Starting Business : Your market research will answer key questions such as
Who is your target market? How many potential customers do you have
and what are their habits? Are they male or female? What are their ages,
races, income and education levels? Where do they live? What do they have
in common? Explore every avenue for potential customers.
What is their purchasing power? Buying habits? How much disposable
income do your customers have? How much do they spend on products or
services similar to yours? Do they value cost savings or time savings? Is
convenience a decision point for them?
What’s the psychological makeup of your customers? What values
and qualities do they hold near and dear? Are they swayed by low prices or
high ethical standards? Are they impulse buyers or not? Will word of mouth
and reputation infl uence them?
Who is your competition? What are your competitors’ marketing
advantages? Disadvantages? Are there any niches you can fi ll? What can
you do for your customers that your competition isn’t already doing?
What environmental factors are you dealing with? Are there any
big-picture social or economic issues that could affect your business? For
example, is the local economy growing or stagnating? Will you suffer if the
Canadian dollar drops or rises? Is your target market a certain age? What
happens when they outgrow your product?
The information you collect will reveal trends, opportunities and
vulnerabilities. You may need to modify the design of your product or
service, adjust your price, widen your territory or carry a broader range of
products. Or you may fi nd that your inspiration was bang-on.
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