When looking for information about your business and your competition where do you look?
I look at what they DONT offer, that way you can always find a way to offer something different or better. Which is what everyone wants.. Something new!
Go to the competition's store, website, annual report, about us, any of that. If they are publicly traded, information is easy to find.
Go to industry websites and find out who or what is a cooperative in that industry. (ex. cotton + textile mills = cooperative) You can glean a lot of information there.
Do demographic research for you target market. Average age, income, lifestyle, family, kids, interests, where and how often do they shop and how much do they spend on average on your type product in a given time period.
Research the area you want to set up shop if you are doing bricks and mortar. Is your target market there?
If you can't compete down in price with your competition, compete up in value. People will pay for better.
If well researched, it would mean a body of information drawn out of opinios freely given by consumers that are potential customers you would like to do business with. It would provide you with valuable information that would allow your business to direct its advertisement campaigns and other efforts to boost sales and business. If it is a flyiing blind game, why do it?
Market research is a basic thing you need to do before making any plans.
There are sites like Google adwords tool or Gogle insights where you can research your keywords for free.
If you want some advanced market research then you probably need to purchase some merket or keywords research software.
by Wayne Tully7 years ago
How do you obtain stats and other such things like market share and trends for article directory content...I am currently trying to do some research into this area and my head hurts trying to find a site that delivers...
by Cholee Clay3 years ago
My husband thinks it would be a great idea if I started looking into creating my own bakery. I do love to bake, and I create some crazy delicious cookies however I'm not sure I would be cut out for the baking industry....
by universumtech6 years ago
Hello there,I am curious if there is one typical guerilla marketing campaign that anyone has practiced using it and what is effective? How can you gauge the results of using this type of marketing online?I need your...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.