07 JANUARY 2019
Business Plan Research
For a successful market research and analysis business plan you have to answers for basic market research questions such as what demographic is your product or service to appeal to? What is the estimate for the business you are in? How have other products or services similar to your own done after some time? What are your competitors doing right or wrong and how can you profit by any market openings?
Based on the market analysis you have to answer to these questions. If you are not able to answer to these questions at the time of delivering the business plan to your investor, they will rapidly detect the absence of real information to back up your business guarantees and they will walk away. So In your market research you have to include relevant data, graphs and charts to make your case
How to do Market research?
For the market research you have to collect the data in variety of topics such as
Demographics
If you have been managing a website, you definitely know somewhat about the demographics your niche attracts. By using the Google analytics you can know about your own demographics and also know about your top competitors. Based on this you can find simple ways to create various sales channels and campaigns to target various demographics from income level and age to other important factors.
Industry Forecast
Bureau of Labor Statistics at bls.gov is the best place to get expose on the market research for particular industries. They provide information like specific areas, on demographics, and employment in industries online. Based on this information you can easily get clear picture of future trends might be like in specific industries.
Product or Service Review
You have to review the product or service lifecycle to ensure you are not trying to promote a product or service in the market. You can monitor the product sale on various website that specialize in specific industries.
Competitors Analysis
For your complete success you have to visit your competitor’s website and analysis their sales, traffic and niche. By adding your name to marketing list you will get valuable insights about their business.
Risks and Opportunities
Through the market research you will get some idea about your competitor weakness and your strengths in the market. Based on that, you can simply differentiate yourself from your competitor. Then your targeted audience has clear choice. Don’t differentiate yourself by lowest price which is failing strategy. Instead of that, just focus on features and services to improve your product service.
Business plan is not a onetime process in market research. You have to review your business plan yearly once. You have to check whether you meet your objectives or not. If you haven’t met the objectives you have to revise the business plan according to current market conditions. If you want to know more about the market research Please visit us on https://www.arrowpointindia.com/And also feel free to call us on (+91) 98412 41981 , 86100 59151 or email us on athesh@arrowpointindia.com
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