Market Research: Comparing Like for Like
When researching the competition, make sure that you are actually comparing like with like. I recently came across an Internet business offering what appeared to be bicycles similar to the ones we sell. Naturally I was concerned that this business appeared to be offering considerably lower prices. However when I compared their cycles to ours it was apparent that they were not the same product in terms of specification and build quality.
Make a Checklist
The best way to approach your research is to make a checklist of all the things you need to know about your competition before you start researching.
To be successful, research needs to be carried out over a period of time as opposed to on one occasion, as every business has seasonal peaks and troughs. Prices will vary depending on what time of the year it is. For example, most retailers suffer in the early part of the year when business is slow after Christmas. On the other hand this can be a boom period for gym owners and travel agents.
So make sure your research gives an accurate picture of the market in general and not one that is either enjoying a seasonal boom or a temporary famine!
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