Huge Promotions Ltd – diary

 

Diary of Huge Promotions Ltd: 
The all inclusive fashion and lifestyle PR and events agency.

Week 25: The importance of market research continued

If you missed last weeks and would like more information please email Kate Mitchell; kate@hugepromotions.co.uk

Is there a market for your business?

Clare Bloomfield

Your potential customers…

• Who are they? There could be several identifiable groups, depending on your services or products. List them all.

• Where and how (e.g. trade magazines, trade shows, directories, agents) will you identify potential customers?

• What are your customers’ needs ?

• How much will they spend?

• How often will they purchase?

• Where do they purchase?

• Where do they go to purchase their existing services/products?

• How do they find out about new services/products?

• How do they choose? What criteria do they use to select the work or service that they require? Are their decisions based on price or on quality?

Use your market research results to make a customer profile. If you have already completed sales or work for customers, include your existing customer data in the profile.

• What are the likely types of customer for your business?

• Are the customers wholesalers, retailers or end-users (e.g. individuals, other businesses, institutions)?

• Where are the customers (local, regional, national or overseas)?

• How do you get access to the customers (directly through a personal visit, or through an agent, trade shows, shops, galleries, etc.)?

• How do your customers trade (through trade shows, buying trips, annually or seasonally; where and when, or other)?

Bethanie Loom

Competition

• Who are your competitors?

• How established are they?

• What do they sell?

• Where do they sell?

• How do they market their products/services?

• How do they present themselves? Create a competitors dossier of, e.g., advertising material, direct mail, PR materials.

• How are they positioned, and what is their philosophy?

• How do they operate – do they compete directly?

• Where are they based?

• Who are their customers?

• What do they want? Try to identify their likely long-term strategies and business philosophies / mission statements.

• What is the size of their market?

• Why is your product/service better than theirs?

• What are their strengths?

• What are their weaknesses?

• What are their opportunities?

• What are the threats to their businesses?

 

Kate Mitchell

Sales

• What are your projected sales?

• How will you get new business?

• How much time each week / month will you allocate to sales and marketing?

• How much time will you allocate to administration and sales follow-up?

• What are the most appropriate marketing activities for your business?

• What future is there in the market that you have chosen? Is it growing or declining?

After completing your market research, you should know the market for your business. Write a statement about what the market is – where it is and how you will reach it; include the benefits of your product, your unique selling point, and why people will buy your work or services rather than those of your competitors. Start to consider the most effective promotional methods and how much it will cost you to promote and market your business.

• Attend a one-day training course for an introduction to market research.

• Contact The Prince’s Trust (for England and Wales) or The Prince’s Scottish Business Trust (for Scotland) for start-up information and advice.

• Speak to professionals about your product and service, and get feedback.

• Visit the shops and see what sells.

For further information, please do not hesitate to call us.
We’re happy to help, if you have any queries – simply drop us a line and we’re all ears. 
We would enjoy telling you how we can get the press talking about you too!
About us:
Huge Promotions Ltd
LCB Depot
31 Rutland Street
Leicester
LE1 1RE
T: 0116 253 3418
beth@hugepromotions.co.uk