Entrepreneurs' Blog

06 Sep, 2011

Why research is important for your business – the facts are friendly

Posted by: Bev James In: Business Mentoring|Business Tips|Mentoring|Tips For Success

Why research is important for your business – the facts are friendly

Research is an essential tool for any blossoming or flourishing business. By doing research you are arming yourself with crucial information that will allow you to make informed business decisions. You need to find out about your competition, how successful they are, what they do and don’t offer, how you may be able to fill the gaps in their offering, all to give your business a competitive advantage.

When did you last do a competitive review?

As business owners we need to be constantly reviewing and analysing the market trends and competitive activity. Trends show you where a market is going and analysis helps you find your place within that market. Look hard at your competitors, work out their strengths and weaknesses and remember you should aim to differentiate yourself clearly from others. This will make marketing easier and helps new customers see the value of giving you a try.

Things you might want to do:

  • Review competitor websites and literature
  • Act as a mystery shopper and buy from your rivals to observe their processes
  • Interview your target customers about their buying experience
  • Assess your prices against the competition
  • Research any reviews they may have had posted about them online through websites or discussion forums.

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  • Morgan Grage: I like this post, enjoyed this one regards for putting up. "No man is wise enough by himself." by Titus Maccius Plautus.
  • Derek: Brilliant article Bev, thanks for sharing. coincidentally the kilimamjaro example used is on my 2014 to do list! Ps thanks for the tips you gave me
  • jackson: thanks for your great article about developing your business idea to great business Jackson mutebi

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