The importance of market research
If you have an idea for a new golf product, where do you start? Market research provides you with important information to help you identify and analyze the market needs, your customers, your competitors — and help track your success.
Identify the challenge/establish the solution
The purpose of this step is to articulate the problem you’re looking to solve in the simplest terms possible. If the problem you want to solve is industry wide, it’s important to understand why the market has already failed to address it.
Understand the current demand in the golf marketplace/Is there a need?
Marketing research at this phase should involve seeking out studies, data, and general information about the golf industry. This can be done through social media listening, surveys or focus groups, or observations through relevant publications/media sources.
Who needs it? Identify target audience
“Golfers” in general is NOT a target audience. Think deeper to your ideal target customer on a geographic (the “where” — location), demographic (the “who” — age, sex, status, avid golfers, new golfers, low handicap, high handicap, tech minded, those who look to instruction) and psychographic (the “why” they buy — customer habits, hobbies, spending habits and values) level. Then, build out a customer profile based on this information.
Is the need already being met? Identify competition
The golf industry is a competitive market. By investigating competing products, you’re able to better understand and build on the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.
Engage in product testing
This phase is extremely important, as it has the capacity of revealing flaws that could cause market failure. Product performance can be measured in such ways as testing physical features, perceptual features, functional modes, and perceived benefits.
Evaluate pricing based on demand in marketplace
Choosing the price of your golf product or service should not be done arbitrarily. Research should be conducted in a number of areas we’ve already included here, including: the golf market, competition, and the life cycle of your product.
How will your solution be evaluated and success measured?
Before your product is launched and marketed to the world, it is critical to establish key performance indicators (KPIs) based on your business goals. These should be measurable and realistic. Quantitative indicators, such as daily active users or revenue, measure the quantity of something rather than its quality. This has the benefit of collecting “hard” and statistically representative data. Qualitative indicators, such as user feedback, help you understand why something has happened, for instance, why users aren’t as satisfied with the product as expected. Combining the two types gives you a balanced outlook on how your golf product is doing.
See how we can help you develop and market your golf product or service and achieve significant business growth.
About Golf Start Up - Golf Start Up is an initiative to help new and small business owners navigate the golf market by providing resources and training from leading golf industry experts. We will be creating digital guides, blogs, videos and special services to assist this vital sector of the market.