Do you have a promising developing business and a huge number of ideas for their implementation? Or are you just about to start? In any of these cases, you just need to conduct high-quality and thorough marketing research.
Instructions
Step 1
You will find those who will be your target audience, or those who are already actively using your product and services. You need to conclude a nondisclosure agreement with these people. And also they should be informed about the honesty of their decisions.
Step 2
Provide them with your new idea or product. Explain to them the scope of this novelty. Listen and take note of their suggestions for improvement or use.
Step 3
Start studying the market if your product is of interest to at least one of the interviewed people. To do this, it is currently easiest to collect a summary using the Internet and search engines. This is the easiest way to find out how many more people and companies offer a product similar to your product.
Step 4
Record all the received data in the form of a table. Include the addresses of service providers and their customers in it. This will help you determine what kind of customer base you will have in the future, as well as identify your potential competitors.
Step 5
Determine, by a simple calculation, the number of competitors in the market, their total annual and share sales volume, and also whether they have a profit at all, taking into account various costs.
Step 6
Rate your product. Pay enough attention to this point. In the course of calculations, all costs of manufacturing a product or service, payments for work, any additional costs (telephone, gasoline, electricity) and force majeure should be taken into account. The amount received is divided by the number of products intended for sale.
Step 7
Find sellers. In order for your product to be successfully sold, hire someone from a related but not competing industry.
Step 8
In the case of working through a retail network, contact companies that have long and firmly been working in this type of business. Many of these giants will gladly listen to your proposal and, possibly, share it, which will significantly reduce your costs.
Step 9
Discuss future sales with store owners if your plans include selling the product this way. Already at this stage you have a list of potential customers.
Step 10
Review the pricing policy once again to make sure that your product will be purchased at the prices you specified. With all the risk to a minimum and weighing the pros and cons, proceed with your idea.
