In my last post I discussed how to understand the basic competition in your area. By doing this you can begin to see how easy it could be to get lost among the competitors in your industry. If you’re considering whether or not your product is marketable, you should continue to research. Even reaching out to your social media community can help guide your way. In doing this, you can determine if the product you are offering will satisfy customer needs. Researching can also uncover any trends that are present that can either benefit you or deter your business.
It is also important to focus on your target market to see if your product is viable in this segment. Focusing your target market will also help in your future marketing decisions. Your target market may be segmented by the geographical area. When I performed research on the number of registered photographers, I stayed within my geographical area as that makes the most sense for the product offering. Be smart about how you limit this area. I chose Seattle and the surrounding areas as it is easy to travel from for Seattle to the surrounding cities to perform my business. Limiting my research to just the city of Seattle wouldn’t give me accurate information. Also, I researched the average number of marriages in year in my last post. I couldn’t find the number of marriages in the Seattle area, so I proceeded with my next best solution. I used the average number of marriages in the United States and used that percentage with the population of the Seattle area.
It is simple to go further with these segmented markets. For different photography products that are offered, the age range or gender will help in determining the viability of your product. Be sure to research current or as close to current information as you can obtain. Being up to date on this information will help to paint a more accurate picture than if you are pulling data that isn’t current
What research have you done that has helped form your business?