What is one thing most business owners think about when they begin a business or are running one? Most of the time, they are thinking about how they are going to make their next sale and increase revenue. Other times they are thinking about other businesses that have already been where they want to be, or aspire to be. The focus on the latter can be helpful with a healthy dose of analytical thinking and research, however, without a solid stance on research, it can easily become a comparison game. That being said, today I would like to introduce the subject of my marketing analysis and research, and that is a company named Gorjana.
There are plenty of businesses to choose from in the world of jewelry, anywhere from high end Tiffany and Co., to Free People’s line of boho aesthetic jewelry, to the pop up shop next door. Gorjana is an interesting choice, because this jewelry brand started as just that, a studio in an apartment complex. In 2004, the brand started as a two person show, with the couple driving miles across the United States attending craft shows and hand processing orders in the apartment (gorjana, About Us, n.d.). Now there are more than 50 stores across the United States, a remarkable online brand presence, and an intriguing emotional connection with customers through brand messaging that most companies would love to have. Not to mention the jewelry, and the aesthetics of the brand are purely beautiful.
Launching products and product lines are another thought for many business owners and corporations. In this case, we will be discussing a hypothetical product line in the interest of understanding and conducting marketing research for launching a product. The hypothetical line would be a handmade jewelry line that focuses on quality with an anti-tarnish hypoallergenic coating, delicate and boho aesthetic line pieces, and is sourced locally in the United States. Adding this product to Gorjanas line up fits with their organic, gemstone, yet elegant feel of their products, while expanding into a different product type, handmade and locally sourced, expanding their reach.
The first step to a product launch is idea generation. Once an idea has been selected, it’s important to cross check that idea with market research. This research involves identifying a target audience, analyzing competitors, and then conducting the actual primary or secondary research for the product launch. Primary research involves collecting information directly from the market, it is original and typically gathered from interviews, focus groups, surveys, and more (Babin, 2019). Secondary research for a product launch involves using information that has already been gathered and assessed. This is typically quicker and has higher cost savings, however with the additional platform of social media, primary research can also be cost effective.
In this case, I would recommend a combination of primary and secondary research. Primary research can define what Gorjana’s current customers think about the potential of handmade products in their product line, while secondary research can help to determine the general public consensus on handmade items, and which target market responds well to that segment of products. Cross checking the information gathered from both primary and secondary research can help direct next steps in the product development, such as continuing on, or pivoting with a different idea.
Primary Research Design
Before moving into recommendations for primary research, we need to establish the goal the research is going to accomplish. In this case, launching a new product line, the goal is to establish a verified interest in the new product line from customers. A recommendation for primary research in this situation would be leveraging the following already established on social media with fun polls that are easy and quick to answer. Simple posts showing a handmade product that asks: “Interested? Yes! or Nah…” for example. Engaging the customers is a great way to get information and make it fun for them, while also gathering important information and promoting engagement. I would also venture to argue that this kind of research is more cost effective than ordering a report from the following Secondary Research sites, but I digress.
Secondary Research
Once a verified interest has been established, it's important to start research on the handmade jewelry industry and trends. Gathering information from business sources in the jewelry industry will help the company understand customer preferences and changes in sentiments toward different products. Here is a list of sources that would be helpful when conducting secondary research:
Mintel is a leading producer of robust, in-depth marketing research insights and analytics. The website offers information and reports on specific industries, trend drivers, demographics, and regions. This is a five gold star resource full of amazing insights to understand the market as a whole, the current and future predictions of an industry, and the target market.
A lead data gathering tool includes Statista. Perfect for quick industry overviews, quick facts relevant to the current year, and updated statistics, this resource is helpful in gathering multiple different kinds of data on a specific industry or company.
If you're looking for commercial business intelligence, information on a specific company, business news, country or geographic location, and economic information, then Marketline is your resource. It covers trending themes and summarizes the most searched issues and keywords for the business industry, helping its audience understand the current market and trends.
Gathering information from these sites helps a business understand the market as a whole, trends in marketing in specific industries, and customer sentiments. The primary research will inform if the current trend or proposed product offering fits the business's target audience, goals, and marketing objectives.
References
About Us. gorjana. (n.d.). https://www.gorjana.com/pages/about-us?srsltid=AfmBOoqNMQELNi791K8Rc3VJNgyMcopcj0nfVVYIlOoDAaUOhi5gUUjf
Babin, B. (2019). Essentials of Marketing Research (7th ed.). Cengage.