Following on from last week’s blog about marketing with confidence (if you missed it click here), this week I would like to look at how knowing who you are dealing with can help your marketing as well as your business confidence.
As with anything, the more you know about something or someone, the more you be prepared. With preparation then comes excellence and with excellence and praise, comes confidence.
So, do you know your market and your competition? Knowing where your product fits into the marketplace and how your business is doing compared with those other businesses in the same market, can give you real knowledge. Whether your findings are negative or positive, information is key. Knowledge is power, as they say.
Once you know who you are targeting (which is a whole different subject) and who you are competing against can have many benefits for your business, including:
- targeting the right customers to sell more
- competing effectively to win over disloyal customers and
- discovering new business opportunities in the marketplace
How can you get this information?
Market research, another different topic. Look online, ask around, check past paperwork and files, distribute questionnaires, buy a report etc.
Market research can be a great way to support and to make decisions. Research can show the demand for your product, the market trends, economic trends, competitor product launch information, pricing changes, customer feedback, new legislation and so on.
Being aware of your market, your product, your customers and your competition is vital to survive in today’s unsettled market. Differentiate yourself.
Market yourself and your business with confidence!