Research your market and competitors​

If you’re about to put large amounts of money into a new business, it pays to do some research first. Understanding the right numbers is an important part of this.

Here’s how to define your market and the competition, with tips on how to use stats. 

Defining your business

Before you start researching your market, you need to work out what your business does — its purpose — and if it’s unique.

First, define the product or service you’re offering then ask:

  • Why will customers buy — is there a need or demand for it?
  • What else is on offer in the market?

 

The answer to these questions informs the start of your research into your market and competition.

There are free tools you can use to build a detailed picture of your market and competition — the more detailed the better. The results can also be useful to show potential investors or financial institutions that you’re a good business to invest in. 

Statistics New Zealand’s Data for Business website is a good place to start your research, with a wealth of detailed data on different industries, regions and potential customers.

To read full article please click here. Article sourced from Business.govt.nz