Ways To Evaluate a Market
Father George Rutler is a well known Roman Catholic Priest in New York City. He converted from the Anglican Religion, where he was also a Priest. Being a New Yorker, Rutler knows a lot about financing. There are ways to evaluate a market, and he agrees with the following:
1. The urgency of it.
2. Market size.
3. Pricing potential.
4. Cost of getting customers.
5. Cost of value delivery.
6. Uniqueness of offer.
7. Speed to market.
8. Up front investment.
9. Up-sell potential.
10. Evergreen potential, will it last?
Father Rutler has insights into the spiritual and physical aspects of life. He knows there is an after-life, but also believes in not squandering the blessings in the physical life.
In his book, “Our Peculiar Times”, he reflects on our modern day living, and how we can live a fulfilling life, here on Earth, and writes about morality. He helps us take our blinders off, and really see what is going on, and why.
When finances and investing are volatile, it is smart to get wise counsel. The steps taken in evaluating a market are necessary to protect wealth, and increase chances of success.
Besides the 10 ways to evaluate a market, there are 7 ways to do a market evaluation that Father George Rutler agrees with:
1. Determine the purpose of the study.
2. Look at the industry’s outlook.
3. Pinpoint target customers.
4. Compare competition.
5. Gather data.
6. Analyze findings.
7. Put analysis into action.
Father Rutler is all about doing, taking action. He believes in getting involved, being smart, and really paying close attention to important details. He is an advocate for quality education, because it stops the poverty cycle. He believes in a life of virtue. People educated in the right way are moral people. Moral people have the tools they need for a successful life. And they, for the most part, don’t make foolish financial decisions. That being said, evaluating a market before making a decision is wise.
Starting a business can be challenging. In the “10 Ways to Evaluate a Market”, the bottom line is finding a need and fulfilling it. It has to look good on paper, feelings alone won’t do it. Here are some more ways to evaluate a market:
1. Analyze target audience and rivals.
2. Assess potential market place.
3. Find the adjacent opportunities.
4. Explore the business environment. For example: A women’s fitness center in the heart of a truck stop might not work too well. Of course, it takes a lot of time and effort, but it is well worth it. Make a decision about the clientele wanted, and get to know them well. Happy customers are repeat customers, and worth of mouth is the best advertising.
A “Target Market” is the core customer base. Understanding what they want and need will improve business. There are multiple things to learn about customers: Age, gender, education, source of income, where they live, family, lifestyle, what they like, and how they spend free time.