Staying ahead of your competitors is essential to the success of your business. You need to know who your competitors are and importantly, what their offer is. Market research is a tool that enables you to find out what your competitors are doing well and also what they are doing wrong – their weaknesses in the market you operate. This will help you to closely monitor your target market and identify any needs that your customers have that your competitors are not meeting. Knowing what your competitor’s strengths are can help you adopt and/or modify working practices that work well.
Effective research methods include speaking to your customers and those of your competitors. This doesn’t mean to try to steal customers in an underhand way but simply to find out what their perceptions of you and your competitors are and to gain insight in to the customer’s buying decisions. This in turn can assist with your planning and to establish research outcomes. Attending industry events or trade exhibitions can also help you to keep up to date with industry and legislative change if applicable to your business.
If you would like us to help you review your market research strategy or find out more about how our services could help you then contact us on 07834 976986 for further information.