There are many reasons why a business is not producing the desired sales results. One of the main reasons is that the service you are offering is not what your target market wants. Unfortunately, many small business owners had an idea for a business and they proceeded to open their business and offer, what they thought, was the ideal service (or product).
Before you spend your money and effort to put together, what you envision, a great product which everyone needs, there should be a needs analysis of who your prospective buyers are. The result of a market study may be, that the only person that wants your product or service is you.
There are several important facts that can be determined with a market study.
- Is there a need for your product/service
- The best target market can be identified
- The results may cause you to change your offering or perhaps tweak it
- A good market analysis can even help your define the key words that your target market will respond to
- Price structure can be determined and measured against your cost of providing the service.
While this is not a session on how to conduct a market analysis, I can share with you that it requires human interaction. Yes, you can study and learn how to do your own market survey, and, if hiring a professional firm to perform this is not affordable, then that is your best alternative.
Every new business should complete a market study and every established business needs to go out at least once a year and test their market to see what changes have to be made.
In a future session I will share some basics on how to conduct your own market analysis.
I always wanted to be somebody, but I should have been more specific.