Research.
Yes, I said it! So many business people hate that word.
It's probably the least glamorous part of being an entrepreneur.
But if you're going to be in business... in a competitive market... not only should you do research but...
You MUST Research!
There are lots of things you can research. But here I'm talking mainly about your competition... because... understanding as much as you can about them can lead you to hidden riches.
What types of things should you research about the top players in your market?
The list is never ending, but here are only 10 questions to consider:
-What is your competition most successful at? Least successful at?
-What niches are they dominant in and why?
-What are they doing well that you can improve on for your business?
-What is their "secret sauce"?
-What methods are they using to market? (Where do you see them most often?)
-Do they have a unique selling proposition? What is it?
-Where are they most dominant geographically?
-How do they get most of their clients/customers/patients?
-Do they have an exciting business story?
-How are their online reviews and can you gain insight from them?
The idea is to research all these questions and find ways to apply it to your business -- make yours better and more profitable.
This is a hidden key in profitability that very few businesses take the time to find out.
Research. It might be a dirty word to most, but the smart business owners know its value.
