Updated: Jul 29, 2022
Research and competitive analysis of the market We use existing information about the market and evaluate them to help our client find their client for your business. By analyzing the information and comparing them with what our client has or intend to have, helps set the client apart. By engaging in both market research and competitive analysis, our clients find the most needed competitive advantage for their small business.
Who are your customers?
What is your market advantage?
How important is mall business data?
Who are your customers? Do you have a business idea? Who are your prospective customers? How do they think and what is the general behavior relevant to business similar to yours? It is only through evaluation of the market that you will be able to not only understand the consumer behavior and economic trends related to your business idea but also to confirm and improve your business idea. Understanding your consumer base from the onsite is extremely important. Our evaluation of your specific market will help you reduce risks and improve the planning of your business investment activities. To you help understand who are your customers, we crawl every available source to the following questions so as to give you a good sense of your market:
Demand: Is there a desire for your product or service?
Market size: How many people would be interested in your service or product?
Economic indicators: What is the income range and employment rate?
Location: Where do your customers live and where can your business reach?
Market saturation: How many similar options are already available to consumers?
Pricing: What do potential customers pay for these alternatives?
Popular direct market research methods:
Based on conversation with you, we determine which one of the methods above will make sense for your purpose and business. What is your market advantage? With a robust competitive analysis, AMAKA helps you learn from businesses competing for your potential customers. This is key to defining a competitive edge that creates sustainable revenue. By the time we have completed competitive analysis of your business focus, you will have known your competition by product line or service and market segment as well as also understand the following components of the competitive landscape:
Strengths and weaknesses
Your window of opportunity to enter the market
The importance of your target market to your competitors
Any barriers that may hinder you as you enter the market
Indirect or secondary competitors who may impact your success
Several industries might be competing to serve the same market you’re targeting. That’s why you should make sure to differentiate your competitive analysis by industry. How is important is small business data? Very important and costly too. But don't panic. We are conscious of the challenges to small business and so we do our best to optimize cost. There are many reliable sources that provide customer and market information at no cost. Above are examples of some of types of business statistics in your market research and competitive analysis we collect as well as the goals for targeting each data focus: