Research is key to any business that wants to succeed - particularly in the current climate!

Suprisingly few SMEs invest in research, relying instead, on gut instinct, and existing knowledge of their market to determine future strategies. This is fine - as long as their 'existing knowledge' is current and accurate, and'gut instinct' proves true - most of the time. Some companies manage very well with this approach, but for others, it can mean the difference between success or failure.
Business decisions that are based on good intelligence and good market research not only minimise risk, but can help keep them ahead of their competitors - even identify new opportunities for future growth. It's just as crucial for new start-ups: you are more likely to attract potential investors with a well-researched business plan that demonstrates in-depth understanding of your target market. For example you might want to know:

• Size of industry
• Key players/competitors:(market share, revenue, location, number of establishments, marketing approach etc.)
• Key trends
• Potential threats
• Potential collaborators
• Customer profiles (i.e. demographics: age, income, gender, employment etc.)
• Locations of customers/competitors (can use geographical mapping, to show locations, hotspots or any other data)

If you want your business to stand out from the crowd, then don't skimp on research: if you don't know what 'the crowd' are up to, how can you begin to compete?

Learn from your competitors

Why re-invent the wheel? Researching your competitors is one of the best ways to identify new ways of communicating with your target market. You can learn a lot about competitor marketing strategies from their website alone, and from other marketing material they produce, for example:

• is their website interactive?
• do they sell online?
• what methods of communication do their customers have for contacting them?
• what promotional offers do they have?
• Do they offer newsletter subscription?

Never skimp on research - even an hour a week can make all the difference!