| When it comes to starting up your own gift basket | | | | experiences with other gift basket companies and if |
| company one of the first steps that you should take | | | | they feel that they received the best level of service |
| before diving in head first is to do some thorough | | | | possible. Ask them how they would look for such a |
| market research. In order to put a business plan | | | | business when they needed one and their reasons |
| together you first need to understand some more | | | | for going with a particular business. Ask them if they |
| about your market, the kind of products that are in | | | | were satisfied with the product range and if they |
| demand and the kind of clients that you will have. | | | | feel that there are any areas of the market that are |
| Only then will you know what products you need to | | | | not currently being catered to. |
| develop to cater to this market and how you should | | | | Don't forget to take down the contact details of |
| go about marketing effectively. | | | | everyone that you meet with so that you can |
| Market research for the kind of small gift basket | | | | contact them once you have opened for business. |
| business that you are likely to be setting up is best | | | | You may get your first client from within this group. |
| done by you personally as the owner. While you can | | | | Research your competitors thoroughly. Go over their |
| outsource market research to professionals these | | | | websites and other marketing materials and get a |
| days you will get the best understanding by doing it | | | | complete understanding about their product range, |
| yourself, you will save money and you will likely make | | | | their advertising and marketing, their ordering process |
| some good connections in the process. | | | | and their delivery service. Look for aspects of their |
| The market for gift baskets has traditionally been | | | | business model that you would like to incorporate |
| dominated by women although men are starting to | | | | into your business model and also try to think of |
| make up an increasing part of the market. Middle | | | | ways how you will differentiate your products and |
| class and wealthy customers are more likely to buy | | | | services from theirs. |
| this kind of product than consumers from lower | | | | Even once you have started your business don't |
| socio-economic groups. Try to get some | | | | forget to do continual research. Getting customers to |
| understanding of the demographics of the population | | | | give you feed back is one great way to get data |
| in your area as every region and city is different. | | | | that you can use to make positive changes. |
| The next step is to put together some focus groups | | | | Market research is an extremely important first step |
| or interview people one by one to find out about | | | | that you should take before taking the plunge into |
| their experiences with gift basket companies. These | | | | the gift basket industry. Get your business off to the |
| people can be friends, associates or anyone else that | | | | best possible start by giving this area the attention |
| fits the profile that you have in mind of a possible | | | | that it deserves. |
| gift basket buyer. Try to find out about their | | | | |