4 STEPS BEFORE LAUNCHING YOUR RETAIL IDEA

4 STEPS BEFORE LAUNCHING YOUR RETAIL IDEA

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You dream about launching an organic coffee shop with gluten-free muffins and vege sandwich with only fresh spinach from your grand-mother’s garden? Great! But how do you know whether you will have clients or not? So keep calm and do a market survey!

Market surveys are an important part of market research that measure the feelings and preferences of customers in a given market. Here are a few steps to help you to become a professional market analyst and improve your chances of being successful.

STEP 1: Take time to define your offer and your market.

     What is the service you provide? How much it will cost? Do you have competitors? What is the added-value that will differentiate you from them? Starting to build a business plan will help you to answer these questions. Once these questions answered, your target will be well defined and you’ll be able to start running your survey properly.

STEP 2: Go survey

     After deciding which aspect of the market you investigate, go survey. How? You have different ways to run a survey:

  1. Ask people who are close to you (family, friends, colleagues…). They often have good remarks and tips. But keep in mind that is absolutely not enough to make a decision.
  2. Create forms. Your questions should be pointed and specific. Do not ask the same thing in two different ways. Try to use as few words as possible. Go in the streets and make your forms filled. Try to have a relevant sample.
  3. Online surveys: Easy-to-use tools such as Survey Monkey  or Google forms are available online to help you to run a survey. Fill the template with your questions and share them on Facebook, LinkedIn, Twitter etc.
  4. Make a campaign on Potloc.com: Potloc is a Montreal based startup that has launched the 1st crowdsourcing platform for retail projects. On Potloc.com, you add your retail ideas and basically ask citizens: “where do you want me to open my store?” By doing your campaign on Potloc.com, you get statistics about the best locations (most demanded) and create a community of clients even before the opening. Once ready to open, you just email them to have traffic on Day 1.

STEP 3: Collect and analyze the results.

     Collect the results and analyze them. You are now able to see trends about your idea and answer some of your questions. Take as much time as you need to question yourself and to re-think about your project. Then…

STEP 4: Make a  decision 

     You have now enough feedbacks to make a decision. Bad feedbacks not necessarily means that your idea will not work but you probably need to review and improve it. On the contrary, good feedbacks not necessarily mean that your idea will work. But keep in mind that it is always better to have few people that love your idea that a lot of who just like it.

Potloc’s team wishes you all the best for your entrepreneurial journey

Cheers 🙂

Ready to start : register your project now ! 

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