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QuestionHow wide of a net do you conduct market research?Anna Colibri is a Digital Marketing Specialist and the CEO of Colibri Digital Marketing in the San Francisco Bay Area. Anna specializes in branding, digital strategy, product and service development, team management, and leadership development with a focus on women and minority business owners and professionals. Anna holds a Bachelor's degree in Sociology from The University of California, Davis, and a Master's degree in Social Welfare from The University of California, Berkeley. Colibri Digital Marketing is San Francisco’s first B Corp certified digital marketing agency. They won the 2019 Better Business Bureau Torch Awards for Ethical Business, the 2009 Local Excellence Award, and one of the Best Digital Marketing Agencies in San Francisco in 2017.The first thing you want to figure out is the scale of the research you want to conduct. If you're competing globally, you definitely want to do a deep dive on the economic conditions where you're operating and take a look at the industry's positioning. If you're local, you can dedicate a good amount of your time looking at your individual competitors in the area.
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QuestionHow do I analyze the profit margins in the context of the competition?Anna Colibri is a Digital Marketing Specialist and the CEO of Colibri Digital Marketing in the San Francisco Bay Area. Anna specializes in branding, digital strategy, product and service development, team management, and leadership development with a focus on women and minority business owners and professionals. Anna holds a Bachelor's degree in Sociology from The University of California, Davis, and a Master's degree in Social Welfare from The University of California, Berkeley. Colibri Digital Marketing is San Francisco’s first B Corp certified digital marketing agency. They won the 2019 Better Business Bureau Torch Awards for Ethical Business, the 2009 Local Excellence Award, and one of the Best Digital Marketing Agencies in San Francisco in 2017.Your goal should generally be to perform roughly 10% better than your direct competitors. However, it definitely depends on what the competitive landscape looks like. A pizza restaurant in New York City is going to have a much harder time competing than a high-end interior designer with only one other competitor.
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QuestionHow often should I be conducting market research?Anna Colibri is a Digital Marketing Specialist and the CEO of Colibri Digital Marketing in the San Francisco Bay Area. Anna specializes in branding, digital strategy, product and service development, team management, and leadership development with a focus on women and minority business owners and professionals. Anna holds a Bachelor's degree in Sociology from The University of California, Davis, and a Master's degree in Social Welfare from The University of California, Berkeley. Colibri Digital Marketing is San Francisco’s first B Corp certified digital marketing agency. They won the 2019 Better Business Bureau Torch Awards for Ethical Business, the 2009 Local Excellence Award, and one of the Best Digital Marketing Agencies in San Francisco in 2017.It really depends on the space you're in, but you always want to have a sense for what's going on in the market at all times. If that means you do a deep dive every few weeks, do that. If it's just once or twice a year, that's fine too.
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QuestionHow do I pick the right product for my market?Community AnswerThe right product depends on where you're marketing it. Conducting market research using the tips in this article should help you determine which products will sell well around you.
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