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The financial planner also can get a great deal of relevant information from trade associations, local chambers of commerce, Web sites of his existing competitors, and through primary research, such as surveys and interviews with experts. Step 5: Collect the data Now that you have identified important computer data sources, you'll want to extract your data. The financial planner will scour each of the sources he identified to get out data that fits his information needs. He will see whether his data sources provide sufficient and useful data, or if they provide insufficient or suspect data, at which point he might look for additional sources to resolve his questions. Step 6: Analyze your data Now which you have all the info, what does it mean? What is it suggesting? Let's say the area our financial planner wants to serve has 200,000 households, that 15% - or 30,000 - are two-parent households, using a median family income of $60,000 annually, a median ages of 32, and an average household height and width of 4. Immediately, the financial planner knows he could be serving a little daughter upscale market, and it is most likely - without going through the number of competition - that there will already be an above average quantity of financial planners trying to offer them. The financial planner may also find from financial planning industry statistics that 60% of homes for the reason that generation carry life insurance, and how the average policy face value is $100,000. Given the affluence on this area, the planner may believe that households in his audience have much greater assets and income to protect, so he or she adjust his estimates of life insurance coverage for that area upward - to policies of maybe $250,000 or $500,000. He'll make similar estimates for any other lending options and services he offers. Step 7: Derive your market estimate Now you have compiled and analyzed crucial computer data, you need to come up with a bid of market size. Our financial planner may - through all his data sources - think of the average and standard deviation of the policy levels of life, disability, and also other policies aimed at his target audience because area. He will then project that amount out by the quantity of households within that target think of an aggregate size in the financial planning market in this area. From there, he'll almost certainly build in the margin of error, perhaps by using a 95% confidence interval, to come up which has a low estimate, a middle estimate (which would function as aggregate size he determined earlier), plus a high estimate. Step 8: Apply your estimate Your market size estimate is useless if you do not use it. Once our financial planner derives his aggregate estimate, he'll almost certainly estimate simply how much of that market the guy can reasonably get according to his competition and also the cost the guy can earn based on his opportunities for payment. This will feed his business strategy projections. In addition, the size and characteristics of the market might help our financial planner see how far better to market his services, whether by direct mail, giving presentations, networking, or another means. Market-sizing can be a daunting, tedious task, however the value it increases your planning and marketing efforts can make enough time, money and effort dedicated to it over customer satifaction research perth worthwhile.