Question
Topic: Research/Metrics
Estimating Current Demand
Related Discussions
- Who Are The Top Companies Competing In The Market?
- Geographic Metric - Help Needed!
- How Fast Does An Untouched Sales Lead Degrade?
- Need Clear Standards To Judge Facebook Metrics
- How Can I Get Backlinks For My Website?
- Beauty Services Relocation And Market Research
- Thoughts On Abm Platforms?
- Research - Masters Dissertation Survey Help
- Experiential Marketing Survey
- Collection + Dissemination Of Customer/market Data
- Search more Know-How Exchange Q&A
Community Info
Top 25 Experts
(Research/Metrics)
- mgoodman 27,311 points
- koen.h.pauwels 25,348 points
- Jay Hamilton-Roth 21,662 points
- Chris Blackman 15,808 points
- Gary Bloomer 10,191 points
- wnelson 8,013 points
- Peter (henna gaijin) 7,543 points
- steven.alker 6,672 points
- Frank Hurtte 6,632 points
- Dawson 4,619 points
- telemoxie 4,595 points
- SteveByrneMarketing 3,358 points
- SRyan ;] 2,396 points
- Blaine Wilkerson 2,387 points
- ReadCopy 2,081 points
- Pepper Blue 1,863 points
- bobhogg 1,748 points
- BizConsult 1,491 points
I am considering marketing to a non fiction segment of the consumer book market via mail order within Australia.
My dilemma is how to estimate current market demand, particularly as I don't have all the data I need according to the requirements of some of the typical methods of calculating market demand.
Eg The formula for estimating total market potential
Q = nap.
Where: n = No of buyers in a specific product/market.
q = Quantity purchased by an average buyer.
P = Price of an average unit.
Problem: I don't know the quantity purchased by the average buyer - either for books in general or for the specific segment of the market I have identified.
I also don't know the number of books purchased by buyers split by demographics like gender and age etc.
Chain Ratio Method - Problem: The statistics from my national statistics provider do not split the consumer book market to the level required by the chain ratio method. The closest I can get is the value of non-fiction books sold in Australia for 2001/2.
The Multiple- Factor Index Method
My subject matter is not new to the market but is new to my company so I do not have existing sales figures to place into the Multiple-Factor Index Formula. The figures are not available from a third party book research firm either as they do not have books split by my category.
Is anyone able to offer any suggestions for researching the current market demand under these circumstances.
Please note I am a small business without much money to spend on market research.
I have found statistics from the UK that are close to what I would like to find in Australia but not enough is available for Australia. I wonder if I could adapt the UK stats ?
I have managed to segment my market based on observing the activities of a firm who offer personal services to people with the type of customer problems my books could service. I am not overly concerned about their presence and activities as my books could complement there own services.
I just have not been able to quantify the markets potential and I am really frustrated.
Regards
BrettP