Friday, November 30, 2007

Research and forecasting

Angelique is in the idea stage of her baby business. She has an idea for a stroller accessory and would like to determine the scope of sales potential.

When looking at market research, there is always a wide-range of options; from the Cadillac version all the way to build-it-yourself. When starting your company, the expense of such comprehensive research does not equal the return. I would recommend looking at your home market as a starting point. If you’re marketing a stroller accessory, look at the number of stores carrying strollers. What is their approximate volume? How many of your accessory do you feel could be sold for each stroller?

I also recommend speaking directly to store owners or buyers. Get their feedback. Ask them how many they think they could sell in a month. All this research will give you an approximate idea for forecasting.

Another option is to review industry stats. The Juvenile Product Manufacturers’ Association (JPMA) and various trade publications, such as Kids Today, should provide some insight into sales and distribution in the stroller market.add to sk*rt

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