Welcome to Laurier Library's BU111 Course Guide on G.E.L. Factors. This Guide will point you to key resources that will kick-start your research on GEL Factors for both your Preliminary and Final Reports for your New Venture Project. To find out about G.E.L. Factors, read Don Debelak's posts on his One Stop Invention Shop blog: Great Customers, Easy Sales and Long Life. You can find links to video tutorials to the right under Key links.
Use the links below to navigate to the different sections of the Guide.
Read the blog post What Makes Great Customers?
There are four main elements that make great customers:
- Number of customers
- Ease of finding your customers
- How willing your customers are to spend
- Ongoing sales support
Below are some resources to get you started.
Number of customers
University Student Demographics
Ease of finding customers
Click on “Account login.” Generate a list of businesses (by product or NAICS) in a particular geographic area
Search “Vernon city directory” in PRIMO to find directories for multiple cities
Build a list of Companies in your industry
Watch the video tutorial: Build a Company List
Consumer spending: are your customers willing to spend?
Survey of Household Spending (SHS)
Access Statistics Canada’s Survey of Household Spending via <odesi> following the steps below.
Step 1: Connect to <Odesi>. On the Odesi homepage, click on Browse at top right.
Step 2: select "<odesi>(Click to View Categories) " link at top left.
Step 3: select "Consumer Surveys". Click through to "Survey of Household Spending (SHS)".
Step 4: select most recent year.
Step 5: click "Metadata" then "Study Description" through to "Data Access". Select CANSIM table: Survey of Household Spending - 3508.
Want to improve your literature searching skills? Review these video tutorials:
- Business Research Basics (find this tutorial on your Pearson course website)
- Finding Articles on a Topic
- Finding Newspaper Articles
- Using Keywords Effectively
- Better Searching Using AND, OR, NOT
Read the blog post How to Have Easy Sales
There are three (3) points to consider when it comes to easy sales:
- Product is important to potential customers
- Customers are easy to acquire
- Product needs minimal promotional activity
Product important to potential customers
- Do customers prioritize your product? Find studies in Passport that report on consumer preferences (i.e. traditional vs. online games)
Are customers “brand conscious” when it comes to your product category?
- Again, try searching Passport
- Marketing researchers and social scientists have studied the preferences and culture of various consumer groups. Try searching the business and social science literature for articles that indicate how "brand conscious" customers are likely to be when it comes to your product or service. Watch the video tutorials for tips that will make your literature search more efficient and effective
Your product not a top priority?
- What if you discover that your product is not prioritized by your potential customers? What should you do? Try the following strategy: Find out consumer’s actual priorities, then create an association with your product. To discover consumer preferences, try searching Passport, search the popular, trade and scholarly literature and investigate trend-monitoring resources such as trendwatching.com.
Read the blog post Does Your Business Have Staying Power?
There are five (5) main elements that will give your new venture staying power:
- Investment ($) required for startup
- Amount of money needed to stay in business
- Profit margins/$ from each sale
- Ongoing product costs
Research strategies and resources for the staying power of your new venture
1. There is one good resource to start with that will help you address these factors, including operating costs, etc.. It’s industry Canada’s Financial Performance Data database (formerly known as the SME Benchmarking Tool). Review the Estimating Costs section of the New Venture Integrated Guide to get a step-by-step guide to using this resource.
3. Finally, consider Primary Research
- Contact relevant businesses directly to confirm your estimates re: startup and operating costs
As Don Debelak states, ". . .by selling to the same customer, you will save yourself a lot of money, which allows you to make more money per sale and stay in business longer." As a result, try to sell different products to the same customer.