Before you begin working on your service or product launch it is important to have a thorough understanding of the market you are looking to enter. This thorough and accurate data will allow your business to make good decisions. Accurate market research data could be the difference between success and failure!
When conducting market research it’s important to cover the following five components:
Buying patterns (supply and demand) and the pricing signals that are created.
Those most likely to purchase your product or service. It’s important to know what features they value in the specific service or product as well as how much they are willing to spend.
Identify all products current serving your target market. This information will be critical in developing your unique selling proposition and product position.
The amount potential sales revenue your service or product could capture. This information plays a large role in whether or not it is financially viable to launch your service or product.
They different competitors currently serving your target market. It’s extremely important to know who your competitors are. This will help you properly position your product and carve our your niche. In addition, it can help you decide how much to invest in promotions.
If you need market research data, please visit Contact Us and fill out the form to set up a call to discuss your specific needs and how Marketing 4 Hire can help.