“Change is the most permanent thing in this world.”
You might’ve heard this quotation from your class or a friend during a simple conversation, which implies how we, as humans, cannot avoid changes occurring in our daily lives.
Changes happen from time to time, even in the e-commerce world. As we engage in this field, alterations occur and if mishandled, can give a massive impact on any business. Among these phenomena is the changing market demand.
What is market demand?
Market demand is simply what your specific market wants. It refers to how much consumers want your product/service to be offered. Market demand shows how much customers are willing to pay for your product/service offered, and how much of your released product is available for consumption in the market.
Demand for a product usually lasts for a specific period. Within that period, market demand can change depending on what your market seeks and if your product/service offered satisfies it. When there is a high number of people wanting your product, that will be an increase in your market demand. And if this happens, it’s a chance for your product to increase its sales as well as its suggested selling price. The more people wants it, the more chances you to get double revenues. On the other hand, if the demand for the product is low, it is an automatic drawback to you and your business.
Understanding what is demand in marketing may be too complicated just by hearing about it, but it is essential when you are in the business field.
Reasons to know what is demand in marketing
Finding market demand is not an option. You have to know how to calculate market demand. You have to know how to control it to get a grip of your business/service lifeline. After all, you wouldn’t want your precious business to go down in just a small period right?
Awareness. Awareness is important if you are in the business field. You have to always keep yourself updated. What are the current events in the business fields? How much is the economy changing? Are you earning? Is your marketing strategy working? Do you still have customers or did they already switch to your competitors?
These questions can all be given answers with the help of market demand. By knowing how your market currently responds to your business’ performance, you are given a chance to be aware of how your business is working. Demand for the product can tell a lot not just about how your product is working, but most importantly, market demand gives you the idea of how your business is coping up with the complicated economy.
Image taken from Unlocked Capital
Control. Getting the situation under control is a secret power in the business world. If you know how to control any situation regarding your business, providing solutions to any conflict is a no-brainer for you.
Market demand can help you get tight control of your business. You can use the information you gathered from it as a formula in finding the best ways of coping up with a specific event. For example, if one of your products offered started to have a decrease in sales, you can simply know the reason by relying on your gathered data from market demand. Armed with this information, you can know which areas need improvement, and which needs to be sustained
Response. Once you get control of your market demand, it is now easier for you to provide them the best response. You have the chance to formulate new strategies that can satisfy what your market wants. You can remove all the aspects that became the reason why sales fluctuate on your previous selling and replace it with something extraordinary they wouldn’t expect you to come up with.
Development. Development completes every business’ journey. It is always included in any business’ long-term goals. For a business to call itself successful, development should be present.
Market demand does not only exist for marketing research purposes. It exists to help the business grow as a provider to many consumers. It helps them evaluate themselves and know the right ways they should be doing to improve their performance. Knowing their market demand also helps them to make a stronger connection towards their customers, which when handled well, can serve as their key to a brighter future.
When it comes to the development of your business/product, having the best partner is a must-have. Not only can it make things easier to deal with, but also makes things more possible to achieve for you. You must have a partner who can help you change your ways to be unique. Someone who does not only exist to provide answers but also someone who is there to be your lifetime guide—someone like Strikingly.
Image taken from Hayashida Rice
How to determine market demand?
There are tons of ways on how you can determine your current market demand. Below are some of the basic practices. You can choose what you want from the list to gather the ideas you need in dealing with your market demand. Knowing these steps will make it easier for you to handle your market demand, and ensure that the bag of gold is waiting at the end of the line.
- Thorough research. Researches are like lifelines. You can always rely on them. Market demand could get too complicated to understand if you don’t have a sufficient idea of what you are dealing with. If you want a deeper understanding of the category of the market you are dealing with, conduct thorough research. This will not only provide you with the juiciest information but also give you appropriate backup ideas you can use in finding solutions to your worries.
- Conducting surveys. Surveys are among the most common types used in collecting any information. Companies use this to know what their customers think about their product or what suggestions they could give to help the product improve. In most cases, survey questionnaires contain information like name, age, location, civil status, contact information, and even suggestion boxes for their customers to answer.
As a company seeking to know what their market wants, conducting surveys is one big help. This is especially true nowadays where almost anything can be done virtually, conducting these are more possible. If you are someone who engages in the field of e-commerce, specifically website handling, you can easily conduct surveys to anyone who visits your website page. You can post your own-made questionnaires online and let people answer them without even having an actual conversation. You can simply do this by either posting it on the website page or through sending emails or anchored website pages.
Want to know more about this process? Strikingly is just one click away to do it all for you.
Being observant. Observations are also very helpful. As a businessperson, being observant is one special ability. You can simply know what is going on by relying on what you are seeing from your surroundings. Being observant of how your business is performing in the world of e-commerce can tell a lot about how devoted you are to do your job well. Do not just rely on what you see on the internet for it can’t be true most of the time, but not all the time. Everything can now be replicated. You can’t always rely on electronics because, at the end of the day, they are still machines. You as a human are still more empowered with critical thinking skills so why not use them wisely right?
Image taken from Fighting Pretty
How can Search Engine Optimization tools be a huge help in identifying market demand?
Search Engine Optimization or simply known as SEO is one of the greatest tools one can use in the e-commerce world. Search engine results give a lot of information in knowing your business’ current situation in the marketing field. It gives you the amount of search volume for your product, keyword suggestions you could use, and even rankings. This information is much needed in determining what is demanded in marketing in a specific period.
Image taken from Pulse Charts
Helpful market demand examples and tools to help you get a hold of it
To give you a better grip of how market demand works, Strikingly listed these three free SEO tools which you can use in managing and knowing how to calculate market demand. Feel free to check them out, take a look at their market demand examples and start handling your market demand easily!
- Keyword Surfer
- Google Keyword Planner
- Google Trends
Get a grip of your market demand with Strikingly
Working with Strikingly comes with a lot of benefits. Besides the fact that it is topnotch in the field of website building, it is also equipped with everything you will be needing in the e-commerce field!
Curious? Chat with us and we’ll help you reach that goal in no long period.