Market research is essential to business success. You must know what is happening in the market so that you can position your business strategically to capture the trade.
You must identify:
- your industry or industries.
- Who are the players?
- How does it work?
- What changes have happened recently?
- What trends are impacting on your possible product or service?
- Who are your competitors?
- Why should I buy from you?
Think of market research as the first step of the marketing process for your business. Without it, you may have a short spurt of success but don’t plan on being around too long.
Your place in the market
By now you should have:
- the skills, knowledge and experience to do the work or sell the products you want to sell
- attitude to set up your own business and start earning an income from it
- an attitude of research and study to identify opportunities and business growth potential
- an understanding of how to meet the identified business opportunity
Well documented research will prove a business concept. Combine that with proof of capability of owner and you could have a good chance of getting a loan or funding for your business if you need to.
Learn about the laws of the market place, check out the laws related to your industry, fit your product or service to the needs of a target group and you have a document that you can refer to any time you have doubts. You’ll be able to refer to and modify this business plan when you discover new things about the market or tweek your original goals.
Thousands of businesses are doing this every year in Australian alone!
Define your message to attract ideal clients
Very often business owners can’t do it all by themselves so it’s important to know
- where you are now (market research, identification of opportunity, and a SWOT analysis that identifies your strengths and weaknesses in relation to the opportunity as well as areas of possible growth for the business) ;
- What you may need when you first start and how to get it
- Resources you’ll need as you grow
- People you’ll need to have on your team (could be employees, business partner, lenders or advisors)
Validate your ideal and get others excited
Learning how to research is a skill in itself so once we go through some research fundamentals you’ll have templates and skills to define your marketing message and documenting your results.
Your marketing message assignment will validate your idea and strategy AND help you explain your vision with clarity. This can be a very powerful tool when you are looking for investors or partners but can also be used to share your vision with new staff you hire and even your customers.
Online Business Marketing Strategy and Training
The Online Business StartUp Online Training Course sets out clear, well-defined and documented forecasts, confirmation of compliance and risk management tasks to start your business, and research that confirms the potential of your business in the marketplace.
Although the Online Business StartUp Online Training Course covers how to market your business, you can get more in-depth knowledge and training on how to successfully use the internet and your website to sell your products and services.
Learn how you can professionally execute your digital marketing strategy, assemble marketing collatoral and resources to automate repetitive tasks and perform these tasks cheaply and efficiently.
The Australian Small Business Blog
- New course content for each of our online courses (Accounting, Marketing, Sales, Operations, Support)
- Free training videos and content that we release — and there's lots of them!
- Free tips ‘n’ tricks