How Do I Conduct a Wireless Market Analysis?

Professionals perform market analyses when they want to learn how best to sell their products or services. A successful market analysis might answer questions regarding demand for a product, target demographics, pricing, and competition. When professionals perform wireless market analysis, it is to learn about the economic and business environment for items such as cell phones and handheld devices that enable people to communicate with one another without the use of wires. To conduct a wireless market analysis, you should first determine which question you want to answer. For example, if you want to learn if there is a market for a new cell phone model, you might want to learn who would buy new cell phones and how much they would expect to pay.

Once you have determined which question you would like to answer with your wireless market analysis, you should figure out which kinds of information you can realistically access. For example, if you want to learn about other companies' new text messaging plans which have not yet been revealed, you need to get this information from a person inside that company. In most cases, this kind of information is impossible to attain. Instead, you might want to learn about new technologies that are being developed for text messaging. You also can study trends to speculate about text messaging plans that soon might be introduced.

Many professionals hire market research firms to gather information. These firms might distribute phone and Internet surveys to wireless customers. They also can mine data to find out which kinds of wireless services are most popular among certain demographics. In most cases, you can find marketing firms that specialize in wireless market analysis.

If you are unable to hire a research firm to perform your wireless market analysis, you should be able to conduct some of this research yourself or with the help of your colleagues. Consider sending out satisfaction surveys to some of your clients to learn which wireless features they enjoy and which they look forward to seeing in the future. You even can learn a lot about a wireless market by reading advertisements and public market data that can be found online and in trade magazines.

Once you have gathered information for your wireless market analysis, it is important that you analyze it correctly. Many people prefer to use special software that performs statistical analysis and generates spreadsheets and charts that make data easy to read. At this point, most professionals meet with colleagues, shareholders, and investors to discuss research findings and to design and fund a plan to move forward.