Market Research Help

[cfarnell]

Hi All,

I am just looking for some help towards Market Research for my business idea. I do not want to divulge into the 'how's and why's' I will be able to do this, but I would like to know if you would pay the fee's required.

I am solely targeting B2C, mainly SME retail outlets, but I would like feedback from anyone with an open mind please.

So, my plan is to promote businesses to consumers in their local area, I would class a local area as 2 small towns/villages or a large town. The promotion fee would be £10 per month. For this fee I will guarantee that you are the only business within your industry that I promote, in other words you will not be promoted against competition. You will also not be tied to a contract it is a rolling month contract, so should you wish to cancel you just need to provide a 30 day notice period.

I know this is a very vague outline of what I intend to do but it is just to identify if people would be prepared to pay £10 per month to be promoted as the main business for that particular field within their local area.

Thanks in advance,

Chris

 

[WHARTY]

Well i suppose you will have to tell me how you would promote my business to MY customers?

Do you have experience speaking to my customers and do you know my product?

I know you said you are being vague, but nobody can really answer your question until you tell us what we get for our £10 per month.

 

[cfarnell]

It is going to be an exclusive offers site, obviously we have all seen the growth of 'daily deals companies' so its a similar concept to that but actually assisting businesses rather than taking 50% profit from you for providing a 50% discount (or whatever the offer is).

I would ask you to provide an offer that would be viable for you to provide, but would also drive volume through your door. Examples, I was thinking of could be a 10% discount, or a free bottle of wine if 2 people dine at a restaurant etc.

In a nut shell, you will provide whatever offer you see fit, I will then feature your business as the chosen business for that industry. The reason I have done this, is knowing how much businesses pay for advertising, SEO etc I think my method will be a much more value for money advertisement method for a business.

So I would greatly appreciate as much feedback to whether you would buy or not as this will assist my business planning.

P.S. This is solely for research purposes and I will not be using this for a sales purpose. Should you like the idea and feel you will benefit, PM your details and I can inform you once I am set up.

 

[ethical PR]

Would depend on whether you can demonstrate you can drive targetted local traffic to your site

 

[cfarnell]

The traffic is solely down to the offers provided by the businesses in that area. There is no guarantee that it will increase footfall, in the same way that no business or advertisement method can guarantee footfall. However, every household in that town will have a flyer delivered.

The way that I am looking at this; how many methods are available to distribute a promotion leaflet or mail shot to every household within your local area for £10 per month, with NO contract?

Essentially what I am asking is would you classify a £10 spend to potentially increase footfall as carrying a low enough risk to justify trying the service available?

 

[WHARTY]

The traffic is solely down to the offers provided by the businesses in that area. There is no guarantee that it will increase footfall, in the same way that no business or advertisement method can guarantee footfall. However, every household in that town will have a flyer delivered.

The way that I am looking at this; how many methods are available to distribute a promotion leaflet or mail shot to every household within your local area for £10 per month, with NO contract?

Essentially what I am asking is would you classify a £10 spend to potentially increase footfall as carrying a low enough risk to justify trying the service available?

I can't send flyers out to every household in my area for £10, so neither can you. What your essentially doing is, well, nothing i can't do myself.

How many businesses would you advertise on the flyer?

I think most flyers are A6 or A5. You would get a maximum of 4 decent size adverts double sided. 5000 would cost between £20 & £60 depending on the quality of the paper. You then need to spend your time posting the flyers or paying somebody to do it. You also can't tell me if you have posted the flyers through my customers door, i doubt a 90 year old is going to by a Glowstick for a rave at the Womans institute.

No offence but i i think this is a non starter.

 

[cfarnell]

No that's fine, everyone is entitled to their opinion and I was expecting criticism. Yes that's the point you can't send 10,000+ flyers for £10, but I have a strategy to how I can do that which will benefit both the businesses involved and myself.
As I said initially I am not going to disclose to how I am going to be able to do this, otherwise I may end up adding competition to myself.

I am not asking for people's opinion to whether it will start up or not, all I am asking is;

Would you spend £10 to potentially increase footfall by providing some form of discount to the end user?

 

[WHARTY]

No that's fine, everyone is entitled to their opinion and I was expecting criticism. Yes that's the point you can't send 10,000+ flyers for £10, but I have a strategy to how I can do that which will benefit both the businesses involved and myself.
As I said initially I am not going to disclose to how I am going to be able to do this, otherwise I may end up adding competition to myself.

I am not asking for people's opinion to whether it will start up or not, all I am asking is;

Would you spend £10 to potentially increase footfall by providing some form of discount to the end user?

If you could send 10000 flyers out with my business taking up at least half of the flyer, then yes, it's a no brainer for me, i couldn't do it myself for that price. Dont forget you will need to have the artwork sent from me to you and you will then need to spend time getting the artwork right (because i am a fussy bugger)

I imagne you would want to charge me for putting the artwork together? This will bump the price up too.

So now if you tell me that you can send out 10000 flyers FOR £10 without charging me for putting the flyer together AND target my customers, then yes i would give it a shot.

P.S Getting extra footfall through a door doesn't always mean extra sales.

 

[Psl]

Hi All,

I am just looking for some help towards Market Research for my business idea. I do not want to divulge into the 'how's and why's' I will be able to do this, but I would like to know if you would pay the fee's required.

I am solely targeting B2C, mainly SME retail outlets, but I would like feedback from anyone with an open mind please.

So, my plan is to promote businesses to consumers in their local area, I would class a local area as 2 small towns/villages or a large town. The promotion fee would be £10 per month. For this fee I will guarantee that you are the only business within your industry that I promote, in other words you will not be promoted against competition. You will also not be tied to a contract it is a rolling month contract, so should you wish to cancel you just need to provide a 30 day notice period.

I know this is a very vague outline of what I intend to do but it is just to identify if people would be prepared to pay £10 per month to be promoted as the main business for that particular field within their local area.

Thanks in advance,

Chris

My observations are;
How many individual businesses would you need to make this a viable proposition? At £10 per month 200 would generate you gross £2k per month.

What do you expect the churn rate to be?

 

[cfarnell]

My observations are;
How many individual businesses would you need to make this a viable proposition? At £10 per month 200 would generate you gross £2k per month.

What do you expect the churn rate to be?

The commercials add up, all I was trying to achieve was to gain a bit of market research but it seems nobody has understood the point. I am not after people telling me whether the business plan is viable or not. I have business mentors that know what I am planning and agree it is a good plan.

All I was after was a bit of market research to add in with my plan.

 

[Psl]

The commercials add up, all I was trying to achieve was to gain a bit of market research but it seems nobody has understood the point. I am not after people telling me whether the business plan is viable or not. I have business mentors that know what I am planning and agree it is a good plan.

All I was after was a bit of market research to add in with my plan.

So, I have a business that will pay you £10 per month to be promoted in my local area,I like the idea of a rolling contract, and I also like the idea that my business will be the only business in my sector to be promoted.So, what do I get for my £10 per month?

It's difficult to make a decision about using your services without actually knowing what the services are.

If I have missed the point, then please tell me.

Can your mentors not help you?

 

[cfarnell]

The £10 per month is the charge to be promoted essentially, in the same way that if you wanted to be advertised on google you would pay £X per month for that service. The £10 is basically to cover my costs to drive people to you, the reason it is a rolling contract is because I cannot guarantee results, but I need the offers to provide an incentive for people to come through your door.

I don't want to be churning businesses to advertise, as this is what groupon/wowcher do. I want to have a stable list of businesses across a wide array of industries providing smaller discounts, basically to provide a regular lower cost of living to the end user.

 

[Deleted member 178167]

From a purely market research point of view.
I would give it a go for a couple of months to see how it went.

I would like to have proof and testimonials on how you have helped other companies.

And also if you could drive targeted customers. I'm not concerned with the volume as such, just the quality of leads produced.

Would only sign-up for it if it was a month by month contract that I could opt out of if it wasn't working out.