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.
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