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:
Competition
Timing
Financing
Location
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 and thorough analysis will assist you in answering the following questions:
Do you have a niche market? What problem does your product or service solve or need?
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 research? 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 Google's keyword suggestion tool. By typing in key terms you can see how often your product or service is searched for on the Internet.
Who are your competitors? Investigate them online by using the Profusion Tool. This search tools enables you to drill down to your search topic and even has the ability to notify you when your competitor change or updates their website.
Keep informed on 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 Google News Alerts.
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 by using the following resources:
Annual Survey of Small and Medium Size Business
NUA Internet Surveys
Forrester Research
National Association for the Self Employed
National Foundation of Women Business Owners
Fortune Small Business
National Federation of Independent Business
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 barrier. When you've located that barrier develop a plan to crush it and move it out of your way so that you can move forward towards success in marketing your business.
Laura Lake
http://marketing.about.com/
For example they could include the following:
Competition
Timing
Financing
Location
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 and thorough analysis will assist you in answering the following questions:
Do you have a niche market? What problem does your product or service solve or need?
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 research? 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 Google's keyword suggestion tool. By typing in key terms you can see how often your product or service is searched for on the Internet.
Who are your competitors? Investigate them online by using the Profusion Tool. This search tools enables you to drill down to your search topic and even has the ability to notify you when your competitor change or updates their website.
Keep informed on 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 Google News Alerts.
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 by using the following resources:
Annual Survey of Small and Medium Size Business
NUA Internet Surveys
Forrester Research
National Association for the Self Employed
National Foundation of Women Business Owners
Fortune Small Business
National Federation of Independent Business
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 barrier. When you've located that barrier develop a plan to crush it and move it out of your way so that you can move forward towards success in marketing your business.
Laura Lake
http://marketing.about.com/
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