Obviously itâ€™s unlikely that you will be the only business operating in your chosen field, but if you do find that the competition is thin on the ground this doesnâ€™t necessarily mean good news for your business. It may be that businesses like the one you are proposing have come and gone. So itâ€™s worth further research if there isnâ€™t any sign of real competitors. Continue reading “Understanding Your Potential Market Place”
Sometimes the only reliable way to be sure that whatever it is youâ€™re about to sell is going to appeal to your potential market is to carry out customer surveys.
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. Continue reading “Market Research: Comparing Like for Like”