Market Strategy

If you were to ask any businessman about their market strategy, the sure answer is that they already have one ready. But do they really have a strategy? A good strategy is of importance because you are going to war with perhaps thousands out there. Like any military strategy, you will need to first of all know your enemy and their terrain.

You can't go in blind for you will be annihilated if you do! In modern warfare, they send in spies to scout for information about their enemies. They might use remotely controlled airborne vehicles but for business you will have to tap the intelligence on the ground and take note of the strength of your competitors. It is the ground work that will help you shape your strategy. You might want to engage a market research company to do the work but if money is not available, then perhaps you will have to do it yourself.

If you do it yourself, what should you do then?

First off there is the internet, so you can scour the web and find information about the market that you intend to take. You might want to start off with the telephone directories both hardcopies and online. Then the trade associations if they are near you, then other regional trade chambers. That will give you a rough indication of the competition.

The next step might be government departments. Trade figures will show you how large are the market and the number of players. Double check on the web for trade figures as well as those of neighboring countries as they can provide a good view of the scope of market place. Of course you should also visit the shopping malls to check on their quality if they are tangible in nature. For services you will have to scour the internet and to see what sort of opinions from users and their recommendations

Consumer trends

Central to your market research is to identify the kind of trends in that particular market. Is it a growth trend or is it a weakening trend. You might want to check on some of those free reports of market trends or even company annual reports. It might not be very accurate but suffice to give you an inclination of what consumers buy. You might even want to conduct a small market research by yourself at the shopping mall.

Getting a chance to talk to people, even those who might not be buying can give you a rough indication of the market perception. You might want to tap the social networks for opinions and you have free access to Twiter, Facebook and Linkdin to shape what you have to offer. But if you find it troublesome to do all these, you can tap the intelligence of our market research appliance like "Touch the Pulse" marketing.

You may learn who benefits from using Touch the Pulse Users here