# Industry/competitive analysis



## bgreaterthan (Jul 15, 2007)

Hi Everyone,

I've just begun working on my marketing plan and I need to do some research:

Industry research
Competitive analysis
Market research

I'm selling inspirational/motivational t-shirts online. The t-shirts appeal to athletes, young adults, cancer survivors, and people who appreciate spirituality. I believe my target market is young adults ages 18-35ish (but how can I really know this?). How do I learn about the industry - specifically inspirational products? How can I learn more about my competition? 

Can someone please direct me to get me started?

Thanks a million, as always.

Kelly


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## plan b (Feb 21, 2007)

Hi, I believe that it boils down to demographics,,, in other words what sells in your neck of the woods may not sell in mine, not unless of course you have a brand reconized name,, then i doesn't really matter, people just buy the name.

The way the big guys do it is that they have a panel of ordinary folks off the street , show them the proposed finished product and get feed back from them,, they may do this several times with different age groups, from different walks of life and in different parts of the country... So it boils down to if you have a good sized marketing budget you can do just about anything you want..

I know this doesn't help much but I had to put my 2 cents in here..

R.


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## bgreaterthan (Jul 15, 2007)

If I have an online store, why does demographics matter so much?


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## Qacer (Sep 13, 2007)

One place to start off is the US Census website: Census Bureau Home Page. They supply data related to the retail sector. 

You can also try some of these market research sites. But you'll have to shell out some money to get the reports:

Business Insights - Strategic Market Analysis
Datamonitor - The home of business intelligence
Market Research Reports - Business Market Research Reports & Industry Analysis

You can also try looking at your county or state's official websites to see if they have statistical data regarding sales and use tax. Normally, they split the data into sectors.


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## plan b (Feb 21, 2007)

Well lets put it this way,, parkas sell in cold climates during the winter time,, but in Hawaii no one would buy them,, also if you have a one liner on your shirt people may relate to that saying in your state or region but you can go a few states over and nobody gets it,, urban clothes do well in cities,, the bread basket of the country will not have anything to do with it,, and so on and so on... Demographics always play a large role in retail..

R.


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## Solmu (Aug 15, 2005)

bgreaterthan said:


> If I have an online store, why does demographics matter so much?


For the same reason they matter so much anywhere else: having an idea of how to target your advertising and product.


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## Dirt (Oct 10, 2007)

Qacer said:


> One place to start off is the US Census website: Census Bureau Home Page. They supply data related to the retail sector.
> 
> You can also try some of these market research sites. But you'll have to shell out some money to get the reports:
> 
> ...


^ That's great information. More to keep in mind is that on the internet your market is Anyone you can get to come to your site. Unless your site has limitations such as Flash - which not everyone has. So your potential market is however many people have internet access. Choosing a demographic that is more likely to buy your product AND that you can afford / are willing to market to will give you a more realistic number, though. 

In addition, check in with SCORE. The Service Corps Of Retired Executives. It's a program which is FREE and it's hundreds (or thousands?) of retired executives who are willing to help you with your problems for free. I think you get a set amount of questions that you can ask them without charge, and you get to select some information about the person you ask. These are people who have run successful businesses. Do not turn down the opportunity to glean their wisdom. They probably have a local chapter that you can meet in person, too.

Google, Yahoo, Ask.com, Etc. Search for keywords that describe your services. These are the people you'll be competing with. Get information on their prices, product lines, sales angles. See if you can key in on who is most successful and search for their marketing, also. Chances are if they're the #1 then they're promoting in good places.

One more suggestion is to check out local colleges. Sometimes the business courses sponsor 'business plan competitions'. It's a great way to get help free, or cheap.


Hope this has been helpful.


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## airraidapparel (Jul 6, 2007)

Also, your target market needs to be catered too and attracted to make sales. You can't usually attract a young, hip generation with a business-like web design.


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## T-BOT (Jul 24, 2006)

Dirt said:


> Google, Yahoo, Ask.com, Etc. Search for keywords that describe your services. These are the people you'll be competing with. Get information on their prices, product lines, sales angles. See if you can key in on who is most successful.......


yeekks!

be careful they don't step on you, the competitor you are trying to emulate and parasite off.

or get black listed (removed from SE index).

or win the industry award for "so you want to be a little me".  

not refering to me in particular.... in general.

I mean, it is necessary to research, including an industry study of pricing, products, markets etc. but to zoom in on a single company and try to be like them is not the way to go...i think.


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## Dirt (Oct 10, 2007)

T-BOT said:


> yeekks!
> 
> be careful they don't step on you, the competitor you are trying to emulate and parasite off.
> 
> ...


Looking at my post I can see how you'd think that. It wasn't what I meant, though. I was trying to point out that that's required for a Market Analysis. Also, if you see who your biggest competitors are marketing to, that's more than likely your target demographic. It's certainly not a good idea to steal someone elses work/ideas. Sorry if it came off that way. Didn't mean to cause any confusion.


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## T-BOT (Jul 24, 2006)

Dirt said:


> Also, if you see who your biggest competitors are marketing to, that's more than likely your target demographic.


 
my bad. i miss-read your thoughts.  



I think you need to create your own nitch/market. By finding a product/service hole in demand, move quick and establish yourself there.

to enter a competitive market already may reduce success odds... but it is possible to achieve I gather. So, yeah, what you are saying does make sense to some extent.


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## Dirt (Oct 10, 2007)

On some level you will always have competition. For instance, on a very basic level, your competition is anyone else who screen prints garments(or whatever it is that you do to garments). Your market/industry/competitive analysis are at the core of your business plan, and they entail you explaining to yourself, your employees, and/or potential investors what makes your product different, and how it can compete in a market of other printers(or whatever you do). To explain how it is you are different from your competition you must first know who your competition is and what they do. 

I don't think anyone would argue that the less competition you have - the better. You still need to explain your position in reference to others in similar industries. I say this under the assumption that many business owners draw up their plans with financing in mind. "My product has no competition because it is in a niche market", simply isn't going to cut it when there is a banker sitting across the desk from you.


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## T-BOT (Jul 24, 2006)

Dirt said:


> "My product has no competition because it is in a niche market", simply isn't going to cut it when there is a banker sitting across the desk from you.


put it this way.

would you open an Ice Cream store in a mall if there was One there already ?

Most likely not unless there was traffic/$ overflow from the Ice Cream store to yours (aka parasite retailers). 

Now in a mall WITHOUT an Ice Cream store, you contacted the mall and your banker with a plan that showed demand for such, they would say yes.

Thats what I meant relating to finding a nitch/demand to succeed without a deep study on competition etc.


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## Rodney (Nov 3, 2004)

> How do I learn about the industry - specifically inspirational products? How can I learn more about my competition?
> 
> Can someone please direct me to get me started?


I would use google to do research. Using keywords that ended in "industry". 

You can find competitors everywhere in google by searching for the types of products sell.


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## bgreaterthan (Jul 15, 2007)

Thanks for the push, Fred. I have been spending a lot of time thinking about marketing but all along felt I should start the strategies I know are going to work. However, I do feel that I should take careful aim at my target market - young working adults aged 20 - 35ish. I really need to find out where and how and when they buy, their favorite websites, their favorite stores, their favorite bars and restaurants, their favorite bands. That is what I'm struggling with now. When I was that age, their was no internet!!

Thanks again, Kelly


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## karlking85 (Sep 26, 2007)

That's a great point about the local magazines. You have to get inside your market's head and truly understand what they do when they're NOT shopping, and it will help you in the long run.


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