Help required!!!

newfrontier

Hi Guys,

Just need the boards bizheads for a bit of advice/wisdom. Have sourced a new product for the Irish Market .not here yet but will be very soon..need advice on how to establish market size without telling all the competition about new product ?

Anybody got advice on this?

DubTony

I can't help with how to measure the size of your market, but here's something interesting about competition.

From Seth Godin's blog. http://sethgodin.typepad.com/seths_blog/2010/08/competition.html

Competition validates you. It creates a category. It permits the sale to be this or that, not yes or no. And this or that is a much easier sale to make. It also makes decisions about pricing easier, because you have someone to compare against and lean on.

newfrontier

Thanks DubTony.. interesting reading

Budget Marketing

Apart from basic market reseach like questionairrs and focous groups you could do the following:

Take a country that is similar in terms of demographics/culture to Ireland and which currently sells the product and analyse how the product is selling in this similar country. (dont forget to take poppulations into consideration of course )

You could look at other industries which are similar to your products industry and see what sort of market size these have. Assuming that in the future your product could act as a substitute to the products in the current industries.

Thats off the top of my head, stuck give me a shout and ill look further into it:)

rob@budgetmarketing.ie

edbar2

newfrontier wrote: »

Hi Guys,

Just need the boards bizheads for a bit of advice/wisdom. Have sourced a new product for the Irish Market .not here yet but will be very soon..need advice on how to establish market size without telling all the competition about new product ?

Anybody got advice on this?

My suggestion is to get your marketing and sales efforts all prepared and ready to go, and then push the button to start.

You may have a bigger lead than you realize and the longer you wait to execute, the more time you are giving the competition.

Keith

Budget Marketing

edbar2 wrote: »

My suggestion is to get your marketing and sales efforts all prepared and ready to go, and then push the button to start.

You may have a bigger lead than you realize and the longer you wait to execute, the more time you are giving the competition.

Keith

The whole point of this thread is down to the fact that the OP wants to calculate if there is a market for his/her product. With an investment of time and research they will have a good idea of the market.

So it baffles me when you tell them to quickly go out and start selling?
There is no point in selling something when there is no/little market for the goods/service.

Rob

edbar2

Budget Marketing wrote: »

The whole point of this thread is down to the fact that the OP wants to calculate if there is a market for his/her product. With an investment of time and research they will have a good idea of the market.

So it baffles me when you tell them to quickly go out and start selling?
There is no point in selling something when there is no/little market for the goods/service.

Rob

Rob,

Your interpretation of his question is different than mine. So don't be baffled.

NEWFRONTIER says he has a product (already created) and wants to sell it but is afraid the competion will get wind of it and start competing.

I have been in his situation and learned "through the school of hard knocks" it was best to just start selling. The competition may not be in a position to compete as soon as he thinks.

If NEWFRONTIER is not interested in my suggestion, I think he can speak for himself.

Budget Marketing

Hi keith,

edbar2 wrote: »

Rob,
Your interpretation of his question is different than mine. So don't be baffled.

Well i think he asked how to establish market size. its clear from the OP.

edbar2 wrote: »

I have been in his situation and learned "through the school of hard knocks" it was best to just start selling. The competition may not be in a position to compete as soon as he thinks.

Im sure many people have learnt "through the school of hard knocks" by not carrying out reseach and wasting 1000's of euro on product they cant shift.

Basically you are encouraging the OP to go ahead with his plan without carrying out any research into whether their is a market for this product.

You are telling someone to start a business without carrying out any basic feasabilty study or mktg plan. Im sorry that is baffling:rolleyes:

edbar2

Budget Marketing wrote: »

Hi keith,

Well i think he asked how to establish market size. its clear from the OP.

Im sure many people have learnt "through the school of hard knocks" by not carrying out reseach and wasting 1000's of euro on product they cant shift.

Basically you are encouraging the OP to go ahead with his plan without carrying out any research into whether their is a market for this product.

You are telling someone to start a business without carrying out any basic feasabilty study or mktg plan. Im sorry that is baffling:rolleyes:

You're probably right. I specialize in stock trading, not marketing.

Andy_Black

Why not run an actual campaign?

A Quick & Inexpensive Way To Find Out If There Is A Market For Your Products/Services

Hope it helps.

Andy