The most common market research strategies
An accurate data analysis of existing businesses dominating your field as well as the behavior of their consumers is a paramount in determining your objectives. Collecting the information from relevant sources will make an impact to strategies you implement in gaining the market share in any economy. Also, estimation of the approximate expenditure that your competitors have in order to achieve similar or greater results is going to help with budgeting and planning.
How to gain access to competitors’ numbers?
There are various ways to estimate their turnover. Start with the cost of their services or products and attitude of their consumers. Observe their online paid advertising and frequency of their ads. Check their availability, waiting time, delivery, publicly accessible customer reviews, number of employees/associates if applicable to the type of business. There are many ways to get a good idea of your competitors’ position without breaking the Law.
Seven Steps Market Research Process
- Identify your competitors and their strategies
- Study consumers’ experience and level of service your competitors provide
- Compare top two competitors, implement and improve their strategies
- Conduct level of demand research in your industry on regular basis
- Collect and analyse data on their behavior at least once in three months
- Set up long term plans based on current trends and predictions
- Learn all the aspects on how your competitors maintain their presence
Get and maintain online presence
Use search terms that your competitors use. You may not be found as a new business or a business that wasn’t utilizing online resources. There has never been easier to get in front of consumers 24 seven than it is now. Frankly, small business owners who don’t have websites and social media exposure are kidding themselves. More than 80 percent of world population are internet literate and search for their solutions online. Old fashioned word of mouth versus 24 hours seven days a week simply doesn’t match. Online exposure is a must for every business.
Be wise and don’t think that your expertise will be enough to succeed, because you are good at what you do
No matter how good your work ethics, how good your service or products are, if nobody can see you. The amateurs in your industry with the right exposure will do better than your business. Even when you get online presence, if your brand can’t easily be found you are not going to get a sufficient number of leads. That’s why everyone needs a helping hand by a professional who can enhance your online-searchability. Seek expert advice to get ahead of your competitors.
Visualize your position in the next 12 months
Keeping a close eye on current trends and competitors will give you a clear picture where you are going to be in the next 12 months. All you need to do is replicate and improve what your competitors do. Of course, it will depend on your budget and capacity of your company, but try replicating a similar size business. Nothing happens over night, but having a wise strategy will inevitably bring results. You know what they say “Patience is the companion of wisdom”. Starting a new or improving an existing business requires time for the results to eventuate
Having faith in implementing strategies that worked for many other small businesses is of the utmost importance. Also, adapting to any necessary changes and transitions is something that every business creator must be prepared to do. More importantly, there is no growth without fluctuations and changes that lead to success. In fact, problems and competing for a better place in the market place makes us more resilient and capable to handle all the difficulties that are thrown at us. Staying motivated while constantly improving is virtue. Check some of the most inspiring quotes for business growth.