Make sure you have the right marketing plan moving forwards.
Analysis is relatively simple but often overlooked. Getting it right the first time will ultimately save you time and money.
Find out how attractive markets are through competition analysis, pricing and forecasting and demographic analysis.
“Research should be the foundation of any marketing efforts”
The importance of feedback
You may be very experienced in your field, but basing your business off the back of your personal preference and experience does not guarantee you success. Ultimately your market will decide whether they buy your product or service and so it is important you engage and gain feedback from your prospective customers.
Here are just a few things to think about:
Focus groups: They will help you refine your business model, product or service.
Testing and piloting: Each new product/ service will need to be piloted before launch, this mitigates mistakes and will ensure customer satisfaction early on.
Moving into new markets: Feedback in new markets is vital before jumping in, even if you are certain of success.
Competition analysis – Demographic research – Pricing – Industry specific
overviews – Placement of your business
Analysing your market
Marketing is often made overly complicated and confusing by many. However, generally speaking, marketing comes down to a set number of principles and consistency in delivery. We come across many businesses who focus such a disproportional amount of time to generating collateral that they forget to analyse and research. The digital world moves at incredible speed which means that your market also moves very quickly. To mitigate any risks and to ensure the future success of your business you need to constantly be looking for cues and ways to protect your companies position through market analysis.