Understanding how many competitors you will have and how strong they are will help you determine how difficult it will be to break into the market and establish your place.
Step 1: Market Research
Start with a general overview of the market you are going to enter. Search online, read articles and reports about the market to understand its size, dynamics and main trends. For example, if you want to open pakistan email list a cafe, find out how many cafes are already operating in your city, how popular they are and what types of cafes are most in demand.
Step 2. Finding Competitors
Identify who is already operating in your niche. Make a list of companies or entrepreneurs offering similar products or services. You can use search engines, online catalogs, and directories to do this. For example, if you are planning to open an online clothing store, find other online stores that sell similar products.
Step 3. Competitor Analysis
Now that you have a list of competitors, research each one in detail. Visit their websites, social media, search and advertising presence, marketplaces and classifieds. Pay attention to the following aspects:
Range of products or services: What products or services do they offer? How wide a range do they offer?
Pricing: How do their prices compare to your potential prices?
Quality: What quality of products or services do competitors offer? Read customer reviews.
Marketing and Advertising: How do they promote their products or services? What advertising campaigns do they use?
Customer Base: How big is their audience? How many social media followers and customers do they have?
How to evaluate the competitiveness of a niche?
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mehadihasan123456
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