Understanding market business is very important. Your business will fail if you have not done a proper analysis of your business market. In market, there are numbers of businesses and numbers of competitor.
Therefore you should analyze your competitor and the strategy they are using. Suppose you have not done an analysis about your competitor and you have planed something which is an old way to gain traffic.
Hence, no users will get attracted to your product and your business will automatically goes down and your competitor will get more sells.
You should do market research to know the new market trends. SWOT analysis tool will help you out to research the competitor in the best way.
SWOT means which is performed by an organization to study its strength and weakness. SWOT-analysis helps you to study companies’ competitive position and develop strategic planning. SWOT means strength, weakness, opportunity and threat analysis.
For Understanding market business this process is involved:
Create: Create some high-quality survey to do market research.
Spread: Make use of multiple platforms to share market research surveys like Facebook, Instagram, etc.
Examine: Extract main data and valuable result from market research data.
Execute: Plan and execute some new strategy according to the research.
There are 2 different types of market research:
Primary market research :
Primary market research is kind of one to one research, for example, you yourself are conducting research of the market via telephone, social media like (Facebook, Twitter, Instagram) telephonic interviews, online surveys, etc.
Secondary market research :
Secondary market research means taking out the marketing data from a different person or third-party analysis, for example, taking out data from statistics, market content, reports, etc.
3 Different ways to do the marketing analysis are:
– Desk Market Research : You can research from existing information from the internet
– Field Market Research: Collecting information by yourself using a survey, and other research tools.
– Commercial Agencies Market Research: Hiring other organizations who will perform market research for you.
Different ways for Understanding market Business more deeply
1. Who is your competitor?
2. Different things that you should know about your competitor.
3. Studying about your competitor.
4. listening about your competitors.
5. How to behave on the competitor information you get.
Let us study more in detail……
1. Who is your competitor?
All types of businesses have their own competitor for example if you have a restaurant or a blogging website you will surely have a competitor from different places, cities, countries.
As the internet is the only way to show the online presence each and every business has started to show their presence through the internet. Even if they are small scale business or large scale business.
You can find different competitors from different areas like
– local business directories
– Social Media
– Customer Feedback
– Searching for similar products or services
2. Different things that you should know about your competitors :
Your competitors or publishers are those who market the same product as your business does. your customer will judge you and your competitor based on price, quality and quantity you and your competitors offer. So you should always make sure to analyze
– The product and services that your competitor provide.
– The price your competitor offers.
– How they deliver the service and product.
– The backup services they provide.
– The brand they are using and the brand reputation.
– Find the type of customer they’re targeting.
– What next product they are to build and develop.
– what type of commercial way they have.
Check different activities on local newspapers, radio, television and any type of advertising. Try to take out more and more information. The more research you do the more strategy you can plan.
3. Studying about your competitor :
Make a list of a competitor. Study each and every competitor one by one. Understand there marketing strategy, for example, the social media they are using for targeting their customers. Try to communicate with competitors clients and employees. you can reach to them via their LinkedIn account. Always try to read their testimonial. The testimonial will help you to know more about their services, and clients.
Another most important way to study your client is to take a review of your competitor’s website. You can see the feel and functionality their website have. Check if they have started writing blogs or not if not then you should start writing blogs this will keep your clients and customer engagement to your business. If they have already created a blog then you should nicely optimize the blogs for SEO purposes.
4. listening about your competitors :
For understanding market business you should always able to listen to your competitor. The competitor is not your enemy they are just a business competitor. Try to communicate with them via different social media or meet up in the exhibition this will build your trust and they will able to give you some ideas. Try to meet your competitor face to face or via phone to interact more.
Research about their products. Like if they are selling there product at $100. then sell your product at $80. try to maintain the same quality and quantity they have. Or you can offer more than they offer. Give free support to your customers. The negative point of your competitor can make your business a positive point which will directly divert your competitor’s customers to you.
5. How to behave on the competitor information you get :
The last step is to execute the information you get while understanding market business. Make a list of information that you gathered while doing analysis and start executing them. Even if the point has less weight.
The 1st step is to think, if there something that your competitor is doing best according to you. Then it’s your time to make few changes on services or products you are offering. Like you can give free customer support, make some new and exciting offers, make some discounts on the next purchase, free delivery, etc.
The 2nd step is to think what bad they are doing then you? Like, if they have a blog and still they have not optimized it. It is your high time to make your blog optimized. As you may know that according to the Google standards the website should be upto-date with new and fresh content. If they have not made fresh content for a long time, grasp this opportunity and create a fresh and nice content that Google will crawl and rank your website hence this will improve your user traffic.
These strategies are for understanding market business better.