Description
Do you know what big companies have that allow them to be successful and thrive when small businesses are struggling? A team of people who research and analyze their business model, products and target customer to make sure they all align to drive success.
Market and niche research is especially critical for craft businesses whom often find themselves in an oversaturated market as they attempt to turn their passion for creating into a business.
THE PROCESS
- Purchase this service, you’ll start by filling out an onboarding form to give us an idea about where your business is and where you would like it to be moving forward. We will work with you to refine your niche if necessary.
- We will complete your 25-page Niche & Market Research Report in 7 business days.
- Review it and book a call to discuss in real-time what to do next for your craft business plus ask any questions about your report.. The goal of this report is to help you make strategic, informed and intentional decisions about your business that drive it forward and upward.
- Enjoy 1 Year of Email Support for Business Related Questions, Comments, Concerns, and Feedback to give you what you need as you transition your business.
This report can help you better understand how to actually reach your perfect customer and how to drive profits for your small business. In the 25-page Niche & Market Research Report, we cover the following metrics as it relates to your specific niche business:
- Target Audience Identification: Understand the specific group of consumers your business aims to serve (age, gender, income, location, interests, etc.).
- Customer Needs and Pain Points: Identify the challenges, desires, and unmet needs within your niche that your product or service can address.
- Market Size: Estimate the total potential size of the market and the demand for your product or service within your niche.
- Competitor Analysis: Research competitors in your niche, analyzing their strengths, weaknesses, pricing, marketing strategies, and customer base.
- Market Trends: Keep track of emerging trends, including technological advancements, consumer behavior changes, and shifting market preferences.
- Consumer Buying Behavior: Understand how your target audience makes purchasing decisions, what influences them, and how they engage with products in your market.
- Customer Demographics: Dive deep into demographic information (age, gender, income, education, etc.) of your target audience to personalize marketing efforts.
- Psychographics: Understand the lifestyle, values, opinions, and motivations of your target audience to tailor messaging and offerings.
- Geographic Segmentation: Analyze location-based factors such as urban vs. rural preferences and regional variations in demand.
- Product Usage Patterns: Research how frequently customers use products in your category and identify product lifecycle stages.
- Pricing Strategies: Study your niche market’s pricing sensitivity and determine what price points consumers are willing to pay for similar offerings.
- Distribution Channels: Identify the most effective ways to distribute your product, whether through online platforms, retail stores, or direct sales.
- Regulatory Environment: Understand industry-specific regulations, laws, and standards that affect your niche and market entry.
- Social Media Insights: Explore social media platforms to gauge conversations, trends, and consumer sentiment related to your product or niche.
- Seasonality of Demand: Determine if demand for your product is seasonal and how that affects your marketing and product development strategies.
- Customer Loyalty and Retention: Investigate how loyal customers are to products in your niche and the key drivers of customer retention and repeat business.
- Value Proposition: Clearly define the unique value your product or service offers and how it solves the customer’s problem better than competitors.
- Barriers to Entry: Identify potential obstacles in entering the market, such as high capital costs, competition, consumer loyalty, or legal restrictions.
- Customer Acquisition Cost (CAC): Analyze the cost of acquiring a customer within your niche, including marketing, sales, and promotional expenses.
- Consumer Sentiment and Feedback: Gather customer reviews, surveys, or focus group feedback to understand how your target market perceives existing products.
- Innovation and Differentiation: Research opportunities for product innovation or differentiation that can make your offering stand out in a crowded market.
- SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to evaluate your business’s position in the market.
- Influencer and Affiliate Marketing Opportunities: Explore opportunities to collaborate with influencers or affiliates who resonate with your target audience and can help boost brand awareness.
- Online Search Trends (SEO): Use SEO tools to identify popular search terms and phrases relevant to your niche, optimizing your online presence and content.
- Market Entry Strategies: Research effective strategies for entering your target market, such as partnerships, joint ventures, or leveraging existing distribution networks.
