MARKET RESEARCH AND MARKET SURVEY ARE ROAD MAPS

 If you don’t know where you’re going you might end up some place else.

Wrong product, wrong market spells disaster.

WHEN SHOULD I DO MARKET RESEARCH & SURVEY?

• When you think of a product or service you would like to develop

• Before you talk to your Business Banker

• After you retain a Business Consultant

HOW MUCH WILL IT COST TO RETAIN A BUSINESS CONSULTANT?

• Depending on the size of the project.  New Images charges an hourly rate with the first 45 minute consultation free.  EXAMPLE: McDonalds does test marketing. It can cost millions to test market.  Of course in the long run it saves millions. Wrong product wrong market spells disaster for any company.  Smart companies know about doing their work up front.  Start up and expansion business need to follow the example from companies that set the pace and example in duplicatable business practices.

• Using the same Business Consultant to develop your business plan that will greatly reduce the cost for developing the market research and survey and then when that is complete on to the Business Format process. 

• Market Research and Market Survey are the major components in a sound factual business plan. You want to hear "YES; your business loan is approved!"

WHAT IS THE GOAL WHEN DESIGNING THE MARKET RESEARCH FORMAT?

THIS IS WHAT YOU WANT TO FIND OUT

• Who is already doing it

• Where are they located

• How long have they been doing it

• Who are their customers

• Where are the customers located

• What makes them better than the competition

• What price should you charge for your service or product

• How is the product or service being marketed/advertised

HOW IS A MARKET SURVEY DIFFERENT THAN MARKET RESEARCH?

• The information gathered from the research is the criteria used in the survey

WHAT WILL I KNOW WHEN THE SURVEY IS COMPLETE?

• You will know what you need to compete against the competition

• You will know if the potential customer would buy your product or service

• You will know why they will buy your product or service

• You will know what they will pay for this product or service

• You will know where your location should be

• You will know your competition good points and bad points

• You will know and identify your customers

• You will know how to market/advertise to them

• You will know if you have a chance of competing

HOW WILL I USE ALL THIS INFORMATION?

• You will have an basic understanding of the cost of doing business and how to price your product or service

• You will know how much to ask for (plus other factors) when securing your business loan

• You will use ALL this information for developing your business format.  The next step after developing your business plan, your market research, your market survey.

If you want to get started and have questions and would like to take advantage of your free 45 minute consultation please call or email.