Submitted by notigrl to the category Business and Industry on 09/29/2011 07:04 PM
Introduction
Hand-outs
Presentation (numbers refer to List of Links items)
(http://www.statslinkcanada.com/ResearchLinks2010.htm)
Key Research Links Research Booklet
Focus is on major free / low cost ($) resources
E-mail with specific questions
What is Research?
Research is NOT about:
“Completing” your business plan
It is done the life of your business
Collecting as many statistics as possible
Proving your hunch is right.
DO NOT ASK: “Is this business idea a good one?”
Research is about answering the most important question of all:
“How can I make this business idea work?”
How can I make this idea work? Three Basic Questions:
1. Who is my best customer?
“Fastest & easiest way to generate revenue”
Target Market
Not who you are trying to sell to but rather who is your very best customer Who is going to buy my product/service today. How many? How much? How often? WHO? If you are not sure who your best customer will be, start with Question 2: “Why do they purchase?”
How can I make this idea work? Three Basic Questions:
2. Why do they purchase?
“Knowing why will tell you how to sell”
Benefit Offered / Problem Solved
Marketing Strategy
How do customers decide to purchase your product/service? (best marketing method) - How do your competitors advertise?
“Your research should tell you how to advertise not your budget”
Credibility
How do customers judge your capability to provide value? (e.g. location, label, price) Legal requirements.
How can I make this idea work? Three Basic Questions:
3. What is my competitive environment?
“What is out there beyond your control?”
Who else is offering the same benefit/solution? What are their strengths, weaknesses, market share?
Competitors
Industry Issues
Trends, Litigation, Customer Expectations
The...
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