000 target customers or not, or you may want to venture to know your target customer spending last year increased by 30% over 3 years ago. If you do not like the numbers, then at least you will save him from an immediate financial catastrophe. Now that you've mastered than on the market to adjust business ideas as well as their marketing direction and return to Step 1.

Step 3: Get familiar with your marketing job
Once you go to decide that you have a trading market may be, it's time to learn more information about that market.

The secondary research to help you filter information that customers provide and give you directions General to lead marketing efforts. But for all secondary study comes from the information to serve the purposes of those who study them, so we just presumption and extremely hassle if impose them for everyone in your case. The market research that is done for your business, which means "primary research" is research that will help you understand the unique market that interest you.  

Be always received any information, but also always preset the primary research questions such as:

• Who influences your customers and influence how? Wife / husband, neighbors, people the same age group, the same profession colleagues, children and the mass media can influence purchasing decisions. Look for hints that one or more of these suggestions is the decisive factor for you.
• Why are they buying? Please distinguish between the characteristics and the benefits that the product or service you offer. These characteristics describe the product or service that is nothing; while benefits are what your customers .... The very next is what why customers pay you. Are they looking for a present possession status, a saving of time and effort, a private pleasure or something else?
• Why do customers choose you rather than your competitors ? You can offer something that your competitors can not?
• Your customers prefer buying way more? Many businesses benefit from the broader market when the internet and book form and sent by post, while the other businesses to better sales as customers face to face. Do yourself of this kind or the other type, the customer can make you surprised.

Keep the questions on when you perform the following research steps:

1. Read, read, read. 
The articles, interviews and the results of the survey which was published in trade magazines published periodically brings in-depth knowledge about your market. These kinds of books specializing in your business will be very valuable in predicting upcoming trends and identify customer needs. But the ads, letters to the editor, and the "special page" More even reveal much more. Study the advertising pages (the ones that are integer or half-page print, as well as classified ads) of businesses with similar business as you; see details that your opponent wants to highlight the most or least wanted disguise. To get an overview of the recent changes, please buy some old newspaper, or find them in the library. The current advertising site is more or less than last year or three years ago? Ad pages that are still continuing there anything in common?

The readers' letters often contain information about your customers like and dislike in the product or certain company. These editorials are often highlighted the latest trends, but usually related to your marketing plan. Suppose you're running a business company sewing patterns. If the editors of the magazine specializing in apparel market refers to large-size sewing patterns, and you receive many letters complaining customers are not many choices forces lack sized sewing patterns, you've get a hint and know.

2. Exploit information from the internet. 
The information is divided into groups and a list of discussion on the internet about every subject argue that one can think of. Maybe this information somewhat matches the information your customers provide. Such information may be talking about types of products and services you offer - or might stimulate you to provide products and services. And above all this information is stored as a reference. Like that you have available a copy of the focus group information for you to use as you wish, though a bit messy.

You can gather this information by searching the flow of information is stored associated related to your business and attention to the comments of those who have the same criteria for your demographic. A faster way to do is type the name of your opponent (you had found them while searching the name of secondary information) in the search box.  

You can also process one step further by creating traffic your own message to initiate a debate going into more focused. Caveat: Some of these lists and newsgroups disallow entries promotional sales. Always pay attention to the rules and be cautious when raising the question. You can ask any questions but do not violate the rules posted, but still received a lot of feedback. ("What do I need in a good pet caretakers?" "Brand favorite chocolate fat people is what" "How much is too much for a handmade harp?" "Where is Best to buy nutritional products for children? "). You can stick to the answer to put more and more questions until you understand in detail as you want.

3. Check the competitive situation. 
You may know what to do and what not to do by studying your opponents. Please visit their web sites, see commodity prices, warranty, product certification and other special merchandise offerings. If they provide the news, then appeared on their mailing list. You will get free information about product enhancements, the new line of products, trends and even the feedback from customers.
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