Know Your Competitors and Industry!

By John Whiting, - In Marketing

Picture of a group of market stores

Contributed by Michael Juba Content Marketing Strategist EZSolution 

The first thing you should do when doing market research is know your competitors and your industry.

Is there an opening for another company, and what do you have to offer that sets you apart from the rest?

Also, look at your pricing for your products and services and compare them to your competitors. You could also get a good idea of how much you could expect to make, both on the low and high ends. Check out sources like Hoovers and Reference USA to research your industry, competitors and get a better insight of the business plan you should have already put together. Look at the demographics and buying persona of your potential customer. Are they in certain locations? What online sites would someone in their demographics be on and how can you get your brand in front of them on those sites.

If you are a local business you could get yourself out there at a community event, offer a small product or service for free in exchange for the recipient filling out a survey. This survey will answer pertinent questions about your client base, and you can tweak your marketing plan or prices as needed.

Lastly, in terms of online marketing, look at all the services and products you offer and find all the relevant and long-tail keywords that would convert for you. Create content that surrounds these keywords and answers questions in your industry. This helps to build your brand and authority and gets your business out there.

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