Grow Your Interior Design Business – Analyzing Your Market

There are many ways to gather information that can help you start, build or grow your interior design business. While performing market research can be costly, it does not have to be – if you manage to keep your focus fairly narrow, targeting information that will specifically benefit you.Broad-based research, like that described here at Entreprenuer.com, may tell you a great deal about a wide range of potential clients but, it’s costly and may not offer the information you really need.Instead, you should focus on identifying the services that are in demand in the area you want to work. Doing so can help you shape your offerings, without trying to be “all things to all people”.Next, consider whether it would be best to specialize in one or two offerings, or offer a wider menu of design services, and investigate the major players already in that space.It’s important to remember that most interior design businesses are extremely localized. The national trends that are often identified in design publications may mean little in your local marketplace. New and small design firms need to stay close to home for their information, as well as for clients.With that in mind, here are some questions for which you will need answers as you work to grow your interior design business locally:

• What services are the busiest designers in your area offering?
• What services and categories are needed in your area?
• What services can you provide that are unique, superior, or at a more competitive price point?
• What will set you apart from the local competition?
• Are you able to offer something different or better?

Once you have answers to these general questions, you can begin to seek more specific information that will help you determine where you can best apply your talents, expertise, and energies.Specific Marketing QuestionsBefore starting or expanding a business, researching the market can show you which services are most in demand and give you an idea about the competition. Use this guide to research your area and see if there’s an unmet need you can fulfill to attract clients. (Houzz.com)

• What home renovation or design challenges do customers have in your area?
• How can you help homeowners solve those challenges?
• What services do you currently offer?
• Pull up the Houzz Directory, select your category, enter the location, and select your service radius. How many pros are listed as serving this area?
• Check out the profiles of some top professionals and look at their “Services Provided” section. What services are you commonly seeing?
• What services are you not frequently seeing?
• In what other categories could you perform work?
• How many competitors of your potential other categories are in your service area?
• Look at the average project cost from other pros. Is there a need for a pro who can take on small, medium, or large projects?
• Is there a need for a pro with a different pricing structure? (For example, are the majority of pros charging hourly or a flat fee?)

While these are admittedly basic steps, and a great deal more can be done to research and analyze your market, for emerging designers and those with a limited client base, these marketing tips should be highly valuable in helping you to grow your interior design business.Looking for more new design trends, marketing tips, and ideas? Get in touch with TD Fall today.