Wednesday, May 8, 2013

Want Inexpensive, Effective Market Research? Check Your Competitors’ Data

An extensive and detailed Market research is always useful. But then, not all can afford the cost and time involved in it. However, there is an easy way out – closely study what your competitors are doing to be in the game and gather all the input about your market. 

Studying your competitors’ activities and analysing their strategies will give you a holistic idea about your market. This method is an inexpensive but very effective way to glean insights on the existing trends and requirements of your niche area. Through this, you will learn about -

1) Mark Demographics: 

A demographic study is long and laborious. Instead, examine your competitors’ target market to identify the people (your potential customers) who make up your market. This will give you a head start to understand everything about your to-be customers including their likes and dislikes on an age group, gender, profession and locality basis.

2) Discover New Customers:

Studying what your competitors are offering to the already existing customers will tell you what you should be doing to convert them into your customers. If you find areas or aspects overlooked by your competitors, then turn them into your strong holds. If you find gaps in their services, tailor your products to plug those gaps. 

3) List Best Mediums for Marketing:

When market research firms, media experts and lengthy media positioning surveys are out of bounds, you can still get accurate and just the right information regarding marketing and promotion when you study the channels or mediums used by your competitors to promote and market their service. This way you too would know which ones are effective for you. Create your presence on those channels that generate maximum engagement and frame your strategy to tackle low engagement channels. 

4) Find the Best Influencers:

As with all the above steps, finding key influencers in your industry is no easy task. Hence, the best option here too, is to assess your competitors’ audiences and finding out which few among them are highly influential within their circles, most active on social channels and largely connected to their and other similar communities. Ear marking the influencers will allow you to tailor your shareable content exclusively for them and their larger network.


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