Your business needs to do several key things in order to compete properly with other, similar companies. Your company should have a niche, something which no other company can offer.
In busy everyday work life, it can be difficult to decipher what your business has going for it that others do not. It is also difficult to understand how the marketplace is looking. Is it overcrowded? Is it sparse?
The only thing that will help you to figure out exactly where your business stands is to conduct thorough and high quality market research. Market research can help a company in many ways:
1. It can tell you what your competitors are doing. It is very important to understand what your competitors are doing differently to what you are doing. This helps you to remain abreast of industry changes and find your niche. What are you offering differently to your nearest … Read more