Intro

Knowing who your target markets are and what your competitors are doing form the basis of any decent marketing plan. There is very little point in marketing to an audience who do not buy from you and finding out what your closest competitors are doing right and wrong can mean the difference between a good result and a great result.

Definition

Target Market – who actually buys from you, or who would you like to buy from you?

Competitors – these are the companies that currently take a portion of your market share.

Benefits

• Your campaign has direction
• You know what your target market will respond to
• You know what your competitors do well/badly and you can respond accordingly
• Targeted campaigns are niched and get far better results than blanket marketing

Pro

• It’s worth the investment of time.
• You know who to market to.
• You get a ROI

Con

• It takes time to do Research
• It costs money to Research
• You have to do something with the results

How to Implement this into your Business

Use our simple task list of jobs to work through to help implement your research. There are some useful tasks to do which will help you to gather important information which you can use.

Tips

Always ensure you do your research and keep on checking the market for new companies and changes to your competitors marketing campaigns.