BEST WAYS TO DO MARKETING RESEARCH MORETHAN YOUR COMPETITORS

BEST WAYS TO DO MARKETING RESEARCH MORETHAN YOUR COMPETITORS

The world of business comes with alot of challenges, to excel you need the right tools and strategy.
Unfortunately, even with these tools and strategy you may still find it hard to reach your goal due to
competition.

Competition is becoming more fierce, with many people venturing into the business world, it promises
to get worse.
Every business has competition, you probably have over a 100 people doing the same type of business,
it takes more than just hardwork to fire ahead. You may have all the knowledge in the world, but if you
aren’t using the right strategy, your competitors will always be ahead.

In the battlefield you must know all your opponent strength and weaknesses. The same applies to
business. There is a saying that goes "No one know a house better than it owner". In other words, you
need to master your business environment to excel.
One strategy used to achieve this is through marketing research. Making market research comes with
alot of benefits which includes: keep you focused on your target audience, Helps you determine which
option will be more lucrative and helps you make better decision to reduce cost.
Unfortunately, you arent the only one making marketing research, your competitors are probably doing
it also.

Not to worry, i will be showing you unique ways of making marketing research more than your
competitors.

This isnt just a guide, but a weapon to defeat your competitors and surge ahead.

1.Study your Environment

No one goes to battle without knowledge of the battle ground. To win a battle, you must master the
environment first. You dont fight archers with sticks and neither do you fight gun men with rocks. If you
go to battle without studying your environment to know what is needed, then you are automatically
heading for defeat.

The business world is also like a battleground, Don&t fight with sticks when you need a Sword. If you do,
your competitors will defeat you.
A good marketer doesn’t just follow trend, he studies the activities around his environment and blend it
with business demand. Studying your environment leads to identify marketing opportunities your
competitors couldnt see.

A friend of mine in the business of mini importation made #200,000 within two days. You may want to
ask- how?

It isnt hard, neither was it magic.

When most people were busy importing

shoesand bags he saw a problem and

provided a solutionThis was how he did it…..

 

With the case of Evans the kidnapper, most people became scared of their safety especially parents who
had little kids. They weren’t safe especially while in school ( this was the problem). My friend quickly
seized this opportunity by importing tracking watch that allows you to monitor your kid’s movement (a
solution).

Like magic, he made 50 sales within 2 days. While other importers were struggling to sell their goods, he
made another order. Some thought he was into Voodoo, but unknown to them, he simply studied his
environment, saw what was required, provided the needful and made cash from it.

This act didn’t just make him cool money but also gained long term customers. Now he goes about his
business like the word & competitors doesn’t exist.
Knowledge about your environment is power

2.Identify your customers needs

Like the example sited above, my friend didn’t make money because the watch he sold were fancy. He
made that money because he was solving a problem. He provided an alternative to security at a time it
was needed the most.

A good market research, helps you narrow down your audience and what they need. Marketing requires
intelligence. Every bodies need is likely to change with time. Do something different from your
competitors.

People are likely to pay for product that solves their problem or make them happier. Your customers
need may be a Belly fat burner while you are busy advertising Stilettos to them. She probably has alot of
stilettos in her wardrobe already.

If you can identify what a customer need, and provide it, they will be more than willing to pay any
amount for it. Plus they will also be grateful and invite more people to patronise you. This is another
way of gaining their trust.
If you can do this, your competitors will be nothing but Bench warmers who never get to spend a single
minute on the pitch.

3.Use Social media

Market research can be costly and time consuming especially if you are using research tools. This is more
reason why most people stick to environment surveys alone. Unfortunately, if you want to get more
result, marketing research goes beyond that.
There is a less expensive and effective way of doing this which is by using social media. Social media
serves as a useful tool to carryout market analysis and evaluate large number of audience. Social media
goes beyond chatting and posting pictures alone. Many people seize this as an opportunity to promote
their business.

It is no surprise that most people make Six figures through social media. It is no longer just a means for
communication, it is a secret weapon to overpower your Competitors.

With an ever present Audience and over a Billion of the world’s population using social media, you
couldn’t ask for a better means of carrying out your research. Platforms like Facebook and instagram
allows you to analyze trends and conduct effective market research.
You can get access to information about trending posts and products, what people like as well as brands
and products making waves.

Utilizing this platform comes as a bonus because you get to know what appeals to your customers and
what doesn’t. You get a chance to improve in your services to meet their taste.
Social media allows you to know your competitors especially the ones you didn’t know about. One way
of winning a battle is by knowing your opponent. Once you know them, you can outsmart them.
With this, you can watch both your customers and competitors at close range.

4.Utilize Effective market Research Tools

Market research tools are one of the most effective method utilized by business owners to yield
accurate result. Professionals who are too busy to carry out survey in their environment and Across
social media platforms utilize this.
In truth, this is the best way of getting accurate results. This tools provides information that help you
manage your business and get ahead of competition. The only draw back is that some of this tools are
expensive to maintain.
Market research tools are killer weapon you need to defeat your competitors. It combines many
function. Apart from helping you collect market data and keyword insights, it also helps you conduct
social media surveys to know what people are saying about your product.
There are a host of Market Research tools available to explore, your choice depends on your business
needs. Survey monkey, Social mention, Scoovle, Google Analytics, keysurvey and Questback are just few
examples of marketing tools available.
Social mention and Facebook audience insight focuses on collecting data from social media platforms
like Facebook and instagram. These two crawl around to collect data and information about what
people on social media are saying about your business.
Facebook audience insight in particular works by identifying the followers who matters to your business
so you can be able to serve them better. Employing this tool, you get valuable informations about your
customer. You learn about their Location, like and dislike. This tools helps you with information that will
help your business grow.

5.Know your Opponent’s Strength

Nothing pays more than to know your competitor in and out. This is more like going on a Secret mission
as an undercover agent. Funny as it sounds, this may be the last straw that breaks your opponent’s back.
Every business has strength and weaknesses. Even big organisations like Amazon and jumia know they
aren’t perfect. The same goes to your domestic competitors. Their strength is probably the reason most
people prefer their services to yours. When you identify this, try to replicate the same into your
business.

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Most times the reason why people patronise your competitor may be because their goods are cheaper
or of better quality. The first thing that comes to your mind is probably to bring down your price also.
While this will get you more customers, on the other hand your profit will be affected.
Before you bring down your price, you should carry out a survey to find out why they are selling at that
rate. It is possible that their supplier sells at a cheaper rate than yours. If that is the scenerio, what you
need to do is to contact their supplier and also buy from them.
Doing this, you will be getting more customers by reducing your price and at the same time maintaining
your profit margin.
In conclusion, market research are the best way of gaining more insight about your business and
customers in General. A Good market strategy allows you plan and outsmart your competitors. This
guide on how to make marketing research better than your competitor is the key to outsmart and surge
ahead in your business.

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