Entrepreneurship. Rhonda Abrams
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Название: Entrepreneurship
Автор: Rhonda Abrams
Издательство: Ingram
Жанр: Поиск работы, карьера
isbn: 9781933895673
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■ Focus groups. A popular form of market research, the focus group brings a small gathering of people together to discuss a product, business concern, or service in great detail. For example, a few joggers might be brought in to examine and evaluate a new pair of running shoes. Focus group participants are often paid a small fee.
Focus groups typically evoke candid opinions. Market research firms conduct focus groups for businesses, bringing together the participants and leading the group discussion in a room with a one-way mirror, so that the participants can be observed. However, if you lack the funds to hire a market research firm, you still might consider assembling a focus group of your own, perhaps a group of potential consumers. Try, though, to find focus group participants you don’t know personally, to get objective results.
■ Beta testing, samplings, and taste tests. One fast and easy way to get real-world feedback on your new product is to ask prospective customers or clients to try out your product or service and give you feedback before you release the product or service or offer it for sale to others. In the technology world, this is typically referred to as beta testing. (Originally, “alpha testing” was internal testing of a software product, and “beta,” or second, testing was done by those outside the company. The term “beta testing” has become more broadly used for most outside testing of prerelease technology products or services and has even crept into nontechnology products and services.) Giving samples of your product to potential customers, or conducting taste tests or other kinds of trials while your product or service is still in development, can give you valuable information about what you need to do to improve it or to make it more attractive and useful to customers.
ENTREPRENEUR’S WORKSHEET
Types of Target Market Information to Research
From this list of suggested market topics, select which issues you will focus on.
☐ General size of market
— What is the approximate size of the target market?
— What is the historic rate of growth of the target market?
— What changes are occurring that could affect the size of the market (including income levels, need for product/service, social values)?
— What are forecasts for market growth?
☐ Demographic characteristics of consumer customers
— Age range
— Income level
— Educational level
— Home ownership
— Marital status/household size
— Ethnic/religious group
— Occupation
☐ Demographic characteristics of business customers
— Industries
— Revenue level
— Number of employees
— Business stage/age
New data is often better data
All other factors being equal, the best data is the newest. A great deal can happen in even a few years, so it’s generally better to present data from the last year or two, if you can find it. Some exceptions exist, though. U.S. Census data is considered to be useful and authoritative, yet it often lags a few years because such a large amount of data is collected and analyzed.
TIPS FOR FINDING MARKET INFORMATION
1. A great place to start looking for target market data is one of the U.S. Census Bureau’s websites. Start at www.census.gov. Refer to Chapter 20 on pages 483–500 for other research resources.
2. The most detailed insights about target markets are often compiled by private research firms. Their data can be expensive to acquire, though some resources are available free through many college or university libraries.
3. If your target market consists of businesses in a specific industry, you can usually gather a good deal of information from the trade association serving that industry. For instance, if you sell commercial kitchen equipment, your target market may be restaurants, and you can find information about the number and growth rate of restaurants at the National Restaurant Association’s website.
4. If your target market consists of individuals with specific demographic characteristics, such as members of a particular ethnic group or religion, you can often find associations serving that group. If your market consists of consumers with specific interests or hobbies, such as gardening or travel, you can typically find associations serving those consumers, as well. These social organizations often have access to statistics about the size and growth rate of their constituents.
5. Many media outlets (including magazines, newspapers, and radio and television stations) that serve a specific market offer details about their target markets in their information for advertisers. Check their websites.
6. Try talking to people in the same industry or business as yours in a different city; they’re an excellent source of information. In addition, large banks and universities frequently maintain information about the health of the local economy and particular industries. They are a good and reasonably reliable source of future-growth forecasts. Don’t overlook real estate agents, as they often have more up-to-date information about neighborhood trends at their fingertips than any other source.
7. Sometimes you can even talk to your competitors. In many industries and professions, and in instances where there’s more work than the market can handle, your competitors may be willing to talk with you directly.
See pages 63 and 69
8. Suppliers, distributors, and independent sales representatives can give you a great deal of information about industry trends and what your competition is doing, without violating confidentiality. Because they’re in touch with the market, they know which products and services are in demand.