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Researching your market

Part of working on your business and not in your business is doing a bit of research into your target market. Or a potential market.

The starting point is to look at your existing clients and services.

Which clients are the most profitable?

Which segment do you win more work in?

Which types of service (ie. print, digital, consultancy, branding etc) are the most profitable for you?

Which types of work do you enjoy the most?

Standing back and having a good look into where the action is will help you build a list of potential clients.

Take this research done recently on retail sales projections for the next decade:

  • Over 40% of the rise in retail sales will be to customers aged over 55 years.
  • 21% of the population are over 55 and they have 25% of all disposable income, own 39% of the nation's assets, and 54% of the financial assets.
  • Their spending will grow by a 61% (even after allowing for inflation) - almost double the national average of 32%.

This means that the number of products and services aimed at the over 55’s will have to increase. Increased sales usually means increased competition. Increased competition usually means an increase in the range of products offered. Increase in the range of products means increase in the need for all forms of design.

A growing market means more work for designers.

For example the 'grey market' is mobile; they are looking to move from suburban houses to new townhouses and this leads to a lot of potential for design in the property development market.

And that’s just the grey market – the moral of the story is doing the research first means that you can be infront of the pack and build your expertise early.

Information on demographics is easily obtained from the Australian Bureau of Statistics. If you are looking for very detailed information on different market sectors you can buy research from IBISWORLD.

 

GB

marketing a design studio