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2009 26 August

Market research

Before signing the papers which formalize the creation of a business, it is necessary to prepare a number of things to predict what will happen and what will be the company's strategy to create and develop.

The starting point of reflection to create a company to define its expertise, its core business. The company offers a product or service that its customers did not want or can not do by themselves.

A company exists only if it is able to convince customers. The company develops and exists from the moment she meets an identified need for a potential customer defined.

Understanding market trends is a key position to allow the product over its competitors: how the company and its product will they differentiate themselves? Why buy this product over another?

The work of market research is a work both qualitative ... the objective of market research is what will define the nature of the goods and / or services to offer, what kind of customers? (individuals, businesses, ...). To reach customers, an outlet is needed? What are the habits of consumption, is it possible to change them to create new habits?

... and quantitative: the market study is an attempt to quantify the number of potential consumers of goods or services offered.

In summary, we seek here to know: what to sell? Who? How? And at what cost?

In this phase he will spend time in libraries, ITC, on websites, (here, site of INSEE, ...).

The market is also achieved by using questionnaires, we can ask friends and passersby in the street ... Be careful not to influence the answers by writing questions too biased.

This phase helped to better understand the future customers and how to contact them for their offer to respond to their needs. Based on these knowledge, it remains to establish naturally

• The sales pitches for products

• Communication tools: company logo, business cards, brochures, ...

• A strategy of soliciting clients (advertising, telephone campaigns, ...)

• Databases prospects

The market must lead to what is commonly called the "Marketing Mix". That is the business strategy of the company comprises:

• Characteristics of product / service

• For its price

• From the distribution channel (retail outlets)

• Actions advertising

These elements must be consistent with them and enter the market reality. They must help transform potential customers ... real customers.

Consumer behavior changing, evolving ... The entrepreneur should always look at the evolution of market prices and competitors' products, consumer trends, ... even after the market research itself.

Figures from market research will help establish estimated revenue that will balance the expenditure incurred for the establishment of the company.