Market Research December 2013

Today Market research general Research your: –customers –Pricing –Market position –Your competition –Marketing plan

Marketing jargon Market –Customers Market Research –Finding out about your customers, your product or service, where your business should operate from, pricing, your competition, how effectively are you going to be seen, where do you fit in? Marketing Plan –How are you going to effectively reach your customers and what methods are you going to use.

What do you want to know?” Quantitative Information –If you want numbers, eg: –“23% of people said yes..” –“9/10 people prefer…” Qualitative Information – –If you want to understand eg: –“why do you buy ….?” –“why have you never…?” Desk ResearchField Research

Market Research About Customers... About Competitors... About Operations... Equipment? Regulations? Funding? Special skills? Who? Where? How many? What needs & wants? Spending power? Who? Where? At what price? What reputation? Strengths? Gaps?

Methods of research Primary research –Personal surveys –Telephone surveys –Postal surveys –Internet surveys –Telemarketing –Questionnaires –Mystery shopping Secondary research –Information Fact Sheets –Libraries –Trade journals –Companies house –Newspapers –Internet –Company reports

Products and services Research your product/ service List features List benefits USP Suppliers Stock levels

Pricing Price Sudden death Bargain Cheap as chips Aggressive Average Shoddy Reassuringly expensive Overpriced Rip off low midhigh mid low Quality

Positioning Product / service features PricePrice High Low FewMany

Customer Analysis Who will be our customer? Where will they live? What do they do? How many of them are there? What will they buy/ use? Who do the buy from now? What do they pay? How often will they use the service? Are they employed, retired, disabled? How much will they pay for the service? How can we contact them? Market Research…but how? For Example…

Researching your customers A new drill, medium price, good quality Who would be the ideal customer? Ideas?

Your ideal customer? Ensure you research your ideal customer

Why is it important to research your competition? Consider who are your competitors and how are you going to research them? Work in pairs and discuss – 10 minutes Competitor Analysis

List your competitors Are their products/ services the same as yours? What price do they charge? Do they provide something that you don’t? Are they targeting the same customers? How many customers do they have? Could you take some of them?

Marketing plan Scope – Define Geographical Area, products, timescale Objective – set objectives from prospect to sales level Strategy - Identify customer Understand market segmentation Identify needs of market Competition Measure your position against your competition Action Plan – What promotional methods are you going to use to reach your market Budget and Monitor – Set your self a budget Monitor what works and what does not.

Corporate Identity Branding Company culture Credibility Logo Key messages Passion Response times Strapline Mission statement Corporate Literature Stationery Business cards Folder Leaflets Newsletters Posters Word of Mouth Referrals Affiliate Schemes Apps Customer Advocate development Customer care Endorsements Follow-up programme Testimonials Direct Mail Letters List building Postcards Marketing e-shots signatures Ezines Personalisation Subscriber list Events Public speaking Seminars Workshops Internet Marketing Affiliates Website Home page E-brochure (uniflip) PDF brochure Reciprocal links Search engine optimisation Social networking – Twitter, Facebook, Linked in, etc Networking Elevator pitch Press Relations Articles Case studies Interviews Press pack Press releases Spokespersons Promotional Gifts Freebies Samples Goodie bags Pens Top tips guides Public Relations Charity support Client lunches Issue marketing Opinion leader Telephone manner Sales Promotion Competitions Free consultation Samples Special offers BOGOF’s Selling Appointments Cold calling Cross selling Major accounts Presentations Sales training Telemarketing Scripts Segmented lists Telephone surveys Telesales The Promotional Mix

Research – Pulling it all together You Your Customers Your Position in the Market Your Image/Brand Your PricingYour Competition Your marketing Plan

Researching the Market Market research general Research your: –customers –Pricing –Market position –Your competition –Marketing plan

Further Courses Tuesday 17 December - Writing your Business Plan Tuesday 4 February Business Plan Surgery