Marketing Research and Maximisation
How do we know where the Target Market is? Knowing your market is the most important part of the marketing plan. This has been raised in previous workshops. The trouble with Marketing is that promotion and advertising can fall down and be a total waste of finances if the Marketing doesn’t affect/hit your Target Market. The idea of Market Research is:
- To know there is a demand for your product or service.
- To know where it is.
These two aspects of Marketing cannot work without each other and your business cannot work without ‘it’.
Having a clear knowledge also of the level of demand for the product or service can offer the Business Plan a realistic projective Financial Plan.
When we have a level of demand, we can identify to the investor the level of turnover we could expect over a period of time. This type of Financial Forecasting offers the Business a grounded foundation from which to work. No pie in the sky.
Therefore the maximisation of the Market Research is achieved by knowing your market personally. This can only be achieved by you, the Owner and not by someone else offering you a desk estimate of the Research. Time invested in this area shows the way forward and in the long run … Saves the business Money.