Demographics
No matter the price point of your product or service, determining the demographics of your target market to start narrowing down to your desired audience is critical to sustained success. FRG has advanced tools to determine the breakdown of your area — everything from where the highest income families live to where residents are spending the most on a particular sector.
Market Segmentation
Dividing a broad target market into subsets of consumers that have common needs, interests, and goals enables you to fine-tune your marketing strategies and focus your budget where it will be most effective. FRG will help you zero in on your target customer and provide recommendations for the best ways to reach them.
Market Outlook
What is the current state of the market for your company’s product/service? Is it growing? Is it breaking up into niches? Perhaps technological advancements are on the horizon that you need to incorporate to keep your business competitive. Continuous evaluation of your market and industry is paramount to staying ahead of the curve.
Competitive Analysis
Every business has competition. Understanding that competition (or potential competition) is critical to making sure your business survives and grows. You should be assessing your competition on a regular basis even if you don’t plan on aggressively growing your business. With a competitive analysis, you can establish what makes your product or service unique and therefore what features you should focus on to attract your target market.