Delving into the Intricacies of Marketing Research

The Importance of Your Market

Understanding your market is the first step in any marketing research. Here are some questions to consider:

• Do you know who your target market is?
• Who are your current customers and do they fall into your target market?
• Are your current customers loyal to your product? If not, why?
• How can you create a loyalty strategy?
• What is the current size and geographic spread of your target market?
• What will it be in the future?
• Will you be able to maintain a product and company growth rate to match that of the projected growth rate of your target market?
• Is your product part of a trend market that has a volatile base, which can collapse or increase rapidly?
• Are you prepared for this? How?
• Do you have backend products or services?

Pricing Strategy

Your pricing strategy can significantly impact your market position. Consider these questions:

• Is your market price sensitive?
• How does the price of your product or service stack up against your competitors?
• How are you justifying this price in accordance with the "Price Curve" of your market?
• Is there an obvious perceived value in having a higher price?
• How does your product Service and Support Pricing compare to your competitors?
• Do you offer "credit terms" to aid you in higher pricing strategies?
• How do you think your competitor(s) will react to your pricing structures?

Understanding Your Competition

A thorough understanding of your competition is crucial for your marketing strategy. Here are some questions to ponder:

• Are you in or entering a market that is already overrun with competition?
• Have you prepared for this with a well-planned strategy to overcome the over abundance of competition?
• What kind of companies make up your competition and can you compete with them in this market?
• Have you diligently analyzed your competitions strengths and weaknesses?
• Have you honestly analyzed yours?

While these questions are not exhaustive, they provide a solid starting point for your marketing research. The more data you compile and apply to each question, the better. As the old saying goes, "more is better". It's also beneficial to document everything, as it makes it clearer, easier to remember, and provides a reference for future use.

Here's to your success in your marketing endeavors!