Market Research by ISFIN

Our market researches are tailored to your organisation or company, your industry or your products and services.

We use our consultants on the ground and our international experts in business intelligence to get the information and knowledge you seek.

We conduct market researches for international and domestic organisations, public authorities and governments, free-zones and export agencies, industry producers and corporations, banks and financial institutions, professional firms, start-up companies.

No matter how good your product and your service, the venture cannot succeed without effective marketing. An effective marketing begins with a carefully, systematic research.

Market research - How?

There are two kinds of market research: primary and secondary.

Primary research means gathering your own data. For example, you could do your own traffic count at a proposed location, use the yellow pages to identify competitors, and do surveys or focus-group interviews to learn about consumer preferences.

Secondary research involves using published information such as industry profiles, trade journals, newspapers, magazines, census data, and demographic profiles. This type of information is available in public libraries, industry associations, chambers of commerce, from vendors who sell to your industry, and from government agencies.

Start your research with ISFIN. We will be pleased to guide you through our business data collection. You will be amazed at what is there. There are more online sources than you could possibly use. Your chamber of commerce has good information on the local area. ISFIN has excellent industry-specific data.

Business intelligence

ISFIN can provide you facts about your industry:

  • What is the total size of your market?
  • What percent share of the market will you have? (This is important only if you think you will be a major factor in the market.)
  • Current demand in target market.
  • Trends in target market—growth trends, trends in consumer preferences, and trends in product development.
  • Growth potential and opportunity for a business of your size.
  • What barriers to entry do you face in entering this market with your new company? Some typical barriers are:
    • High capital costs
    • High production costs
    • High marketing costs
    • Consumer acceptance and brand recognition
    • Training and skills
    • Unique technology and patents
    • Unions
    • Shipping costs
    • Tariff barriers and quotas
  • And of course, how will you overcome the barriers?
  • How could the following affect your company?
    • Changes in technology
    • Changes in government regulations
    • Changes in the economy
    • Changes in your industry

Product and Services Research

We will help you describe your Products and Services from your customers’ point of view.

Features and Benefits

List all of your major products or services.

For each product or service:

  • Describe the most important features. What is special about it?
  • Describe the benefits involved. This includes how will the product benefit customers?

Note the difference between features and benefits, and think about them. For example, a house that gives shelter and lasts a long time is made with certain materials and to a certain design; those are its features. Its benefits include pride of ownership, financial security, providing for the family, and inclusion in a neighborhood. You build features into your product so that you can sell the benefits.

What after-sale services will you give? Some examples are delivery, warranty, service contracts, support, follow-up, and refund policy.

Customers Research

The role of ISFIN is to identify your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics.

The description will be completely different depending on whether you plan to sell to other businesses or directly to consumers. If you sell a consumer based product, but sell it through a channel of distributors, wholesalers, and retailers, you must carefully analyze both the end consumer and the middleman to which you sell.

You may have more than one group of consumers. Identify the most important groups and for each customer group, we will construct a demographic profile:

  • Age
  • Gender
  • Location
  • Income level
  • Social class and occupation
  • Education
  • Other (specific to your industry)
  • Other (specific to your industry)

For business customers, the demographic factors might be:

  • Industry (or portion of an industry)
  • Location
  • Size of firm
  • Quality, technology, and price preferences
  • Other (specific to your industry)
  • Other (specific to your industry)

Competition Research

What products and companies will compete with you?

List your major competitors:

  • Will they compete with you across the board, or just for certain products, certain customers, or in certain locations?
  • Will you have important indirect competitors?
  • How will your products or services compare with the competition?

We can provide you with a full competitive analysis table to compare your company with your most important competitors, including key competitive factors.

Communication Research

  • How will you get the word out to customers?
  • Advertising: What media, why, and how often? Why this mix and not some other?
  • Have you identified low-cost methods to get the most out of your promotional budget?
  • Will you use methods other than paid advertising, such as trade shows, catalogs, dealer incentives, word of mouth (how will you stimulate it?), and network of friends or professionals?
  • What image do you want to project? How do you want customers to see you?
  • In addition to advertising, what plans do you have for graphic image support? This includes things like logo design, cards and letterhead, brochures, signage, and interior design (if customers come to your place of business).
  • Should you have a system to identify repeat customers and then systematically contact them?

Pricing Research

Explain your method or methods of setting prices. For most small businesses, having the lowest price is not a good policy. It robs you of needed profit margin; customers may not care as much about price as you think; and large competitors can underprice you anyway. Usually you will do better to have average prices and compete on quality and service.

  • Does your pricing strategy fit with what was revealed in the competitive analysis?
  • Compare your prices with those of the competition. Are they higher, lower, the same? Why?
  • How important is price as a competitive factor? Do your intended customers really make their purchase decisions mostly on price?
  • What will be your customer service and credit policies?

Distribution Channels Research

How do you sell your products or services?

  • Retail
  • Direct (mail order, Web, catalog)
  • Wholesale
  • Your own sales force
  • Agents
  • Independent representatives
  • Bid on contracts

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