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5 Ways Market Research Helps Your Business Be More Successful | QuestionPro
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One of the most important yet often unvalued requirements when running a small business is to track and monitor competition. It is vital that businesses monitor competition in order to stay abreast of changes, and keep up with price fluctuations and demands within a specific market.
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Monitoring competition ultimately helps small companies maintain competitiveness amongst their business rivals. Failing to track the habits and movements of competitors can mean a business is held back, becomes regressive and eventually loses out to their more progressive and competitive rivals.
How can small businesses track and monitor their competition? Small Business Trends caught up with Mike Tinz, VP at Money Mailer , a leader in direct marketing, which offers local businesses a unique portfolio of marketing solutions. Mike Tinz provided insight and tips into how small business owners should track their competition. Mike Tinz spoke of the importance of reviewing the media competitors are using to reach consumers.
This includes where they are advertising and what offers are being leveraged. The World Wide Web has made it easier than ever for businesses to track and monitor their competition.
Do a quick search on Google using the keywords your customers are likely to use. Does your business appear on the first page, or is it predominantly your competitors? What are others saying about your competitors? Technology changes.
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And overnight a situation you thought would always be stable, can leave you stranded out on a ledge. Rush was left with no income or plan, and a large family to support.
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So what did he do? He began to think smart and respond to changing markets by consulting with former Sprint customers about ways to improve their wireless communications. Even old outdated phones can usually find a home with the right marketing.
- 10 Easy Ways Small Businesses Should Track Competitors - Small Business Trends!
- 1) Market Research Centers Business on the Customer.
- Get Out of Your Mind and Into Your Life;
- Understand your competitors;
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The most successful businesses are continually evolving to meet changing market demands and are, therefore, open to new opportunities. Sean Hopwood of Day Translations started his business with the idea of filling a gap in the market for language services. He started off by offering Spanish to English translations and interpreting services. The same applies to C7 Device Recycle. Originally started up as a knee-jerk reaction to a bit of a problem, Rush stepped out of the boundaries of wireless communications to take advantage of green recycling as well.