19 Aug Do you know who your customers are?
In order for any business to effectively and efficiently market their products they need to know their market, and this holds true for the fiber industry. With the age of the internet it’s easier than ever to access a large and diverse sample group through online surveys. Why should your business consider conducting an online survey?
1. Identify potential customerIdentify potential customers
Who is going to use your product? How old are they? Are they married, single or divorced? Do they have children? Where do they live? What is their level of education? Do they knit, crochet, or spin? and so on.
2. Understanding your existing customers
Why do customers choose your product over competitors? What do they value? Is it service, product quality or the prestige associated with consuming your product/service? Who influences their buying decision? What websites do they visit? Which social media channels do they use?
3. Develop effective strategies
From your research you’ll be able to make informed marketing decisions about how to price your product, how to distribute your product, and which media channels to use.
4. Examine and solve business problems
If you’ve identified a business problem, research will help you work out what is happening. For example, if your sales have fallen you might discover that brand awareness has also fallen, or that a new competitor has entered the market or a substitute product has become available.
5. Prepare for business expansion
Research will help you identify areas for expansion and test the market’s readiness for a new product. For example you could be looking to create a new yarn and you need to find out what fibers people want to work with most (e.g. alpaca v. angora).
6. Identify business opportunities
Your research could identify new business opportunities. You may find an un-serviced or under-serviced market. You could identify changing market trends such as a trend towards locally raised fiber that is processed in the U.S.
By understanding your market you can more effectively shape your marketing strategies, and set goals for how to expand your business. If you need help figuring out which questions to ask, and how to create a survey that will help you collect the information you need in order to grow your business contact us!