Market Research for Guan Xi News

Before delving into the particulars, it's important to know why this exercise matters. Based on the outside sources I looked at, market research is important because in order to start a successful business, you have to know what you are dealing with. Gathering as much information as early as possible helps you prepare for questions advertisers and investors will most likely throw at you.

Here is a list of 10 elements of market research that pertain to Guan Xi News:

1. How large is the target market?
2. Describe the populations, demographics and income levels of the target market.
3. What tools are needed to provide the service?
4. How will Guan Xi News be promoted to the target market?
5. On what budget will Guan Xi News be promoted?
6. What are the specific services of Guan Xi News?
7. What are the target market's needs?
8. How fast is the market growing?
9. What is the geographic area for the target market?
10. What are the opportunities and threats facing Guan Xi News?
11. How will the opportunities and threats be dealt with?

To start, here is an expansion of 5 of the elements:

How large is the target market?

The target market for Guan Xi News is all of New Hampshire, the total population of which is 1.3 million (as of 2012), according to the US Census Bureau. Of that population, 2.4% identify as Asian. While Guan Xi News is an outlet that will appeal to any NH resident regardless of background, the Asian population is a key group because of specific focus and interest in the content.

Describe the population, demographics and income levels of the target market.

The target market encompasses the entire state, but will most likely be heaviest in the larger cities. This is because of greater numbers of opportunities (events, classes, businesses that reflect Asian cultures) and greater population diversity. These cities are Manchester (109,565 total residents), Nashua (86,494), Concord (42,695), Salem (28,77).
 
The demographics of the target market are more ambiguous. Guan Xi News offers a service in the specific area of Asian studies and cultures and therefore will reach a number of age groups. For example, a  forty-year-old world news connoisseur, a family of four that has traveled to Thailand, teachers and students of Asian studies, a couple that immigrated to New Hampshire from Guangdong, China, or a young professional looking for a festival to engage in over the weekend.
 
Similar to demographic openness, income level does not matter greatly in terms of identifying the target market. There will be no paid subscription to access content because Guan Xi News is a service and source for all. Money for the target market would come into play based on personal interest to attend a festival or visit a shop.

What tools are needed to provide the service of Guan Xi News?

For the foreseeable future, the biggest cost to run Guan Xi News is transportation. The main goal of Guan Xi News is to highlight Asian cultures in New Hampshire. This means traveling to different locations across the state to report. Currently I am the only staff member and will cover my own cost. In the future, interns and staff will hopefully join as a volunteer service. Adding paid staff is an option to be explored once the site is established.

Also needed is a website to display Guan Xi News content. A Wordpress blog offers a neat, clean, organized, and professional outlet that can be personalized and easily updated. This provider is ideal for a start-up because the basic level blog is free. The basic plan include a blog, theme options, and basic customization. In the future, upgrades may become feasible based on site profits. The premium level plan is $99/year and adds a custom domain name, advanced customization options, and 13GB of storage for video, audio and other content. The highest plan is the business level which is $299/year. This option adds 50+ customization options, unlimited storage, complete ad control, and live chat support.

How will Guan Xi News be promoted to the target market? 

In partnership with the official launch of the website, I would like Guan Xi News to host a cultural festival in which NH business, clubs, restaurants, shops, and schools can gather in one location and show their wares to the public. This would serve as a way for Guan Xi News to establish ties with relevant businesses in New Hampshire as well alert the public. Examples of businesses and organizations are:

Confucius Institute at UNH, Durham NH
 Saigon Asian Market, Manchester NH
Vacation Bound Travel Agency, Nashua NH
Academy of Heath and Martial Arts- Taoist Arts Center, Nashua NH

Word-of-mouth will also be heavily utilized for promotion. Reaching out to town halls and radio stations are a couple of examples of useful outlets.

On what budget will Guan Xi News be promoted?

Exploring grant funding from organizations with similar passions to Guan Xi News is a way to involve the community, receive funding, and spread the word. The positives are the immediately tangible benefits of start-up money for travel and the negatives are restrictions and regulations pertaining to advertising and even content. The Association for Asian Studies awards grants to individuals who have profound interest and expression in areas relating to Asian. The grants applicable to Guan Xi News are the China and Inner Asia (CIAC) small grants (of about $2,000) and the Council of Conferences (COC) outreach grants (varied amounts). Finally, the budget for promoting Guan Xi News at the time of start-up with involve personal funding from me.