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Effective Market Research Elements
Marketing Research is a very important step in the evolution of your business. Without research, you have no basis on which to answer even the most basic questions; questions that you must answer if you truly desire to successfully market your product or service.
1. Your Market.
- Do you know whom your target market is?
- Who are your current customers and do they fall into your target market?
- Are your current customers loyal to your product? Why or Why not?
- If not, how can your create a loyalty strategy?
- What is the current size and geographic spread of your target market?
- What will it be in the future?
- Will you be able to maintain a product and company growth rate to match that of the projected growth rate of your target market?
- Is your product part of a trend market that has a volatile base, which can collapse or increase rapidly?
- Are you prepared for this? How?
- Do you have backend products or services?
2. Your Price.
- Is your market price sensitive?
- If so, how does the price of your product or service stack up against your competitors?
- How are you justifying this price in accordance with the "Price Curve" of your market?
- Is there an obvious perceived value in having a higher price?
- How does your product Service and Support Pricing compare to your competitors?
- Do you offer "credit terms" to aid you in higher pricing strategies?
- How do you think your competitor(s) will react to your pricing structures?
3. Your Competition.
- Are you in or entering a market that is already overrun with competition?
- Have you prepared for this with a well-planned strategy to overcome the over abundance of competition?
- What kind of companies make up your competition and can you compete with them in this market?
- Have you diligently analyzed your competitions strengths and weaknesses?
- Have you honestly analyzed yours?
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