Blog Post #13: Identify Market Trends
My target market will be local hobby vegetable gardeners. There has been a small-scale seed supplier in the area for the past 5-10 years and I would initially start with interviewing her and identifying some of her trends over the years. She doesn't grow her own seeds that she sells, but she brings in heritage varieties and sells them locally. Another identifier of trends in the area would be to just look at the varieties that are sold in all of the local stores targeting my audience. They bring in a lot of the basics. I think that would be a great place to start. Facebook has become a great tool to create market research. I could start a survey and send it out within the Facebook groups pertaining to different local gardening groups and see what kind of response I get back.
Understanding what the customer wants will have a huge impact on what I grow. I would start with that information and plan to grow what the people want. In reality, I will start small with the basic vegetable varieties and see how people respond, and that should start to shape my seed planning for the future.
Understanding what the customer wants will have a huge impact on what I grow. I would start with that information and plan to grow what the people want. In reality, I will start small with the basic vegetable varieties and see how people respond, and that should start to shape my seed planning for the future.
Hi Lisa;
ReplyDeleteI think it's good that you have so clearly identified your target market as local hobby vegetable gardeners. This allows you to really strategize ways to communicate/reach out to them and learn what they are looking for in seeds. You are right that many of them will want the basic vegetable varieites, so that may be what you decide to produce. If so, it will be important for you to identify what it is that makes your seed different (and desirable) from the other seeds sold on store shelves. For example, "locally adapted, short season, organically grown, heritage varieties" are all ways to distinguish your seeds.
The only shortcoming I see with the target market you've identified is that it's a small one because of your focus on local gardeners. So, it also means your overall sales will be limited. That is ok, if it's ok with you. If however, you plan to bring in more significant income at some point from your seeds, you will probably have to expand your target market.
Hi Lisa - I agree with Patrick that you have selected a very specific target market which will help you determine the needs of the market but which also limits the income potential of your company, especially if there is already a small company selling heritage seeds in your area. However, you may choose to start out at this scale and then you can determine as you go along, whether you want to expand your market or keep it as it is.
ReplyDeleteAlso, be prepared that the other seed company owner may not want to divulge any of her information to you on trends, etc. You will be a competitor and although we're all friendly with each other, we're very definitely competing.