Market Research

Market reserach is the corenerstone of all businesses, as without knowing your 3Cs (cusromers, competitors and costs) it is difficult to know how best to make sales, and then whether you will be making a profit or not.

BFA will do you market research for you:

• Customer questionnaires
• Focus groups
• Competitor anlalysis
• Industry analysis (and background)
• List of potential suppliers
• Supplier quotes

Customers

Without knowing what your customers are wanting, needing and desiring it is difficult to organise you marketing strategy, to meet those wants, needs and desires.  If you don’t have customers, then you can’t get sales and that means no money coming into the business!

Competitors

You need to understand what your competitors are doing, as this will show where your competitive advantages are, and what you do uniquely; it is your competitive advantage and USP, which you will promote to potential customers, and hence make sales.

Costs

Profit = sales - costs!  If you don’t know ALL your costs, then you can’t know if you are making a profit or loss, thus whether you should be doing the business or not!