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How do I conduct a competitor analysis? How do I conduct market research?

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You can only conduct a competitors analysis by one interviewing the customers that buy the products and services from your competitor on how they'll feel about those products and services. Two interview some of the employees who works or people close by your competitor on how they go about the business and how do they feel when they're working. With this two points you'll be able to see the weaknesses and strengths of your competitor,so you'll be able to come up with your different approach. How you conduct market research, while go on the ground, 1) indetify the problem they're facing in a particular area, 2) set out to finding a solution to that problem by providing a product or service, 3) research and develop your solution,by finding a good location, setting up all necessary needed things, taking to the people about the new product or service through advertising.

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Thank you for the response. It's now clear where I need to start

Report Elizabeth's answer

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You can conduct a competitor analysis by these steps.

  1. Identify who your competitors are.
  2. See their website, customer experience, feedback and customer reviews.
  3. Identify your competitor's market positioning and their pricing.
  4. Look out for Why, What and How are they solving problems of their customers.
  5. Check their social media. Look out for reviews in different social groups and how satisfied their customers are.

When you'll know about your competitor you will see what is it they are lacking and still needs to work on, this is what you can make your key indicator while communicating and offer solutions in a creative and innovative way.

If you need any further assistance, please email me at mariam.i.umer@gmail.com to discuss more.

Hope this helps you.

Thanks.

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