Market research is a key part of planning in general, particularly for an enterprise idea as it is the key to success. I have conducted market research into my industry and environment to look at trends and changes that I need to be aware of, as well as prepare for.
My market research plan is to look at both primary and secondary research. My primary research will look into what my target audience think of my idea, by asking for their opinion on whether they believe this is missing, and whether they would use it. When looking at secondary research, I will be looking into the industry, platform and target audience.
Print or online in the journalism industry
Our digital era has started to slowly kill the print industry, as figures fall from print circulation as online readership jumps. Statistics from Print Week show that by the end of 2017, print fell by 5% across the whole market, compared to online consumer magazines which grew by 37%.
With huge magazines stopping their print editions, such as NME, this shows the drastic effects of the development of online media as readers shift to online platforms, social media and apps on their mobiles for news and content. As you can see from the graph below, this shows the decline of sales in the 'Top 100 Magazines' since 2000 from the ABC.
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This is a similar issue for advertisement, as advertisers are spending their money on online platforms rather than print, which affects the future of print magazine revenue. Group M has reported that advertising in print would have dropped to £250 million by the end of 2018 in comparison to £512 million in 2010.
Milton Keynes (Growing town)
Milton Keynes is a growing town, whose population is expected to double in size to half a million over the next three decades (MKCITIZEN.) With an increasing number of people expected to live in the town, this creates a gap in the market for the younger generation, who want to keep up to date with the latest information that appeals to their age range.
In the Milton Keynes Population Bulletin 2017, which was released by the Milton Keynes council, it states the following:
"Milton Keynes has a younger demographic when compared with the national population which will continue in the forecast period going up to 2026."
"17 to 24-year-olds are projected to increase from 21,550 to 23,800, a rise of 10% between 2015 and 2026.
Social Media
As well as looking at magazine industry trends and geographical statistics, it is also important not to neglect the social media aspect of my enterprise idea. Social media platforms complement my online platform, so both are equally as important in creating an audience and following for my company. Particularly looking at the age range of my target audience, young people spend the most time on social media platforms such as Instagram, Facebook and Twitter. This, therefore, is evidence to show that I will also need to utilise my social media platforms to keep my audience up to date with new content on my website, such as promoting 'new' and 'coming soon' features.
As you can see from this graph, the age range of 16 to 24-year-olds (my target audience demographic) has one of the highest engagements on social media. These results show that 95% of 16 to 24-year-olds in the United Kingdom had set up a social network profile.
As well as this, a fifth of 16 to 24 year olds spend more than seven hours online every day according to new figures from Ofcom. This means that there is a platform for me to engage with nearly all of my target audience on, which will help me to market my brand in a more efficient way. ​
Competition and Inspiration
Looking at my competition, Milton Keynes is limited in young news platforms, so my main competition will be the main news publications such as the MK-Citizen.
The town only has a handful of news platforms for citizens to go to, which include MK Citizen as well as smaller magazines such as MK Pulse and CelebrateMK. However, these magazines and news outlets target more towards the age range of over 25's. The content included doesn't appeal to younger generations, as shown from my primary research (below) as many students agree that this platform is missing for young people in Milton Keynes.
I asked two key questions targeting individuals from Milton Keynes on the social media platform Instagram, which covered the themes of 'Do you think Milton Keynes is missing an online news platform for young people,' as well as 'If this was available, would you use it?' This allowed me to see if my target audience felt there was a gap in the market for this, but as well as being a gap in the market, if there was also a demand or a want for this. There is no point fulfilling a gap in the market if the audience doesn't want this, so I'm satisfied with my results showing that a vast majority of people answered yes for both questions.
I also gained inspiration for this idea from working at Style Birmingham as mentioned in my previous blog posts, which is a young news and lifestyle platform targeting the Birmingham community. This is a stylish and modern online website, who also produces a digital and print bi-monthly magazine, as well as utilising their social media.
Their content ranges from food and drinks to events, fashion and beauty and entertainment. Their writing style and content is very young to appeal to their target audience, and they get involved with upcoming events and talents, which is something I want to bring to Milton Keynes. I will be able to appeal to my target audience in a similar way, by providing them with fresh new content that appeals to a niche market.