Marketing

Market leadership hinges on knowing customers

How to capitalize on a brainstorm

Get back to basics to recharge your firm

Research

Advertising

Research

Start by asking yourself some questions: Who are my company's potential customers? Where are they? How badly do they need my company's product or service? Who offers the same product or service? How do my competitors get their product or service to the customers? How much do they charge? How can my company do the same thing as my competitors', only better? What is the best way to tell potential customers about my company?

You can find the information you need to answer these questions relatively easily. Here are a few suggestions:

Your computer The internet is full of information about potential customers in your industry. Government sources of information, statistics and regulations can also be reached online.

Your library In addition to carrying directories, industry publications, government statistics, and other resources, most libraries are linked electronically to computer databases.

Your chamber of commerce or board of trade These organizations exist for the purpose of helping people like you.

Universities and colleges Check with the ones in your area to see if they provide courses in business administration or commerce. Usually such programs include a student-run, faculty-supervised consulting service. For a small fee, students will conduct a market research program on your behalf and to your specifications.

Municipal and provincial governments Some municipalities and every provincial government operate a department dedicated to economic development. They can provide you with a wealth of information, from potential suppliers to licensing and regulation to export possibilities.

Suppliers If you're starting a business in an industry in which you have some experience, you'll already have some knowledge of the suppliers who operate in the industry.

Customers The customer is always right, ask them what you could do to improve on your product or service.

Employees They have insights into the industry that you may never have considered, and it's likely that no one has ever bothered to ask them for the ideas.

Consulting firms For more extensive research, you should contact a consulting firm that specializes in market research.

Trade associations For every industry, there's an association. Sometimes these organizations spend most of their time dealing with governments on behalf of their members. Sometimes they administer annual conferences and trade shows, publish industry newsletters or magazines, or conduct seminars.

Disclaimer: This website contains the opinions and ideas of its authors and is designed to provide useful advice in regard to the subject matter covered. The author and publisher are not engaged in rendering legal, accounting, or other professional services in this website. This website is not intended to provide a basis for action in particular circumstances without consideration by a competent professional. The authors and publisher expressly disclaim any responsibility for any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this website.