Some questions you should be asking yourself if you are thinking of launching a new company:
- Do you have a good handle of who your primary target market is? What about your secondary target market(s)? How specific are the demographics / psychographics for these markets?
- If you could close your eyes and describe your perfect customer, could you do it? How detailed could you make this profile? Is the profile based on any actual data at all or is it a gut feel?
- Do you have information of how they like to communicate? Do they prefer phone / face-to-face / email / social media? Does it depend on the nature of the interaction?
- What are the current industry trends? Is the industry as a whole on an upswing?
- Are you an early adopter or innovator in the field or are you adding to an already established product category?
- What is your specific market segment?
- Do you know who your competitors / major players in the market segment are? Do you have data on what their market share is — and what you want to capture within a year? two years? five years? Do you know their strengths and weaknesses? And what has been in the press about them over the past year?
- Is your industry heavily regulated? Do you know what the regulations are that you will need to deal with in the short- and long- term?
- Are you planning on exporting or importing your product? Do you need a local manufacturers’ representative to get into the marketplace? Do you know where / how to find one?
- Do you need to know what is going on in an international market that you have never done business in before? Are there cultural difference that you need to investigate?
- Is this giving you a massive headache?
If the answer to the last question is yes …. Infotrova (and other AIIP member companies) is especially trained to help you find crucial business information that gives you the necessary information your company needs to succeed. With access to a wide variety of for-pay electronic databases and expertise in mining hard-to-search free internet resources, Infotrova (and companies like it) will find you the best information available, and will package it in an easy-to-reuse format to aid in your decision making.
And, once you have your business information needs under control, you’ll have time to do the things you actually like to do, like product development. Maybe even get some sleep. Imagine that!