Posts from — November 2009

Finding a Market Opportunity in a Poor Economy – Using an Industry Analysis

Dr. Jose A. Bardelas Jr. MD Industry Analysis By Cheryl Davisson Gracie

“I just want to sell and make money! I don’t need to spend my time collecting all that information about market trends in the industry. That’s for big companies! I just need to get out there and sell.”

Sound familiar?

Industry research takes time, sometimes a little money, and may often turn up information that brings our business idea or strategy into question, destroying our dreams of profit. But, that is the reason we perform the research. A review of your industry is your first step to understanding whether or not your ideas are worth pursuing.

Why perform industry research?

No one wants to spend time planning for a business that is unlikely to succeed. It is a waste of time.

Understanding your industry helps you identify trends in the markets that are likely to impact your business. Will there be a shortage of supplies and other resources that will drive up costs? Or, will there be a surplus that will drive down costs? Will there be an increase in demand for goods and services making it relatively easy to find customers? Or, will demand likely decline? Understanding the trends in the markets is a first step to identifying a market opportunity.

Understanding your industry can also provide valuable insights into the behavior of competitors and the challenges your business will face. Is the industry old and established making it difficult for a new business to get started? Or, is the industry young and growing with new businesses starting up all the time? What companies currently dominate the industry? Are these companies so large and entrenched that a new business will find it difficult to start-up and survive? Or, is the competition small and diffused making it possible for a company to distinguish itself?

It is having the answers to questions like these that makes it possible for you to develop strategies to cope with challenges in the market and effectively compete.

Where can you find information about your industry?

The good news is that the information you need to obtain is for the most part readily available on the Internet for free (or for a nominal cost). Most public libraries subscribe to online references that publish summaries about industries which provide a quick overview (which may be all that you need). Additional information can be obtained by checking various census reports as well as other government publications that provide information about industries. Often, you can find useful information about how market leaders view the industry and markets in their annual reports. Most annual reports can be downloaded on the Internet for free. Finally, trade or professional organizations often conduct research about their industries to share with their members.

Using industry information to identify a market opportunity

In order for a business to succeed in today’s economy, you must find customers with money to spend. Even a quick study of your industry can reveal markets where demand is growing among particular types of customers and where the competition is not intense. Even if it doesn’t, its good know such markets do not exist before you spend your time and energy, not to mention your savings, planning a business around an idea that has little chance of succeeding.

Corporate Clothing and Branding in Tough Economy

Dr. Jose A. Bardelas Jr. MD  Branding in Tough Economy By Helen S

It is not surprising to see that more businesses are cutting back on their marketing expenses this year. The current economy situation leaves us thinking twice about where our marketing dollars are going to, and how we can save without compromising the overall outcome of our advertising efforts.

Unfortunately, the marketing (and branding) budgets are the ones to shrink first, and your job as a marketer is to make a decision on where and how to spend your money in order to get the highest return on investment.

Luckily, there have been definite positive changes in the branding department for those who are ready to take the risk and, more importantly for those who have a plan. As more companies are pulling out their branding efforts, you, if continuing on the right path can really stand out, as there would be less players to compete with. So, by not slowing down, and by gaining the momentum, you can really get ahead in the branding game. This is where your branded corporate clothing and accessories play their strongest parts.

Three easy steps to get it right in the tough economy:

1) Identify your audience and tailor your clothing for them. Narrow it down to hit the sweet spot. This will help you to decide what type of clothing you should go with. If your budget is tight, and you could go with only one piece of branded clothing; make sure it is the right one. For example if your target audience is into golf, do your research to see what is the hottest item for golfers this year, and go with it.

2) Clothing with a purpose. There are many options to choose from when it comes to branded corporate clothing. T-shirts, jackets, dress shirts, and when you are aiming to save, you want to choose one piece that would not only be worn often, but also could complement other pieces of your employee’s wardrobe. For example a simple, well-made raincoat or a waterproof jacket could be a good choice for the fall.

3) Branded Accessories. Umbrellas, baseball caps, luggage are always the winners when it comes to branded merchandise. Their longevity and durability have proven to be the best selling points for marketers when choosing a promotional material.