Any small business that is serious about growth, aka, gaining market share is keeping a close eye on its competition. However, many startups launch without a fully developed marketing strategy. While a business owner may be an expert at what they do, market data analysis is often a weak spot. We will discuss beating your competition with market analysis.
In order to construct a marketing plan that beats your competition, you must have a full understanding of your potential customer base and what your competition is doing that reach that customer base. This knowledge enables you to make sound decisions about how to add value to your offering that your competition doesn’t.
If you operate a BBQ takeout restaurant, and customers are on Google Reviews complaining about receiving the wrong orders from your competition, it would be a good idea to add “Review customer’s order with them before they leave” to your standard procedures. You will get better reviews, thus more business.
A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.
Once you know your market, it’s easy to start beating your competition with market analysis. We offer market analysis and annual strategy plans to help your business gain more market share.
ZoomShoot is an innovative digital marketing firm based in Southfield, MI. We specialize in photography, videography, and website design to deliver affordable small business marketing services.
Contact us for more information.
