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Is Your Business Idea Feasible?

    by Danna Yuhas, Market Impact

    Start-up company owners and entrepreneurs often tend to overlook market research, which is a critical factor in providing a solid foundation on which to successfully build a business. If you’re like most small business owners, you know lots about the SUPPLY side of your business � that is your products and services � and you can describe them in infinite detail. Your entrepreneurial passion drives you to make things happen, in spite of the obstacles you face. But how much do you really know about the DEMAND side of your business? That is, sustainable demand. Because without sustainable demand, there is no long-term business!

    At the very least, you should be able to answer the following questions relating to demand and the factors influencing it:

    1. How would you describe your best potential customers?

    2. What are your customers’ needs and hot buttons? What benefits and results do they seek?

    3. How are purchasing decisions made and who is involved either directly or indirectly?
    • Is the decision to buy made by an individual, as a family unit, or by committee?
    • What role(s) does each person play? (i.e. influencer, gatekeeper, ultimate decision maker, coach.)

    4. How many prospective customers are there?

    5. What specific products and services will they buy from you?

    6. Who else is competing with you to serve this customer?

    7. How is your company better than or different from the competition?

    8. How much is the customer willing to pay?

    9. Where do your customers buy the products or services you’re offering? (i.e. Web, boutique, mass merchandiser, direct mail, distributor, telemarketing, direct sales force, etc.)

    10. How do your customers learn about your products and services and how can you reach them? (i.e. broadcast or print advertisement, word-of-mouth, trade publication, colleagues, trade shows, etc.)

    11. Are there any market, economic, demographic, political, or environmental trends, issues or policies that will impact your business?

    The answers to the above questions will help you to determine the viability of your business idea. This information will also help you to formulate a marketing strategy, a unique selling proposition, advertising and brochure copy including key messages and benefits, a competitive selling strategy, and a product strategy. And it will provide you with the information and confidence you need to charge a fair and reasonable price.

    Market research doesn’t have to be complicated. But it does take time. When starting out, you may want to conduct the research yourself. Not only will this keep your expenses down, but you’ll also get a very good feel for the market. And you just may land some new business, too!

    So where can you find the information you need?

    1. Test market your business idea by surveying 100 potential customers.
      Ask good questions. Establish trust and credibility, and discuss their problems or issues.
      • What are they doing well now?
      • What would they like to do better?
      • How is the problem impacting their business?
      • What is their time frame for solving the problem?
      • Do they have a budget?
      • What are they willing to pay?
      • What are the repercussions of not solving the problem?

      "Real Customers" will answer your questions. If your survey results are good, the market is real.

    2. Read local and daily newspapers, magazines, and trade journals. They will provide you with current business and industry information. What is the media saying about your customers and your competitors?

    3. Use the resources, libraries, directories, and networking opportunities of the Chamber of Commerce, Board of Trade, or a Professional or Industry Association. Talk to industry lobby groups.

    4. Use government resources such as the Economic Development Office in your area, Statistics Canada, and the Ministry of Economic Development and Trade.

    5. There are many useful books, directories, and other resources available in the Small Business Help Centres. Contact Ailene Holder, Town of Markham (905) 475-4890.

    6. Use the Internet. Useful web sites include Industry Canada at http://strategis.ic.gc.ca/engdoc/main.html for business sector and economic analysis; and Statistics Canada at http://www.statcan.ca/start.html for demographic, social, socio-economic and economic data.

    7. Find customers and competitors in Telephone, City, Trade and Financial Directories.

    8. Talk to suppliers, distributors, agents, brokers, and other distribution channel members. They can provide you with inside knowledge on the industry, the major players, trends and opportunities.

    9. Talk to competitors. Observe how they treat you and others. Are they knowledgeable? What are they advertising or saying in the media?

    Once you have gathered the information, your job is not quite complete. You will still need to analyze the data and combine it in various ways in order to formulate business, marketing, communications, public relations, and product strategies. Then you will have a solid foundation on which to grow and build your business.

    © Danna Yuhas. Market Impact.

    Danna Yuhas is president of Market Impact. The company specializes in market research, strategic direction, results-oriented sales and marketing programs, creative corporate communications, and both technical and non-technical writing services.

    Yuhas has an MBA and 15 years senior marketing experience helping Canadian high technology businesses grow and remain competitive, both in Canada and in the United States.

    For more information, or if you have a particular marketing or sales issue that you are interested in, please contact Danna Yuhas at (416) 410-5608 or reach us via e-mail at [email protected]. Or visit our Web site at www.market-impact.com


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