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When I started my e-commerce business three years ago, I was sure that our special products would stand out naturally. I dismissed market research as unnecessary – a mistake that nearly ruined my entire venture.
Last quarter, a merchant complained that their electronic messaging efforts were generating dismal results with open rates below 8%. After implementing the techniques I'm about to share, their open rates improved to 37% and sales improved by two hundred eighteen percent.
I spend at least two hours each Monday examining our competitors':
Through comprehensive research for a fashion retailer, we identified that messages delivered between 9-11 PM dramatically surpassed those sent during traditional business hours, producing substantially greater readership.
I presently employ several applications that have substantially enhanced our market intelligence:
Start by mapping ALL your rivals – not just the obvious ones. Throughout our research, we found that our most significant competitor wasn't the famous company we were monitoring, but a emerging startup with an unique strategy.
Not long ago, I witnessed as three similar businesses poured resources into developing their operations on a specific social media platform. Their efforts flopped as the medium turned Find Out More to be a mismatch for our market.
Critical changes included:
Successful approaches included:
I suggest organizing competitors as:
I use a simple spreadsheet to record our competition's rates changes weekly. This recently allowed us to:
Two quarters into business, our sales were underwhelming. It wasn't until I accidentally a comprehensive analysis about our industry that I understood how blind I'd been to the market realities around us.
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