by Richard Gill
When creating your brand strategy for a product or service it is important to perform a careful analysis to determine principal barriers that you may come in contact with. These barriers are also known as market conditions that can keep your product or service from achieving success.
For example they could include the following:
- Product Location
- Demand or Lack of Demand
In order to be prepared to face these obstacles or barriers it is important to spend time doing a careful analysis of your product or service. This analysis will assist you not only in the development of your brand, but also in the positioning of your product or service.
A careful analysis will assist you in answering the following questions:
- Do you have a niche market?
- What problem does your product or service solve?
- How should you determine the price of your product or service?
- Who are your potential customers and where can you find them?
- Who are your biggest competitors? What can you do better than them?
- How should you advertise?
- Where will you find your target market?
- Will you use new media or traditional media?
Now that you have your questions where do you start your market analysis? Starting your research is actually easier than you think, but it will take time. You will need to dedicate hours to this research in order for it to be useful and effective.
Let's start by visiting some very popular Internet websites that you can use for your market research:Is there a great demand for your product or service? Find out by using Yahoo Search Marketing(http://searchmarketing.yahoo.com.au/en_AU/bridge.php?mkt=au).
By typing in key terms you can see how often your product or service is searched on the Internet.
Keep informed of competitors, current market conditions and trends in your vertical market by subscribing to trade publications, news alerts, and electronic newsletters. There are several directories available, but you can get started with those listed below:
- Google News Alerts (www.google.com/alerts/)or
- (Google Alert which is not Google -- go to www.googlealert.com/)
Who makes up your target market? What are their statistics and economic position? Where are they located? You can find this information by viewing industry surveys and research documents. Get started using the following resources:
- Australian Bureau of Statistics (www.abs.gov.au/)
- NSW, State and Regional Development, www.smallbiz.nsw.gov.au
- Business Victoria www.business.vic.gov.au
- Forrester Research
- BRW Magazine (http://www.brw.com.au/) and Financial Review (www.afr.com)
Use the resources and questions above to analyze your market and discover any brand barriers you may come up against. I have no doubt that you will find at least one or more barriers. When you've located that barrier develop a plan to overcome it and move it out of your way so that you can move forward towards success in marketing your business.
Conduct Your Informal Market Analysis
The following questions will help you assess your market analysis. Make your study as complete as possible. Use the Internet to conduct research. You can also read news stories, business news, magazines, and others that are related to your target market. This will help you to narrow down your target by interest, demographic, and common trends. So now ……
- Who is your target audience?
- Where is your target audience located?
- What do they think about your current brand?
- What would you like them to think about your brand?
- How will you attract them to your products or services?
- Who else is competing for their loyalty and devotion?
- Are you targeting business or consumer sectors?
Write Your Target Market Description
Using the questions above write a target market description. Be as specific as you like. The more specific the better. NOW draft a statement on the type of relationship you would like to have with your clients.
"Only those who will risk going too far can possibly find out how far one can go."
- T. S. Eliot
Richard Gill is the director of The Banner Lady- Creating Simply Beautiful Banners