You wouldn’t set off on an unknown journey without a plan and a map, would you? The same thing applies in business, you need information to give you an idea of where you are heading. Market research can help you avoid costly business mistakes by showing you who your ideal customer is, or to help forecast market fluctuations and by granting you the ability to set realistic goals regarding growth and market share.
It’s rare in this day and age to have a business idea that’s going to monopolise the market leaving you with exclusive control over a product or service. Your business will be going up against other businesses; your competitors! Here are three areas you can focus on to differentiate yourself and create a niche.