You may know your business, but how well do you know your market?

A common misconception of Market Research is that if you know all about your industry, then you don't need to conduct any research into your market.

Take Terry for example. Terry sells tyres. He's always sold tyres. He knows everything there is to know about tyres. He slept in a tyre cot as a baby. On holiday he goes to a tyre factory. Terry knows tyres. So what could a Market Research company possibly tell Terry about Tyres that he doesn't know already?

Well the answer is, probably nothing. But does Terry know what his competitors are doing? How much they charge and the ranges of services or products they offer? Terry might know all of his customers by their first name, but does he know anything about his potential customers? Who they are using and what might convince them to change supplier?

This is the difference between understanding your business and understanding your market. And if you have the knowledge your competitors don't, it might be enough for you to get ahead.

JG

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http://www.murrayconsultancy.co.uk/