EFX Market Research Seminar

Presenter: Stan Robinson

The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face Entrepreneur - http://www.entrepreneur.com/encyclopedia/term/82436.html

What is Market Research?

The business that best understands its customers positions itself to meet their needs better than anyone else.

You need to understand and enter the conversation going on inside your customer's head.

Market research also helps with:

• Reducing risk.• New product launches.• Understanding why customers are buying or not.• Developing more effective marketing communications.• Understanding your competitors and how to compete

more effectively.

Why is it important to your success?

 Is there a market for your offering?  What is the growth potential?  How many competitors will you be facing?  Are there market gaps you can fill?

Market Research for Start-ups

Is there an opportunity to extend my product line?

How do I position myself more effectively against my competitors?

Is there an opportunity to create a market where there are no direct competitors?

Market Research for Established Businesses

Primary Research

Direct contact with the target customers - surveys, focus groups, interviews.

Allows for in depth questioning and detailed responses.

Limited sample size

Expensive

Types of Market Research - 1

Secondary Research

Research through other sources - internet, books, libraries.

Less expensive than primary research. Provides greater breadth of information. Researcher can't interact directly with

market. A combination of primary and secondary

research is ideal.

Types of Market Research - 2

Focus on your market first, then your product. 

In most cases you will not create a market for your product. You will provide a solution for an existing need or problem. 

Market segmentation allows for a better allocation of a firm's finite resources. A firm only possesses a certain amount of resources. Accordingly, it must make choices (and incur the related costs) in servicing specific groups of consumers.

General Suggestions

For additional information please contact:The Efficiency Xperts, LLC119 E. Kings Hwy.Maple Shade, NJ 08052Office: 858-722-8258www.theefficiencyxperts.comBruce Davis, Managing Director

Questions?