With a particular focus on yoga. Yoga is large enough of an industry to where they can be extremely profitable. Yet not too large to where they have no idea who their target customer is. Now that’s ecommerce market research at its finest! Use this market research template to research your competition. What are the statistics and trends regarding business conditions in your vertical or niche (both past and current)?

Business conditions in your vertical

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 Albania Phone Number use to make informed decisions. UNDERSTAND YOUR CONSUMER This entails understanding the socioeconomic, geographic, 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.

Algeria Phone Number List

Consider researching your competition

of real people that will actually buy your product. 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.  As a necessary and vital part of the journey. Is there a clear dominant player in the space? What is their biggest strength?

Leave a Reply

Your email address will not be published.