08/05/2020
Hello, market research!
When starting a business this is the first thing you should be doing – it will help you check if your business idea is viable. Market research is just as important for existing business owners as industries are constantly changing.
These three factors will help determine your strategy and offerings. For example, are competitors offering free shipping while you don’t? Perhaps this is why your conversion rates have been declining...
You should focus on researching:
1. Competitors
2. Target Customers
3. Marketing in your industry
The only way you can adapt to changes in your industry is by being aware of shifting trends and patterns.
You should be conducting market research routinely!
