General Business and Finance Blog

The AIDC market has undergone momentous change over the last 18 months. Consolidation, outsourcing, and end-user purchase patterns have reshaped the competitive landscape within the scanner and printer markets. AutoID, GPS, wireless networking and sensing technologies have converged to improve supply chain visibility for end-users and have suppliers scrambling to position themselves for the coming wave. Some of the repositioning is taking the form of acquisitions such as Zebra’s acquisitions of Wherenet, Navis, Proveo and MSS to gain entry into the RTLS space, Honeywell’s acquisitions of Hand Held Products and Metrologic, as well as TEC’s acquisition of Tohoku Ricoh’s AIDC printer business.

Additionally, key printing hardware vendors have made sweeping changes to the distribution paradigm within the last year with major players outsourcing to contract manufacturers in Asia and developing improved regional distribution capabilities. Finally, end-user purchasing decisions and buying cycles are being negatively affected by the mounting economic troubles worldwide. End users demand quicker and larger returns on investment to justify large hardware deployments and at the same time are demanding more functionality at lower price points. Collectively, these issues require hardware and software vendors to adjust to the market in a quicker and more decisive manner. These issues highlight the importance of deep and reliable market intelligence to successfully capitalize on the changes within the market. The 2009 AIDC Global Industry Planning Service provides actionable market intelligence to support successful strategies for navigating the rapidly changing market landscape.

NEW SERVICE FEATURES FOR 2009
The 2009 service features a brand new packaging scheme that provides more organization, focus, and valueadded services than ever before. Each of the technology tracks has a standard architecture and provides data for a specific set of AIDC technologies.
• Reports are replaced by presentation style deliverables combined with spreadsheets to provide both sharper analysis and enormous detail.
• Our Market Intelligence Services (MIS) are now structured in tracks that align with technology markets and information requirements. Each MIS provides a portfolio of value-added service as part of the annual subscription.
• The basic architecture of an MIS Track includes the following:
1. Technical supply-side reports specific to one or a set of related technologies and associated Vendor Profiles.
2. Demand-side research focused on buyer issues that are of critical importance from “core” countries representing each major regional market [Americas, Europe, and Asia].
3. Quarterly Bulletins that address topics such as: New technologies, M&A activity, emerging market news, changes in competitive landscape and “Year in Review” or “The Future of [a market]” evaluations. We encourage client input on topics selection.
4. Analyst Access: Clients derive maximum value from VDC syndicated market research through their relationships with VDC Analysts and VDC provides easy analyst access.
5. Retainer Account to secure access to our teams for future consulting and research needs based on your requirements; provides a mechanism to focus on rapidly defining and responding to needs that emerge throughout the year.
Full-service MIS clients also receive a Customized Executive Summary (CES): This presentation is specific to your company and is focused on the implications of our research, including, opportunities, risks, and options.

RESEARCH SUMMARY
• In-depth analysis of global market opportunity for handheld and stationary bar code scanners, bar code printers, RFID transponders, printer consumables, and direct part marking equipment with detailed market definitions and segmentations including: core technology, application, vertical markets, etc;
• Market penetration scenarios, estimates and forecasts for bar code scanners, printers, RFID transponders, consumables and direct part marking equipment;
• Users’ technical and commercial requirements and preferences, including end-user investment drivers and applications, system integrator/OEM selection criteria, and distribution channel capabilities;
• Analysis of the structure of the bar code scanners, printers, RFID transponders, consumables and direct part marking equipment supplier communities, including leading and emerging supplier market share, position, direction and profiles; and
• Discussion of key issues, forces and trends driving and restraining market growth and development, including opportunities and requirements for suppliers to grow share and profit.

METHODOLOGY
The rigor of VDC’s research methodology yields data we translate into information and knowledge to create insights that lead to innovation and business results for our clients. This market research service includes a number of data collection and analytic methods:

ANALYSIS METHODS
• Market Segmentation and Definition: Definition of market segments, target customers, and competing solutions are critical to building accurate: sizing estimates, forecasts, supplier position and shares, and customer requirements.
• Market Sizing and Forecasts: Models based on supplier shipments, user budget analysis, recent installations, and future purchasing plans. Other key inputs include supplier forecasts of future growth rates, historical data, and economic outlook data.
• Supplier Share and Position: Derived directly from structured, in-depth interviews of leading and emerging suppliers, with specific emphasis placed on current and projected shipments in combination with VDC’s data repository.
• Customer and Channel Requirements and Preferences: Focus on customer and channel partner priorities driving consideration. Topics include a range of product and supplier selection criteria. We will explore current and future preferences for various technologies, feature sets, suppliers and sources of supply.
• Data Verification: Primary and secondary research on target communities and companies is used to validate our results and includes conducting supplemental interviews at target firms, crosschecking with channel partners, estimates from competing firms and checking historical performance.

STRUCTURED APPROACH AND TOOLS
• Segmentation and Models: Detailed analysis of market segments, customer class communities, products and technologies, and channels that comprise market opportunities.
• Technical Solution Value Chain: Definition of the hardware, software, and services that constitute the technical value-chain
• Commercial Value Chain: Analysis of the relationships between suppliers, integrators, channel partners, and enterprise customers that participate in a specific market.
• Data Collection Tools: Include, but are not limited to in-depth telephone interviews, on-site interviews, and Web-based studies of manufacturers, channel participants, and customers.
• Research Databases: Include VDC proprietary sources, research program sponsors, and industry-specific third parties (e.g., trade publications, Web sites, and conferences).

SECONDARY RESEARCH
• Financial Reports: Analysis of inverter supplier financial reports (e.g., 10Ks, 10Qs, annual reports, etc.) from public and private financial databases
• Due Diligence Searches: Gather corporate background information on suppliers and resellers, core offering specifications, target market case studies, technical and commercial partnerships, and examine applicable periodicals
• Associations and Government Policies: Analyze trends based on relevant industry association news, standards bodies, independent consultancies, academic institutions, government agencies, and consortia
• Proprietary Databases: Use of VDC proprietary databases covering the markets related to the market under study

CONTENTS

MARKET COVERAGE
The 2009 service specifies three (3) distinct service tracks that contain analyses for specific products. Each of the tracks covers a specific set of AIDC technologies across common vertical markets, user environments, and geographic regions (see below).

PRODUCT COVERAGE
HANDHELD AND STATIONARY SCANNERS AND SCAN ENGINES TRACK
• Handheld Scanners: Laser scanners, Linear imagers, 2D imagers, Pen/wand scanners
• Stationary Scanners: Industrial laser, Industrial imager, POS, Bar code verifier

BAR CODE PRINTING AND DIRECT PART MARKING TECHNOLOGIES TRACK
• Bar Code Printers: RFID printer/encoder, Thermal transfer, Direct thermal, Portable thermal, Laser, Impact, Inkjet
• Direct Part Marking Systems: etching technologies such as dot peening, electromechanical, laser, ink-jet, stamping, etc. and hardware
• Direct Part Marking Scanners and Readers: handheld, stationary and software

BAR CODE PRINTER CONSUMABLES AND RFID TRANSPONDERS TRACK
• Consumables: Labels, Forms, Tags/tickets, Thermal ribbons, Toner/drums, Printheads
• RFID Transponders and Smart Labels

VERTICAL MARKETS
INDUSTRIAL/MANUFACTURING
TRANSPORTATION/LOGISTICS
GOVERNMENT
RETAIL TRADE
HEALTH CARE AND SOCIAL ASSISTANCE
COMMERCIAL SERVICES

USER ENVIRONMENTS
MANUFACTURING SHOP FLOOR
WAREHOUSE/DISTRIBUTION CENTER
IN-STORE
FIELD SERVICES/SALES (INCLUDING IN TRANSIT)
OFFICE
HEALTH CARE SERVICE DELIVERY

GEOGRAPHICAL REGIONS COVERAGE
AMERICAS (NORTH AND SOUTH AMERICA)
EMEA (EUROPE, MIDDLE EAST, AND AFRICA)
ASIA-PACIFIC

TRACK ARCHITECTURE
The 2009 service specifies three (3) distinct service tracks that contain a standard architecture and provides data and analyses for the AIDC technologies covered within the track (see below).

SUPPLY-SIDE ANALYSIS
These volumes provide detailed market definitions and segmentations, estimates and forecasts, and competitive share for each technology within the track.

EXECUTIVE SUMMARY
• General Overview
• Product Technologies and Trends
• Vertical Markets
• Geographic Markets
• Selected Recommendations
• Leading Vendors

SCOPE AND METHODOLOGY
• Research coverage
• Data collection tools
• Analysis models
• Telephone and Web survey methods

INDUSTRY STRUCTURE
• Stakeholder map
• Technical value chain
• Commercial value chain

INDUSTRY OVERVIEW
• Form factor classes
• Vertical markets
• User environment
• Geographic distribution
• Sales and distribution channels
• Customer classes
• Leading vendors

MARKET ESTIMATES AND FORECASTS
• Base year/forecast period:
– 2008 Unit and revenue shipment actuals
– 2009-2013 estimates and forecast
– 2008 and 2010 sub-segmented estimates and projections (as appropriate)
• Market estimates and forecasts [revenues] segmented (where appropriate) by product types, region, vertical markets, user environments, and. distribution channel

SUPPLIER ANALYSIS
• Position
• Share
• Strategy and direction

KEY SUCCESS REQUIREMENTS
• Product types, features, and performance
• Industry and application markets to target
• Channels of distribution
• Promotion
• Requirements to maximize booking growth

DISTRIBUTION CHANNEL ANALYSIS
CHANNEL TYPE
• Direct-to-end user
• Direct-to-OEM
• Value-added reseller (VAR)/System integrators (SI)
• Dealer/distributor
• Value-added distributors
DEMOGRAPHICS
BUSINESS MODELS
VENDOR RELATIONS
PERSPECTIVES AND STRATEGIC ISSUES

VENDOR PROFILES
Vendor profiles are snapshots of offerings, markets, and channels for key companies within the merchant computer board industry. The profiles will include:

CORPORATE OVERVIEW PRIMARY OFFERINGS
• Product offerings and shipments
• Application/industry markets served
• Geographic markets served

CHANNELS OF DISTRIBUTION
• Sales organizations
• Customer classes
CURRENT PARTNERSHIPS
STRATEGIES AND OUTLOOK

MARKET DRIVERS, CUSTOMER REQUIREMENTS AND PLANS
These volumes focus on critical customer issues and provide OEM/integrator technical and commercial requirements and preferences.

MARKET DEFINITION AND SEGMENTATION
• Regional market
• Vertical market

DEMOGRAPHICS OF END-USER RESPONDENT TECHNOLOGY USAGE TRENDS
• Traditional technology satisfaction and usage trends
• Installation trends
• Emerging technology receptivity and usage plans
• ROI requirements
• Growth drivers and threats
• Adoption trends
• Technology replacement cycles
• User perceptions
• Certifications and ratings

CURRENT AND PLANNED EQUIPMENT EXPENDITURES
• Purchase decision criteria
• Purchase trends
• By site and organization
• By current and anticipated number of installations
• Spending trends

SUPPLIER EVALUATION
• Supplier selection criteria
• Satisfaction with installed technology

For more information visit: http://www.bharatbook.com/Market-Research-Reports/AIDC-Global-Industry-Business-Planning-Market-Intelligence-Complete-Service-All-3-Tracks.html

or

Contact us at:
Bharat Book Bureau
Phone: (+9122) 27578668
Fax:(+9122) 27579131
Email: info@bharatbook.com
Site: http://www.bharatbook.com

Following the past 2 years of decline, a full market recovery is highly unlikely during 2010. The strongest developments towards recovery will be experienced in markets where controls existed for avoiding excessive lending, speculative buying and instability. Regions that have been hardest hit during the downfall of the real estate market have taken strong steps to avoid continued excessive decline. Control strategies will begin to show their results throughout 2010, with the hardest hit markets beginning to stabilise, while growth patterns emerge in the markets least affected by the downturn.

Investment approaches will evolve from excessive speculative buying into strategies with improved stability and market demand. Long term investments and buy-to-let ventures are expected to be the strongest growth areas, with fewer risks involved and excellent gains potential due to the exceptionally low priced investment options available in both emerging and established markets.

In order to fully understand the position of world real estate markets and the outlook for 2010, it is necessary to understand issues relating to the lead up to the world real estate market downturn. How these issues have affected the market will assist in understanding the coming year’s ideal investment strategies and selections most suitable for optimum returns.

The Mortgage Market

The mortgage market and loan financing has largely contributed to the sharp downturn in many world real estate markets. The lack of control in the sector resulted in excessive lending and often an absence of credit checks. This caused many mortgage holders to default on payments when the economy became strained.

The extent of the effects the mortgage market has contributed to the downturn in the real estate sector can be seen when comparing countries with traditionally strict lending practices against those where financing was readily and easily obtainable. Controlled markets have resisted severe downturns viewing recovery potential during 2010, while lenient markets continue their struggle to maintain stability.

Responding to the need for financing to assist with the turnaround in the real estate sector, central banks have reduced interest rates, expected to remain at record low levels until sometime in mid 2010. While the ability to finance properties has enabled an optimum moment to enter the real estate market, restrictions on lending criteria has become widespread, leaving many potential buyers unable to qualify for mortgage financing.

Supply and Demand

A slowdown of new construction projects in various locations around the world has been designed to assist in bridging the gap of excessive supply against demand. Locations with an excessive supply of housing for sale on the market are expected to take longer to recuperate from the downturn, as less competition is available for bringing up property prices.

While the prices in these areas remain low, investors searching for long term return potential may be able to find some optimum bargain opportunities, yet the long term growth is likely to be considerably less compared with areas where the supply and demand of properties is ideally balanced.

‘Buyers Market’ Benefits

2010 will continue to be an optimum buyer’s market, where those in a position to purchase will continue to receive and negotiate optimum deals. A sharp turnaround from the seller’s market environment of the recent past, equity enabled investors are facing the ideal market conditions to access the best deals expected to be available for many years. If investing for long term benefits, these buyers may also be in positions to once again benefit from a future turnaround into ‘seller’s market’ conditions.

Long Term Investment Returns

Investments based on long term return scenarios will be the most viable for 2010 in both emerging and established markets. As the real estate market in very few regions are expected to show any significant growth patterns during 2010, short term investment options are unlikely to prove successful.

As the real estate sector emerges from its present turmoil over the coming years, long term investments will provide the most significant growth potential. Long term investments also provide the least risk, an important consideration in the current market situation.

Expanding Buy-to-Let Interest

Investor interest to enter the buy-to-let market is expected to significantly increase during 2010 as the situation of the real estate market has provided ideal foundations for successful buy-to-let investments. As resources have become increasingly limited for many wishing to enter the real estate market, long term letting properties are increasing in demand.

Properties ideally situated for short term lettings will also provide investors with sought after yield returns due to the increasing demand for self catering accommodation. The expected growth in the buy-to-let market is predicted to increase competition in the market, therefore optimising properties for letting and correct advertising will further the potential in each local market.

Ideal Investment Locations

Buyers are increasingly looking into particular areas for investment strategies that suit their personal preferences, with fewer looking into markets purely for its investment potential. This has followed the sharp downturn in many of the emerging markets that were previously popular for short term investment strategies.

As benefits abound across all regions in the current market position, considerations relating to the preferential investment strategy will assist in deciding whether the selected location is ideal for investing during 2010. Research is essential for ensuring the correct location for investments, taking into consideration the local demand, supply and letting market saturation.

Looking into the market’s previous peak levels in comparison with the current downturn levels will provide some information relating to the length of time the investment will take to recuperate previous peaks in a stabilised market. Considering the loan availability and arranging a fixed rate loan for the longest time period possible will enable an excellent financing option to combine with the low priced properties. Taking advantage of the excellent financing options currently available will further benefit with optimising the potential gains obtainable due to the current market conditions.

As it is difficult to pin-point one particular location for providing optimum investment scenarios during 2010, observing conditions relating to the stability and growth potential, along with the supply and demand of the chosen regions will assist in selecting a suitable investment location. These conditions should include the overall stability of the real estate sector, the strength of the country’s economy and the government’s encouragement towards both foreign investment and tourism. Locations that have been hardest hit by the economic and real estate downturn are predicted to require the longest recovery periods, creating less potential investment growth over a similar timeframe in comparison to more stable markets.

In developing their business plans, companies of all sizes face the challenge of determining the size of their markets. To begin, companies must present the size of their “relevant market” in their plans. The relevant market equals the company’s sales if it were to capture 100% of its specific niche of the market. Conversely, stating that you were competing in the trillion U.S. healthcare market, for example, is a telltale sign of a poorly reasoned business plan, as there is no company that could reap trillion in healthcare sales. Defining and communicating a credible relevant market size is far more powerful than presenting generic industry figures.

The challenge that many firms face is their inability to size their relevant markets, particularly if they are competing in new or rapidly evolving markets. On one hand, the fact that the markets are new or evolving is the reason why there may be a large opportunity to establish them and become the market leader. Conversely, investors, shareholders and senior management are often skeptical to invest resources because, since the markets do not yet exist, the markets may be too small, or not really exist at all.

Growthink has encountered the challenge of sizing emerging markets numerous times and has developed a proprietary methodology to solve the problem. To begin, it is critical to understand why traditional market sizing methodologies are ill-equipped to size emerging markets. To illustrate, if a research firm were to use traditional methods to size a mature market such as the coffee market in the United States, it would consider demographic trends (e.g., aging baby boomers), psychographic trends (e.g., increased health consciousness), past sales trends and consumption rates, price movements, competitor brand shares and new product development, and channels/retailers among others. However, conducting such an analysis for emerging markets presents a challenge as several of these factors (e.g., past sales, demographics of the customer when there are no current customers) don’t exist because the markets are presently untapped.

The methodology required to size these new markets requires two approaches. Each approach will yield a different approximation of the potential market size, and often the figures will work together to provide a solid foundation for the market’s potential. Growthink calls the first approach “peeling back the onion.” In this approach, we start with the generic market (e.g., the coffee market) that that company is trying to penetrate, and remove pieces of that market that it will not target. For instance, if the company created an ultra high-speed coffee maker that retailed for 0, it would initially reduce the market size by factors such as retail channels (e.g., mass marketers would not carry the product), demographic factors (lower income customers would not purchase the product), etc. By peeling back the generic market, you eventually will be left with only the relevant portion of it.

The second methodology requires assessing the market from several angles to approximate the potential market share, answering questions including:

- Competitors: who is competing for the customer that you will be serving; what is in their product pipeline; once you release a product/service, how long will it take them to enter the market, who else may enter the market, etc.

- Customers: what are the demographics and psychographics of the customers you will be targeting; what products are they currently using to fulfill a similar need (substitute products); how are they currently purchasing these products; what is their degree of loyalty to current providers, etc.

- Market factors: what other factors exist that will influence the market size – government regulations; market consolidation in related markets, price changes for raw materials, etc.

- Case Studies: what other markets have experience similar transformations and what were the customer adoption rates in those markets, etc.

While these methodologies are often more painstaking than traditional market research techniques, they can be the difference in determining whether your company has the next iPod or the next Edsel.

Introduction

            Focused (or Market Niche) Strategies differ from other generic market strategies in that it concentrates most if not all of its attention on a narrow piece of the total market.  The niche can be defined by geographic uniqueness, by specialized requirements in using the product, or by special product attributes that appeal only to niche members.  The key to this strategy is to remain focused on your target niche and not allow yourself to attempt appealing to everyone.  A company can lower its costs tremendously by limiting its consumer base to a very specific target market.  This strategy is extremely useful to small or medium sized companies that lack the capital to take on multi-national corporations.  The costs of starting a business with a clearly defined and specific target market are far less than those one would have when launching a global product or service.

The Idea in a Nutshell

            To say that one person came up with the market niche strategy would be a stretch.  The truth is this strategy has been utilized since the beginning of civilization, whether it was known by those utilizing it or not.  In ancient times, the largest segment of the population was poor laborers.  This is not the market one sets his sites on when attempting to sell luxurious silk gowns, rare jewels, or the latest invention, trinket, or toy.  The small well-defined segment of nobles was the target niche of ancient times.  One might think that a lot has changed since then, but the truth of the matter is companies such as Godiva Chocolates, Chanel, Gucci, Rolls-Royce, and Haagen-Dazs successfully utilize differentiation-based focused strategies targeted toward particular segments wanting top-of-the-line products and services who are willing to spend more to get the best.  The target market does not have to be wealthy; this is just one example. 

A focused or niche market strategy is one that provides products or services that uniquely appeal to customers in a narrow segment of the market, rather than attempting to appeal to that particular market as a whole.  Community Coffee, of Louisiana, holds a mere 1.1% share of the U.S. coffee market, but it has reported sales in excess of 0 million by appealing to a narrow well-defined market.  In addition, Community Coffee holds a 50% share of the coffee market in the Gulf-Coast region where it is distributed.  The internet is quite possibly the perfect medium for launching a market niche strategy.  Businesses such as Google, E-Bay, and Match.com went from being ambiguous companies to household names in a matter of years. 

The Top Ten Things You Need to Know About Focused (or Market Niche) Strategies

1.            When employing a focused market strategy, keep your consumer-base down to a well-defined and specific segment of the market, avoiding the temptation of trying to appeal to broad interests.

2.            When utilizing a focused market strategy, beware of competitors trying to match your firm’s capabilities in serving the target market.  They will attempt to find effective ways of appealing to your buyers with imitation products or services.

3.            A focused market strategy is best employed when the specific target consumer-base is large enough to be profitable and offers good growth potential.

4.            Your firm stands a greater chance at being profitable if you offer different products and services to a specific group or segment of consumers that have unmet preferences.  These customers will be loyal to your business for catering to their unique needs, and they will think of your company first when others ask them where they got such a specific product or service. 

5.            Ferrari markets its 1,500 automobiles sold in North America every year to a clientele of only 20,000 highly lucrative car admirers.  Only those in the highest tier of this exclusive group were contacted by Ferrari for a chance to put their names on the waiting list for one of the 20 .1 million FXX models.

6.            A quick a decisive strategy should be employed when targeting a narrow segment of any market before consumer preferences tend to drift.

7.            A hyper-focused strategy is best maintained in those industries in which the leaders do not see having a presence in the niche is critical for their own success.  This reduces the risk of smaller businesses having to battle it out against some of the industry’s strongest competitors for a share of the market.

8.            Over-looked or undervalued market segments are prime territories for employing a laser-focused strategy.  Because these consumers are undervalued by other competitors in the industry, the chances of your consumer-base remaining loyal for the long-term are greater.

9.            Use caution when entering markets where segments may become so alluring it is soon flooded with competitors, augmenting conflict and disintegrating segment profits.

10.            A laser-focused strategy can be actualized if there are social and cultural differences within one community that may call for changes to be implemented in a product or service. This invariably produces a niche market.

The Video Lounge

http://www.youtube.com/watch?v=PHhfDkLrOpA

Guy Kawasaki discusses the key success factors that differentiate a strong niche marketing strategy from a poor or run-of-the-mill one.  The two main areas he stresses to be strong in are the ability to provide a unique product or service to the customer and for that product or service to provide value to the customer.

My Take

I think focused or (market niche) strategies are extremely valuable today.  This would be the ideal strategy to implement for any fresh college graduates looking to start an entrepreneurship.  In addition, the internet offers an abundance of channels to get a small firm up-and-running without much startup capital.  This lack of startup capital is another reason why utilizing this strategy is favorable when entering a market or industry with large corporations.  Some of the main points I got out of this were to keep your target market down to a specific and narrow market segment,  market segments that are overlooked or undervalued are the prime meat for employing a market niche strategy, and that this strategy is best maintained in those industries in which the leaders do not see having a presence in the niche is critical for their own success.

References

Jaquier, B. (2003). Focus and niche strategies. Retrieved from http://www.ecofine.com/strategy/Focus and Niche stategies.htm

Marketing niche strategy. (n.d.). Retrieved from http://www.smallbusiness-marketing-plans.com/marketing-niche-strategy.html

Mendoza, M. (n.d.). Focus on your niche. Retrieved from http://www.powerhomebiz.com/vol62/niche.htm

Niche strategy advantages. (n.d.). Retrieved from http://www.marketingtitan.com/niche_strategy_advantages

Thompson, A, Strickland, A, & Gamble, J. (2010). Crafting and executing strategy: the quest for competitive advantage. New York, NY: McGraw-Hill/Irwin, 156-160.

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Contact Info: To contact the author of “Top Ten Management on Focused (or Market Niche) Strategies,” please email Gabriel B. Ordoyne at w0449274@selu.edu.

Biography

David C. Wyld (dwyld.kwu@gmail.com) is the Robert Maurin Professor of Management at Southeastern Louisiana University in Hammond, Louisiana. He is a management consultant, researcher/writer, and executive educator. His blog, Wyld About Business, can be viewed at http://wyld-business.blogspot.com/. He also serves as the Director of the Reverse Auction Research Center (http://reverseauctionresearch.blogspot.com/), a hub of research and news in the expanding world of competitive bidding. Dr. Wyld also maintains compilations of works he has helped his students to turn into editorially-reviewed publications at the following sites:

Management Concepts (http://toptenmanagement.blogspot.com/)

Book Reviews (http://wyld-about-books.blogspot.com/) and

Travel and International Foods (http://wyld-about-food.blogspot.com/).                

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In today’s business world, no one achieves results without proper market research. Every sector of every market is crammed with competing businesses, all trying to get some kind of advantage over the other businesses working in the same area. Tailored research into a market is the only way to claw a little extra ground for a company – a space in which it is able to start attracting customers that may otherwise have visited the sites or services owned and sold by similar enterprises.

The basic unit of marketing research is the individual consumer – a group of which, or whom, are referred to as the marketing demographic for the product or service in question. Basically, what market research does is to work out what kind of person, or kinds of people, are most likely to be interested in a particular type of product – and then direct advertising campaigns and actual marketing efforts towards attracting those people. The logic is simple and very effective – indeed, marketing research has been formally conducted with a great deal of success since the 1920s, when radio advertisers first found that the products they were selling sold better when their adverts were placed on stations that targeted the same audience as the product.

What happens is this. A market research company takes a product and brings it to the marketplace as a whole, whereupon it gathers significant amounts of data regarding people’s reactions to that product. Once enough data has been amassed, the successful demographics for the product become clear. So a product that reacts very well with teenage girls develops a demographic in the teenage girl sector of the market, and its advertising campaigns are conducted accordingly. There’s no sense in marketing multi coloured flexible hair curlers to balding middle aged men.

There’s a fairly technical side stroke of market research that can result in some surprising sales leads, too. If a product is hoping to sell to a particular market, and the research done by a marketing investigation company reveals that the target demographic is not interested, while another demographic is, the product is modified to appeal to its target audience. Or it may be altered to appeal to the new market, dependent on the nature of the research results.

The logic behind researching markets applies on all levels, to all products and services. Companies that own websites (which, these days, is pretty much all companies) are involved in market research every time they try to source the right keywords for selling their stuff. A keyword is heavily targeted towards a particular demographic – the more targeted the better, in fact, as very specific keywords tend to deliver much higher sales results because they come under fire from less competition.

In the modern business world, this tactic of defining market areas with less competition is one of the highest goals of good marketing research. There is, past a certain point, very little sense in trying to sell something into an over saturated market area. So really good market research will try to identify areas where a demographic can be refined to make a product or service particularly appeal to it.

Researching markets is one of the most productive ways a company can possibly increase its sales. Without it, in this day and age, it may die.

First step: identify your niche market

One of the biggest problems that are frequently being seen is that many people try to start creating a website without really understanding how the internet works. A crucial step which is often ignored or overlooked by beginners is market and niche research.

In this article I will be looking at a number of important concepts relating to market and niches. This includes:

What is an online market?
What is a niche and how does it relate to a market?

When you initially begin exploring the online marketing word, you will frequently hear people discussing various online markets. The correct definition of a market is a group of people who have a common interest in a specific topic or activity. To facilitate communication between the members, this group will often use their own specific phrases and terminology.

Markets

The most effective way to “grasp” the concept of a market is to take a look at a concrete example:

The “gardening market” is made up of people who have an interest in things related to gardens. Some examples of the jargon used by members of this market are: pollination, tap root, damping off, drop spreader, fastigiated, etc. Unless you have an interest in this subject these words will not resonate with you.

Once you understand the basic concept that a market is an online community with its own vocabulary and terminology, you will swiftly come to realise that there are hundreds and may be thousands of markets waiting to be discovered.

Niches

Inside each individual market, there are numerous niches. A niche is a distinct segment of a market.

What is the difference between a market and a niche?

To follow up with the previous example, members of the gardening market might be interested in the following:

growing flowers
landscaping
tree surgeon
vegetable gardening
gardening supplies, etc.

Every single one of the above topics is actually a niche that could be a specialized interest to members of the gardening market.

Niche marketing is therefore identifying a segment of a market and then developing a solution for the needs of that segment.

Micro niches

Microniches are niches within niches. For example, within the “vegetable gardening” niche a microniche might be “vegetable gardening without pesticides” or “growing winter flowers” within the “growing flowers” niche.

The key reason why we search for microniches is that they generally tend to have significantly less competition, which in turns makes it easier to obtain better search rankings in Google.

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Forex, FX and the Forex market are some common abbreviations for the Foreign Exchange market. Actually it is the largest financial market in the world, where money is sold and bought freely. In its present condition the Forex market was launched in the seventies, when free exchange rates were introduced, and only the participants of the market determine the price of one currency against the other proceeding from demand and supply. As far as the freedom from any external control and free competition are concerned, the Forex market is a perfect market.

With a daily turnover of over trillions of dollars, the Foreign Exchange market conducts more than three times the aggregate amount volume of the United States Equity and Treasury markets combined. The Forex market is an over-the-counter market where buyers and sellers conduct foreign exchange business using different means of communication.

Unlike other financial markets, the Forex market has no physical location or central exchange. Since the Forex market lacks a physical exchange, the market trades continuously on a 24-hour basis, moving from one time zone to the next, across each of the world’s major financial centers every day. Trillions of dollars of foreign exchange activity takes place every day. From 1997 to the end of 2000, daily forex trading volume surged approximately from US billion to US.5 trillion and more (according to various recent studies it has touched .7 trillion per day and dwarfs all other markets for trading in size and volume). It is really difficult, if not impossible; to determine an absolutely exact number because trading is not centralized on an exchange. But one thing is for sure that the Forex market continues to grow at a phenomenal rate.

Before the advent of Internet and ecommerce, only big corporations, multinational banks and wealthy individuals could trade currencies in the Forex market through the use of the proprietary trading systems of banks. These systems required as much as US million to open an account. Thanks to advancements in online technology, today investors with only a few thousand dollars can have access to the Forex market 24 hours a day and around 5 ½ days of a week.

The Forex market is a nonstop cash market where currencies of nations are traded, typically via brokers called forex brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets while traders increase or decrease value of an investment upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events so it is also considered to be a highly volatile and fragile market too. Conditions of the Forex market never remain the same they changes every second.

The foreign exchange market dwarfs the combined operations of the New York, London, and Tokyo futures and stock exchanges. According to its size and scope it is many times larger than all other markets. Stats shows that spot transactions and forward outright Forex trading take place in the inter-bank market. 51% of the market is in spot Forex transactions, followed by 32% in currency swap transactions. Forward outright Forex transactions represent another 5% of this daily turnover, with options on ‘interbank’ Forex transactions making up another 8%. Therefore the inter-bank market accounts for 96% of the global foreign exchange market, with the remaining 4% being divided among all the global futures exchanges.

For traders, Forex trading provides an alternative to stock market trading. While there are thousands of stocks to choose from, there are only a few major currencies to trade (the Dollar, Yen, British Pound, Swiss Franc, and the Euro are the most popular). Forex trading also provides a lot more leverage than stock trading, and the minimum investment to get started is a lot lower. Add to that the ability to choose flexible trading hours (forex trading goes on 24 hours a day) and you have the reason why so many stock traders have flocked to day trade currencies.

A difficult task for any business is conducting market research. This research can impact a business in many ways including how they brand their products and who they market to. Although market research can aide a lot with your businesses marketing efforts, it also plays a key role when your business is attempting to obtain financing.

The lenders or investors main objective when evaluating your business is to determine whether or not they will get their money back. Good market research will help set your potential lenders mind at ease, and you will be more apt to obtain the business capital you need. The lender also wants to know things about the market such as the competition and the demand for your product or services.

To begin the process of researching your market you can start by searching trade associations, trade show websites, and trade magazines. They exist in nearly every industry and can supply a wealth of information related to your market. The best part is that many of the trade related websites provide the information free of charge. The government also provides a number of valuable resources for market research. For example, the Economic Census, released every five years from the U.S. Census Bureau, provides an excellent glimpse at industrial activity including the Industry Series report that offers separate reports for many industries and shows the number of businesses within an industry, sales volume, number of employees, and more. Other good resources for market researching are corporate websites of your competition and press releases from your competition. White papers provide good market research data because they are well-researched documents.

Magazines and Newspapers are another inexpensive resource for market research. As part of their research for articles journalists often gain access to expensive market research reports which may be mentioned in an article. Additionally, expert sites such as Google Answers provide value in offering direction to someone who seeks information. They don’t provide the hard numbers you may be looking for, but you may find the expert opinions useful when putting together your market research. Finally, another inexpensive resource for obtaining market data can be found at Academic Research Centers.

Market research companies and investment houses are expensive alternatives to market research. The information found with a market research company is generally well researched and contains extensive product/industry metrics and statistics, including forecasts and trend analysis. It is not uncommon to pay well into the thousands of dollars for a report that is only a hundred or so pages long. Since money is typically tight for a business starting out, it’s best to go after your market research using the methods above for gathering free and inexpensive research data.

Although market research is extremely important to your business plan and your business capital search, it is only one piece of the puzzle. Before a lender even looks at your market research they will look at things such as your business management team’s experience, your past business successes, and your “lending character” or your ability to repay a loan. It is vital that you not only have a good business plan, but you also need a good business financing plan as well.

Marketing a business can be fun, exciting and creative. It can also be very frustrating and expensive if one doesn’t know what outcome they are looking for or how to evaluate cost effective methods of marketing. Over the years people have come to know me for my unique ability to develop low cost and no cost strategies to market and promote a business, product or service. Strategies that have realized incredible returns. Some of my successes have included: – Before my last book was published I pre-sold over $8,000 in books – Over 250 people registered for a recent seminar in less than 2 weeks and the cost to promote was under $25 – One company used my strategies for a career expo and made over $180,000 in consulting fees – One speaker sold over $23,000 in product sales back of the room at a two hour seminar with strategies outlined in my program I don’t share this to impress anyone, rather to impress upon you when using the right strategies for your market, you can realize some incredible results. People have also come to know me as someone who is a stickler when it comes to putting systems in place. My marketing successes are a direct result of the systems I have implemented. With a bit of forethought, planning and desire, you can successfully market your business in a very effective manner. Below are seven proven strategies sure to increase visibility, leads and sales. 1. Business Cards Business cards are often one of the most underutilized tools in one’s marketing. Use the front and back of your business card to gain full benefit. Depending on your market you can put some very valuable information on the back such as a sports schedule, emergency numbers, or special date’s people want to remember. Keep some in your wallet, your automobile, on your desk, and some at home. Be sure to carry them with you wherever you go and be willing to hand them out as opportunity presents itself. Creatively distribute your card. When you eat out you can leave one with the tip. If you borrow a library book, use one as a book mark. Hand them to clerks in stores who may know other people who could use your product or service. When someone gives you their business card is sure to enter their information in your database. Send them a short note or email within 48 hours of meeting them to keep your name fresh in their mind. 2. Send a picture A great way to keep your name fresh in a customer’s mind is to send them a picture of when they purchased a product or service from you. Put a picture of a buyer’s auto purchase in a beautiful calendar. Likely, the proud owner of the vehicle will display the calendar for the next 365 days. For specialty gift shops, when a customer makes a substantial purchase, have a picture taken with the shop owner. Frame the picture and send it to the customer. Chances are very good the picture will be displayed proudly for friends and family to see. A dentist who specializes in smile makeovers can easily arrange to have a professional makeup artist and photographer capture the patient’s beautiful new smile. No doubt the patient will be more than happy to show others their new look. 3. Associations Associations particular to your market are a great resource for marketing. There are associations specific to virtually any industry, job type or business. A quick web search will likely show you how much is available. A major opportunity within many organizations is the chance to network. Additionally, to make presentations. Along with presentations come publications. Often, when you do a presentation, you will get a mention in the association newsletter, their Ezine and/or on their website. In many cases, when an organization has a newsletter or Ezine, they welcome the presenter writing a press announcement for them. It saves them time and often assures you have a better chance of the information making it into the publication. They may also welcome you writing an article for their publication or website. This lends itself to pre-presentation visibility. Additionally, you will position yourself as an expert and increase credibility. Most organizations have the following opportunities that can help you to gain visibility and do some very effective marketing: -Newsletters -Internet listings -Links to you website -Discounted advertising rates -Networking opportunities -Business referral services -Special recognition events -Education seminars -Business and membership directories In many cases you will need to be a member of the association to take advantage of the multiple marketing opportunities. In other cases membership is not necessary. 4. Committee Involvement Committee involvement is a great way to give back to the association or community while building visibility for you and your business. In some cases, you may even want to get involved in a committee where you have little experience or knowledge. This will give you an opportunity to stretch yourself and meet and network with individuals you may not have otherwise had the chance to meet. 5. Contests and drawings Contests are a favorite for many businesses such as restaurants or those that have high foot traffic. Contests are a great way to build your database quickly. You are generating very hot leads when you have a contest with people who have already frequented your place of business. The key though is to do back -end marketing. Far too many businesses hold contests, get lots of names and do nothing with them. In this case, it is a complete waste of time to hold a contest. You can advertise a contest to gain new foot traffic in your place of business. Trade show booths are a great place to hold a contest. Pre-show marketing helps to generate traffic at your booth. Invite people to stop by booth # _____ (whatever your booth is) to enter to win. Creative contests can also generate free publicity. 6. Cross-promoting Join with other companies who have products or services that compliment yours and promote each other. Let’s say you have a massage business. You could partner with a candle company to sell their candles to your massage clients. They can give out coupons for your massage business. Or the candle company can partner with a gift basket company. Cross-promoting is only limited by your imagination. This can considerably cut down the cost of business promotion and allow each business to use promotion techniques that might be too expensive to implement alone. 7. Bonuses Secure special offers from various businesses who want to share a similar market as you. When a customer buys a minimum amount they receive a bonus packet with the various offers from the other vendors. This is a win/win all the way around. The other vendors gain visibility, you have something extra to offer you customers and the customers get incredible value for their purchase. Be aware of who you cross-promote and joint venture with. You want someone who will be equally committed to a campaign.

Once you start a virtual assistant business you will need to get out there and find clients.

Of course you need to start with creating your own website, but don’t expect the clients to come find you. In the beginning you will need to actively promote yourself, therefore remember to include some marketing money in your business start-up plan. If this is your first business, you may not be sure just how to market your new business and wondering how you find those first clients. Rest assured there are many affordable ways to market a home based business.

Here are 5 Marketing Ideas to get you started:  

These are five great ways to market your business, but remember there are many ways to market your virtual assistant business. Any method you use that gets your name out there and lets potential clients know about your business is successful marketing. Try some ideas and see what works best for you and don’t be afraid to experiment with different methods until you find the right marketing mix for your business.