By Ian Nicholson
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Additional info for A Brief Guide to Starting a Home Based Business
2010 Ian Nicholson. Zeragorn Books A Brief Guide to Starting a Home Based Business 41 Chapter Six Market Information Do you understand marketing trends in your business industry? Information on market trends and competitor intelligence Getting a good understanding of market trends is important if your business is to make the most of its opportunities and remain competitive. You will also need to understand your competitors and keep an eye on what they are doing in order to predict their next moves and exploit their weaknesses.
Learning about your competitors Try to find out as much as you can about your competitors. Look for articles or adverts in the trade press or mainstream publications. Read their marketing literature. Check their entries in directories and phone books. If they are an online business, ask for a trial of their service. Are they getting more publicity than you, perhaps through networking or sponsoring events? At exhibitions and trade fairs check which of your competitors are also exhibiting. Look at their stands and promotional activities.
Be friendly - they're competitors not enemies. You'll probably share common problems. You'll get a better idea of them - and you might need each other one day, for example in collaborating to grow a new market for a new product. Listen to your customers and suppliers Make the most of contacts with your customers. Ask which of your competitors they buy from and how you compare. Use your judgment with any information they volunteer. For instance, when customers say your prices are higher than the competition they may just be trying to negotiate a better deal.