Custom Search

Five C's of Market Research

Concept, Criticism, Competition, Credibility, Common Interest

1. Concept

Every business venture starts with an idea. but, without a good concept - no matter how passionate you are -- odds are your business will fail.

Benefit the Customer

Your concept should fill a void in the marketplace, if it doesn't - find one that does!

A business does not run solely on money, it runs on passion.

Be Passionate

You should enjoy your concept and be excited enough to relay your feelings to your market. After all, how can a consumer get hyped about your product or service if you aren't?

You can survive in business without a large bank account - but unless your passionate about your business, no amount of money will make it sell.

Re-invention

Your concept doesn't need to be a freshly thought idea - but could be an improvement to an existing market. There are all kinds of new businesses that have tried and failed. Perhaps, you could improve something about them and bring them back into the market as " a new and improved" product or service?

Improvement could be as simple as:

          * Better service and quality
          * A new method of delivery
          * Improved technology, etc.

No matter how good an existing idea is - There is always a better way to do it!

Example: The tissue was first offered to the market as the new "face towel." Sales lagged for many years, and it wasn't until it was reintroduced into the marketplace as a "throw-a-way" handkerchief did it become successful. Their new slogan, "don't put a cold in your pocket," helped an old idea get new success.

2. Criticism

Be prepared to accept all criticism. It will help you to improve your concept. Because you are concerned about running your business on minimal dollars, the less expensive criticism will come from friends, relatives, and neighbors. It's far better to receive FREE criticism - than to pay for marketing research that puts a dent in your bank account, but doesn't yield any useful results.

Be prepared to get LOTS of criticism and to put it to good use. Perhaps, a survey in your intended market - could provide some valuable information to be used in making your product better.

Ask questions like: Is there a need? Would YOU buy it? What price would you expect to pay for it? Is there a better way to provide it?

Remembering what we stated above, (there's always a better way to provide a concept) - your received criticism should be used to enhance the product or service before you release it to your market. This step will save you time and money.

<< Previous    [1]  2    Next >>