Yoga is large enough of an industry to where Lebanon Phone Number they can be extremely profitable. Yet not too large to where they have no idea who their target Lebanon Phone Number customer is. Now that’s ecommerce market research at its finest! Use this market research template  to research your competition 3 KEY ECOMMERCE MARKET RESEARCH TAKEAWAYS ANALYZE YOUR INDUSTRY What are the statistics and trends regarding business conditions in your vertical or niche (both past and current)?

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The more specific data you can find around your  particular industry, product or service, the better. Scour search engines until you find real, concrete data  that you can use to make informed decisions. UNDERSTAND YOUR CONSUMER This entails understanding the Lebanon Phone Number and internal makeup of your ideal customers. Use  all the free tools at your disposal such as consumer surveys,  consumer reports. And Facebook Audience Insights to build detailed customer profiles of real people that will actually buy your product.

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Record important data such as age, income, lifestyle  (as determined by Facebook), spending behavior, and more. RESEARCH YOUR COMPETITION Remember, rather  than being a strength. A lack of competition in your market can be indicative of a serious weakness. Consider researching  your competition as a necessary and vital part of the journey. Is there a clear dominant player in the space? What is their biggest strength? What is their biggest weakness? To help you do market research for your business, we’ve put together an ecommerce market research template.

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