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First-stage market research: 10 questions to test the waters

By CCIWA Editor

Are you researching your industry to see where you fit into the market? Here’s some questions to ask yourself:

  1. Who are my customers? Establish you have a market, then try to define it.
  2. Where are my customers? Location is pivotal when establishing a bricks and mortar presence. You need to be convenient. 
  3. Why would customers choose me? What are your unique selling points (e.g. price, convenience, knowledge/service)?
  4. How will I reach them? Research your customers’ demographic backgrounds to look for trends that will make them easier to reach — for example, is social media a good idea, or targeted industry advertising? 
  5. Who are my competitors — what do they do well or badly? You need to give customers a reason to choose you. Scanning reviews and complaints about your competitors gives you an edge. 
  6. What are my competitors’ costs? While price lists will be publicly available, talk to suppliers or check any publicly listed documents with ASIC for an idea of internal costs. 
  7. Will my price/costs be competitive?
  8. What are the major trends in the industry? Is your market stable, or likely to expand or contract rapidly? What are the opportunities? Is it vulnerable to disruptors? 
  9. What is the economic outlook and how will this impact my industry?
  10. Does my business need to be online, real-world or both?

Are you researching your industry to see where you fit into the market? Here’s some questions to ask yourself:

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