Researching And Marketing In The Early Stages Of Entrepreneurship

by Seymur Musayev | CEO at PERGOROOF, Inc.

Becoming an entrepreneur is a dream for many. But, it remains just a dream for the vast majority. Entering the market without researching the market, not taking the risks, not having a goal, not being open to innovations, not having an understanding of marketing and many other nuances can lead companies established with great hopes to the abyss in a short amount of time. I notice that these types of people—even if they are successful in business—can’t develop their business beyond the local market. I find this to be the case because instead of having goals, they only have a purpose—to make money.

People of this mindset believe that if you have a business idea, you need a large amount of money to start it. Let’s look at this from another angle. When any business idea or situation arises, the first step is to set goals. Of course, this takes a certain amount of time and research. This research should be based on the volume of the area you are entering, the average prices of the goods you are selling in your country, your competitors and your customers. You can then use that research to build a marketing strategy that accurately presents the product you are going to sell.

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Conducting Market Research

Researching was difficult 30 years ago, but now it’s much easier. If the research was done through newspapers and magazines in the past, now everything can be found with one click. With proper research, you can be several steps ahead. The easiest and most practical way to do research is to define keywords. This information may include:

• Annual volume of the market you will enter.

• Number and role of competitors in the market.

• Competitors’ marketing strategies.

• The average market price of the product you will sell.

• Source of products in the market.

• Shortcomings in the market.

Add the notes you have obtained from your research to your business plan.

Creating A Marketing Strategy: The Four Ps

With my experience as CEO of a successful company, I believe marketing can be one of the most important pillars of the company you wish to establish, and your future success will be highly dependent on it. Let’s talk about the 4P concept in marketing, also known as the “marketing mix,” and questions you should ask yourself when preparing your business using this idea.

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The first P stands for product. A product can mean a physical product or service. In general, I will call it the product. First of all, you need to know what problem the product you are introducing into the market will solve. Determine the product’s features, qualities, design, packaging, dimensions, etc.

Second, determine the market price. The price of the product will be what directly affects the sales. Therefore, the question arises: How much are potential customers willing to pay for this product? If the product’s target audience is people with low income, but a high price is set for the product, then the product will not sell. If the product is premium, but the target audience is people with high income, the price below the norm will still negatively affect sales. Here, you can benefit from the research report you prepared in the beginning.

Place is the third factor of the 4Ps. Where will your product be presented to customers? The role of the first and second factors is great for the correct determination of the place. In our modern era, the concept of place includes not only any physical place but also the online place.

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Promotion, the last factor, also forms the basis of a product’s marketing strategy. In order for you to offer the right product at the right price and place to your target audience, you also need to present that product in the right way. This does not only mean advertising but, more specifically, considers public relations, meetings with clients, social media events, influencer collaboration, sponsors, etc.

As a result, the investment of your time and research will be the first profit of your new company.

Referring to the 4P strategy and thorough marketing research can lay a sound foundation for a successful business model and profitable business operation. When market strategy and research are both well-timed and well-founded, they may be the key to helping any business not only to keep up with the competition but also to stay ahead of competitors.

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