Updated: Apr 11, 2020
A small business owner must make gathering market information an ongoing process and a high priority. In order to be successful, a small business owner must understand the social, cultural and economic context you’re trading in.
1. Find out potential customers
2. Determine your customer need
3. Beat the Competition
4. Identify and develop new opportunities
5. Identify obstacles
6. Set business direction
7. Spot potential trouble ahead
8. Research new products and services
9. Get new product/service launch right from the beginning
10. Make decisions with confidence
Why now ?
Save you money in the long run
Starting your market research as soon as possible will save you money in the long run, because you’ll be ensuring that you invest your time and money in the right sectors and the right products
Address many facets of market
Whereas in the past a small business had competition from other, often local, small businesses and their customers were known, today a small business competes in a much larger field. Not only does it face competition from local as well as international companies, often these competitors are much larger and have greater negotiating power to source and sell at cheaper prices.
New channels and audiences
In addition to this, small businesses face competition from the unstoppable growth from e-commerce.”
CompX sources, validates, aggregates, productise and deliver market intelligence data for private companies. CompX provides good, meaningful data that companies seek which is unique to them, tells a story, and is timely and specific.
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