She instead decided to focus on more mature lines of clothing, and has done very well with it. Market analysis is simply a method of thinking before you spend money, as well as afterward. Local development groups or chamber organizations often facilitate this type of analysis. Focus Groups Identify a group of people to discuss products and services. Ask them which forms of advertising they react to best, where they shop, and how much they spend on different categories of goods.
Surveys Get some feedback by conducting informal surveys.
Existing firms may interview customers, perhaps offering a discount for patrons who agree to participate. For example, count the vehicles in parking lots to get information about preferred shopping hours and traffic patterns. Sort sales slips by street, town, or zip code to get customer location data. Note which trash cans fill up the fastest to learn about pedestrian traffic. Complaint Analysis Complaints indicate some sort of failure.