System Of Success

Essential Questions That You Need To Ask Yourself Before Setting Up Your Marketing System

Market Research Internal Questionnaire

(Ask Yourself)

Your Market

1. Is there a need for what you’re offering?
2. What problem are you solving?
   
   • What are your customer’s unmet needs?
   • To what extent are your customers hurt by not being able to meet this need effectively?
   • What is your proposed solution? (product, service, or combination)
   • How will your customers benefit for using your product or service, and can you quantify those benefits?  (Convenient, significantly better, faster, cheaper or cooler than they were formerly able to do so. - Be as specific as possible.)
   • Who are your customers?
   • What kind of people would want to buy your product, or pay you for your service?  
   • What is your ideal customer profile?
   • Who’s your ideal user?
   • What do they want?
   • What do you want them to do?
   • Are there enough of these types of potential customers to support your business?
   • Where are they located? 
   • Will they frequent your area you plan to be in?
   • How big is your total addressable market?
   • Can the economic profile of your community support your business?        
3. Are you selling a premium service with prices to match? 
4. Can the community support this type of business?  (Be sure that your product/service matches the economics of your community.)
5. Are these people the type of customers who are likely to become repeat customers?
6. If so, why?
7. If not, why not?
8. Are these people the type of customers who are likely to Recommend and refer others to you?
9. If so, why?
10. If not, why not?
11. What are the demographics of your target consumer?
12. Does your product name resonate with people?
13. Is your message focused on the right things?
14. Will the message be perceived and consistent with what people have come to expect from your company?
15. How does your message differentiate from your competitors?
16. How often your target consumers currently use your product?
17. How can you involve customers in creating a superior solution?
18. How will your business make money?
19. Can the business generate sustainably high profits?
20. Will Your Customers Buy Often Enough?
21. Unless it is a high priced product or service you are going to launch, you need regular buyers.
22. Is The Market Price Driven?
23. If it is and unless you have a super low-cost structure with add on’s to sell do not go near it.
24. Is The Market Seasonally Driven?  (For example, if the majority of sales are only in spring and summer months you need to make sure you can make enough sales to carry you over the quiet months if you do not have any other products.)
25. Is The Market Influenced By Other Markets?  (For example, if demand lowers for new housing it will affect all businesses that supply to that market, such as real estate agents, electricians, lighting businesses.)
26. Is There a Low Cost of Entry?  (This indicates that set up etc is pretty low, but it will also attract many others to the market and that means increased competition.)
27. How well does the business fit with your core competencies?

 
Your Competitors

1. Are there other businesses similar to yours that are currently operating in your market? Existing businesses like yours is not a bad thing, it means there is a market for your business.
2. Are there any dominate competitors?
3. Trying to get business from well-entrenched competitors is tough even if you have money to spend.
4. Who are your competitors, and how do you compare to them?
5. How do these businesses appear to be doing?
6. Do they look they are healthy, thriving businesses?
7. What are these businesses doing well?
8. What are these businesses doing poorly?
9. What could you do better to compete with these businesses?
10. How would you stand out?
11. Is there an opportunity to create a competitive advantage here?
12. Is the market large enough?
13. Unless it is a new market that is growing, if it is really small it may indicate there is not the demand by customers for the products or services.
14. Are there too many competitors?
15. If there are it can be very difficult to be heard amongst all the noise.
16. How much competition is there?
17. Does the market appear to be saturated?
18. If yes, are there ways that you can alter your business plan to suit a niche market?
19. Is the market growing?  (Not much use launching your brand if the market is flat or declining.)
20. Is there a gap in the market?  (If you are just going to be another me-too product or service then it is going to take more money and time to get customers if at all. This area can be a little dry and definitively not as exciting as other parts of marketing, but it is one that can’t be overlooked if you want to enjoy business marketing success.)
21. Are there viable (niche) segments within your market?  (This can provide the opportunity to just target one segment rather than the whole market and also provides opportunities for expansion in the future.)

 
MJ © Copyright 2016 Marketing Madness