Market and competitors
What does the market look like for your company? As an entrepreneur, it is important to describe what your world looks like, what industry you work in and what trends there are and if they suit your company. Before you finish the product, you need to find out what the customers think, plan, feel, want and need. By carrying out market research, you will better understand both the product and your intended target group. This work will be of great help to you when you market and sell your product.
Start by describing the current situation in the market where the company is located. What trends fit into the product or production concept? How is the industry affected by increased demands for social responsibility, fashion trends and lifestyles, such as environmental commitment.
a) Purpose and goals of the survey
Start by formulating the purpose of the survey in relation to your business idea. Write down what you want to investigate and why, i.e. what your you want to achieve from the results of the survey. What should the answers from the survey be used for? For a start-up company, for example, it can be to find out if there is room in the marketplace for your company or if you need to rethink, adapt the product or completely change the idea.
b) Design the survey
Next, make a plan for how the investigation will go. Think about the following:
- What should I investigate?
- What questions do I need to ask?
- How, where and when should the survey be conducted?
- When should the results be compiled?
Find out what you need to know based on what your product is going to offer.
- What are the needs for the product or service?
- How do people use similar products?
- Where does the customer want to shop?
- How does the customer want to pay?
- What problems does the customer experience with a certain product or within a certain area of use
- What needs does the customer have in a certain area?
- What is the significance of the product contributing to sustainable development?
- What lifestyle does the customer have?
- How much is the customer willing to pay?
- Who are my direct competitors?
- What trends are important for my business idea?
- What laws affect my company?
Clearly describe what you are going to investigate. Do you want to find out what customers' attitude is to the product? Then you can formulate the questions as follows:
- What do customers think about my product or service in terms of features, function and use?
- What do customers think when they compare my product with competitors' products?
- What is it like to use my product or service?
- How do customers think the service of the offer works?
- How often do customers buy a product like this?
- What makes customers choose one product over another?
- How do customers value different features and benefits of the product?
a) Conduct the survey
Be prepared that this step may take some time. You will need to allocate time to meet with people or send letters or emails to those you have selected for the survey, and then wait for all the answers.
b) Compile the material
The survey results must be interpreted and analysed, writing down what you have found out. In the analysis, you only include what you benefit from in order to be able to make important decisions in your company.
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