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MARKET
RESEARCH
and
SWOT ANALYSIS
Module 1 Identify
HOWTO
Market
My
Small
2012-2015
MY
PR
plus
1
Business
HOWTOMARKETING
In this section
+ MARKET RESEARCH
+ WHAT IS A SWOT ANALYSIS
+ WHY ITS IMPORTANT
+ HOW TO UNDERTAKE A SWOT ANALYSIS
+ SAMPLE SWOT ANALYSIS
+ WHAT TO DO NEXT
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PR
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Market Research
+ Having a Competitor Analysis (from the previous Section) is a great
start to better understand your business and marketing
+ The next important step is to undertake other relevant Market
Research
+ Obtain statistics, data and anecdotal information about the
demand for your products or services as well as potential
customers and highlight opportunities for niche markets and
unique selling points
+ Government collects great statistical information that is publically
available
+ In Australia the ABS (Australian Bureau of Statistics) produces great
data and reports
+ Your local council may have statistical information online as well.
+ Brisbane City Council for example has a great Community Profiles
facility where you can search for stats in your region down to which
suburbs have the most retirement villages, under 35s, the most
blue collar workers, the most familiesits an amazing facility
HOWTO
Market
My
Small
2012-2015
MY
PR
plus
3
Business
HOWTOMARKETING
Market Research
+ Media consumption reports and social trends information can be found on
sites such as www.mccrindle.com.au
+ Google is a great starting point and even infographics in Pinterest can
provide great general information (always check the source for credibility)
+ Other Federal and State agencies also provide information and statistics
about specific industries.
+ Industry associations and Chambers of Commerce often produce survey
results or benchmark data that can be very useful
+ Links to relevant agencies and associations can usually be found on your
government business resource sites
+ You may also have your own data such as customer survey results, sales
figures or information feedback you have been given
+ Of course you may consider hiring a commercial market research agency
or even buy their products and services to compare them with your own
YOURE LOOKING FOR ANY INFORMATION THAT CAN IMPACT THE
DEMAND FOR AND SALE OF YOUR PRODUCTS OR SERVICES
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PR
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INTERNAL ENVIRONMENT
STRENGTHS
Low overheads as can work from home and main costs are raw
WEAKNESSES
learn
Workload can be hard to manage as I am sole employee and
Quite unusual designs
meeting a lot of orders at once can be hard
from this
analysis?
EXTERNAL ENVIRONMENT
OPPORTUNITIES
THREATS
Have noticed a trend from customers asking for child sized versions
There is a lot of competition on Etsy
of bracelets and necklaces
Low Australian Dollar means raw materials I import are getting
I could keep past customers informed of new ranges or products
more expensive
I could find other boutiques in my local area that would like to stock I don't get a lot of repeat customers and reaching new
my products
customers is an ongoing challenge
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PR
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What next?
+ Use the SWOT analysis to inform your business strategy and make
changes to your operations, products and services if needed
+ This will also inform your overall marketing strategy
+ I recommend that you DONT skip these steps even if you have been
in business a while
+ Often marketing your business falls down when you didnt take the
time to fully get to know what you are dealing with internally and
externally and lay a strong foundation and knowledge base
+ The physical exercise of getting these ideas down on paper (or on
screen) can make a huge difference and put issues and solutions in
perspective
+ Involve other people you trust in the process as well
HOWTO
Market
My
Small
2012-2015
MY
PR
plus
Business
HOWTOMARKETING
13
+ MARKET RESEARCH
+ WHAT IS A SWOT ANALYSIS
+ WHY ITS IMPORTANT
+ HOW TO UNDERTAKE A SWOT ANALYSIS
+ SAMPLE SWOT ANALYSIS
+ WHAT TO DO NEXT
2012-2015 MY PR plus 7