Posted by: Scott LaFortune on July 3, 2019 | Topic: Equipment
Demographics: Do they really matter to your business?
Demographics & Your Marketplace
Understanding your marketplace is very important. You don’t want to market a product or service to a group of people that are not interested in what you’re offering. That’s like trying to market chocolate to someone who doesn’t eat candy. Trying to grow your business without understanding your market and competition is risky. Proper market research can prepare you for evolving markets and keep your business from being left behind.
How do I determine what services and products to offer in my spa, salon or fitness center?
Market research involves collecting and analyzing information about your market, including your current customers and competitors. It is also vital to research any new market you are moving into to avoid wasting time and money on products or services the areas individuals are not interested in.
Self-Research – Use existing information from the internet and industry associations to gather and analyze information about your area.
Field Research – Gather the information yourself using surveys, questionnaires and other research tools to help understand your area.
Commercial Agency – Hire ProSun to help your research and identify the best equipment and services to offer in the area you’re interested in opening your business. We have helped research and startup hundreds of spa, tanning salon, and fitness businesses.
Determine What Competitors Offer:
Researching your direct competitors is easier than you may think – for example, you can collect any flyers and price lists they produce for customers, look at their websites, or even use their products and services to compare them with your own.
Analyze what they are doing:
- Are their prices lower?
- Are their products of a higher quality?
- Is their customer service highly regarded?
- Is their marketing material more engaging?
Ask yourself these questions to see where you can improve. Being critical of your own business and taking inspiration from your competitors can help you be more competitive.
A SWOT Analysis can be a helpful way to assess where you stand in your market in relation to your competitors. It is a common and easily used business analysis tool. A SWOT analysis can help you:
- Build on your business strengths (S)
- Minimize your business weaknesses (W)
- Seize all available opportunities (O)
- Counteract any threats (T).
The Final Verdict:
Understanding your spa, salon or fitness business along with your target demographics will help you gain valuable insight into selecting the correct equipment and services. To learn more about the process or how ProSun can help contact us today!