From thought to the floor Market Research-Some resources
Now you have defined the following for yourself.
prolific or ordinary company
design direction & season
The next element is market. Caitlin is a example of my chosen target market.
Some websites I use for market research are…
- http://www.census.gov/- United Sates market
- http://www.statcan.gc.ca/ -Canadian market
- http://www.census.ac.uk/guides/inter_census.aspx– International census
It is very important to be aware of the global and local economy. The employment rates and taxes. The ability to understand economic trends will help you make correct and planful decisions for your business and consumers. Some news resources I read are Wall Street Journal, Women’s Wear Daily, California Apparel News, local papers, twitter feeds for WWD, STYLESIGHT, WGSN and any relevant resource for your business. I use LinkedIn to connect me with manufacturers, and user groups.
Also get out into the mall or shopping areas and people watch. Listen in on conversations. Get out and go to events that your market likes. Generally people are ready and willing to tell you what they love and hate. If you want to cater to a niche market, insert yourself into events. For example, a record store would be without character and customers if they didn’t post flyers for local events or coming attractions. As well as new releases that were relevant to consumers.
Say you are a on-line apparel business. Using ETSY , Ebay, etc. To just have a store on these pages is not enough. You need a hook to drive traffic. The Blog is a way of creating community of similar interest, education, and information to the consumer. Then link this to your store. This is form of marketing will monetize your websites. To find resources, I usually go direct to the website and look on-line for trend analysis reports for three years.
Research the community, know your numbers, and make yourself known. Remember that you are creating a business that will need to be financially stable. Sustainability and flexibility will also need to be planned into your market research.
Market research effects the following…
- financial planning
- consumer trends
- realistic product to fit consumer
- Writing a business plan
- getting a loan