How Market Research Services Can Help Startups?by Walter Saliot Get business development services from experts
Market research is helpful not only for startups but also for medium-scale businesses. Among other things, it helps you find out if your offering is likely to generate demand. Once you have an idea about who your customers are, the following will be some other things to think about:
• Where are these customers?
• How many consumers are there?
• What do these customers want from your service or product?
• How do you try to reach them?
Given these questions, you can create a full-fledged strategy for your customers. Here is where you can opt for Market Research Services.
Know where your customers are
In case you are planning to open a coffee shop in Delhi, it’s vital to understand that the primary market you will serve should be a crowded area, or maybe a place where sports activities and other functions happen. Due to the intense competition, people don’t travel far; therefore your addressable market will be a local one. Coffee is a high margin product, but the rentals of the location you are going to choose will also be very high. Since you have many competitors in that area, you will need to differentiate your product from them.
Estimate the size of the market
Once you are able to assess the size of the market you will target, you can ensure that you have commensurate resources in place. If you try to seek external investment, the market size will be of greater interest to prospective investors. With a coffee shop, the size of the market will be a combination of people living within a square kilometer of the premises, including passing traffic. One easy and effective way to get some idea about the market size is to do some primary market research.
Be clear on what your customers want
It’s essential to know the different requirements of many different customer groups. Customers of a coffee shop at a busy bus stand may simply want fast service.
On the other hand, customers in a coffee shop in a metropolitan city may want some place to spend some time. Some will love to have Wi-Fi access, others to fit a buggy in the door. While the product you are selling is the same, the service offering can vary significantly.
Create a market plan
Location is the key to a coffee shop, so this will be the core of your business plan. Once this issue is settled, external branding will assist you in communicating the offering to the market.
Handing our flayers, placing an advertisement in local newspapers, and listing in local business directories will also help create awareness. Social media is also a powerful tool to promote your brand.
So, these are the things you can keep in mind. You can contact Penterra Analytics for efficient Marketing Analysis Services and other services related to market research and analytics. The company has been providing top class services for a long time.
Created on Aug 20th 2018 05:59. Viewed 41 times.