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Market Research

Market research, if done right directs all aspects of business. Market research tells:
     operations what to produce,
     marketing what to sell and how
     and finance what to expect.

Without market research you don't know what people want or what is being offered to them. You don't know how to find or approach prospects until you know who they are, where they are and what they want.

Know your enemy! You need to know who your competitors are, what they have to offer and how they're marketing it. What company is #1 in your market? Why?
Know your position in the market place! You need to know what your prospects think of you. Do you have good brand equity or a bad reputation? Does the market even recognize you?
Know your prospects! What are the demographics of your prospect base? Are they predominantly middle aged business men or teenage girls? Know what attracts them and of course, know what they want or need.

Researching The Market
To conduct research on a given market we utilize a myriad of carefully chosen sources. We use sources from governments, predominantly the U.S. government to gain official statistics on market size, total gross revenue, employee earnings and more. We establish and maintain affiliations with different business associations that provide us with information on different markets. We use access to proprietary sources that give us insight into markets that we cannot get elsewhere. This the most benefical group of sources at our disposal.
In addition to scouring our sources for information on a market we conduct specialized surveys and make lots of phone calls. This helps us gain a better perspective on buyer demographics and what buyers want. It also helps us better understand the level of buyer awareness.
We also interview the leaders in the market to learn what they offer and how they approach buyers. We learn as much as we can about their marketing strategies.

Researching Your Position In The Market
The first thing we do to determine the position of a business within a market is to research all advertising that the business has conducted over the last few years.
We look at statistics on the advertising medium. For example, if you placed an ad in a magazine we'll find out what the demographics are and what the circulation is of that magazine.
We look in numerous forms of media such as Internet social networking sites (Twitter.com; Facebook.com; etc.), business associations & groups and more.
We look for as much publicly available information on the business as we can. We research news publications & mentions, government sources, associations, events and more. We want to know how well known your business is in the marketplace and we want to know how well your business is liked.
The last and usually the most time consuming thing we do is to collect a sizable sample of prospects' (your target) contact information. Once we have that we'll start conducting interviews and surveys.
We'll contact prospects through social media Websites such as Facebook.com and Twitter.com. We'll make lots of phone calls and send lots of emails in an effort to initiate coorespondence with them.
We'll learn as much as we can about who they are, what they're interested in and what they think of your business (ie. do they know you? like you?).

Reporting Our Findings
When we have all the data we need compiled, sorted and analyzed properly, we will create reports clearly explaining high level summary and detailed information on our findings. Our market research reports are concise but complete, usually including graphs and charts to help clarify the information.
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