Getting a good understanding of market trends is essential if your business is to make the most of its opportunities and remain competitive. You will need to understand your competitors and keep an eye on what they are doing.
To build competitor intelligence try to get information on the following 8 areas:
1. Demand for your product or service – is it growing or shrinking?
2. General economic and market trends.
3. How customer requirements and buying behaviour could change in the future.
4. What new products are in your competitor’s pipeline – could they make yours look outdated?
5. How competitors are changing – what are their plans?
6. What competitors offer and the prices they charge.
7. How your competitors advertise and promote themselves.
8. Any forthcoming legislation which could affect your market.
B2B International are experts in carrying out market research to answer the questions posed above. If you are interested in how we can help your company please visit our website at www.B2B International.com
