New Business Marketing Research
Business Research for Decision MakingNew business marketing researching strategies can mean increased profits for your business. What is a marketing strategy? What is business reasearch? And how do you use these methods to increase your business success?To succeed in business you must have a competitive advantage. You need something that will motivate customers to choose you over the competition. What is your edge? What benefit can you offer customers that they cannot get elsewhere? Will you compete on price, customer service, quality, delivery time or your range of products or services? Or will your edge be uniqueness, brand recognition (buying a franchise or an established business can provide this) depth of experience or even trading hours? In order to determine your competitive advantage, your edge, you need to know your customer. Who is most likely to buy your product or service and why? You must understand your customer’s needs and wants. Until you do you will be unable to compete effectively in the market. How can you compete if you don’t know what your customers want?
Niche Marketing ArticleWrigleys Chewing GumIn business you cannot be everything to everyone. Once you have identified your target market you then need to find a ‘niche’ within that market. You can then direct your marketing efforts towards your niche customers and then satisfy the needs of that niche with your product or service. Successful business owners understand that we must offer what the customer wants and not what we want to sell them.William Wrigley Junior founded the William Wrigley Junior Company on the 1st April 1891 selling soap and baking powder products. He began offering complimentray chewing gum with every can of baking powder. His customers loved the chewing gum more than the baking powder products. He then changed his strategy and began producing chewing gum. Today Wrigleys Chewing Gum is one of the largest companies in the world.
Domino's PizzaTom Monaghan also understood the importance of identifying a customer need and then filling that need. In 1960 Tom founded Domino's Pizza. Tom's goal was to open 3 pizza delivery stores. (That's why there are 3 dots on the Domino's logo). Domino's competitive advantage was, and still is......'high quality pizza and fast delivery'.This strategy was simple yet effective. Tom didn't try to target the whole market. According to their website Domino's are; not a restaurant (as they don't have table facilities), not a takeway (less than 30% of their sales are made over the counter) and they are not a fast food joint. They provide a high quality, freshly prepared hot meal, delivered on time, every time. Domino's campaign of 'delivered in 30 minutes or it's free' exploded their market share. There are now over 8000 Domino's Pizza stores in over 50 countries worldwide! This shows that new business marketing research can take an unknown brand and turn in into a global business. Once you have determined your niche market you can then direct your new business marketing research efforts towards that customer. Your marketing strategy which includes, naming your business, advertising and branding and promotion will yield far better results when you have profiled your ideal customer and then directed your marketing efforts accordingly. SUMMARY
REMEMBERFind a need and fill it is the essence of what marketing is all about. Unfortunately many business owners develop a product or service and then discover that there isn't a need for it and/or they cannot produce it profitably.
from New Business Marketing Research 
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