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Monitor Your Market

Be Aware – Keep Your Antenna Up

If you want to be a major player, you must learn how to monitor your market.  Watch the market trends and keep up with news and current events that relate to your business/industry. All successful entrepreneurs diligently monitor their markets as part of their regular routine. You should do the same.

Use Google Alerts

Google Alerts is a great way to follow the trends. Do your research and identify the best keywords for your business. Sign up with Google Alerts or some other alert program that will notify you every time someone posts your keywords online.

Use Social Media

Twitter, Facebook and other social media accounts offer subscriptions to news services and other sources of information – take advantage of them. They make it easy – you can even save searches within the platforms.

Linked-In has excellent groups you can join for every industry and type of business. Use social media to seek out news sources and thought leaders in your field. Read their posts and use the information to stay ahead of the game.

Learn from Other Businesses

Follow your competition. Find the leaders in your business arena and keep track of what they are doing – especially the ones who have been around for a while. Read their blogs and check their websites periodically. Follow them on social media, even sign-up for their email lists. All of those sources will be rich with lessons to be learned. You don’t have to reinvent the wheel.

Attend Conferences

Start attending trade shows and conferences. This is a fun and interesting way to find out what is “happening” in your industry. Find out what is hot, new, on the rise, and future projections.

Listen to Your Market through Social Media

Promote and encourage two-way communication by posting engaging content. Pay attention to your followers discussions with one another. You can learn a great deal from their conversations about their experiences with other companies. You will learn what works well for them and keeps them going back, along with the negatives – what not to do.

Use Surveys

Go directly to your market with surveys. Find out what they think by offering surveys and polls. Use the social media sites where you are active to ask them direct questions about products and services. You can also set up focus groups online (or off) to get specific opinions.

Use Google Analytics

Google Analytics is a good place to start analyzing the behavior of your market – and it is FREE. It monitors visitor behavior on your website and analyzes visitor traffic. It is an excellent tool to help you understand your audience and their needs.

There are also other options. Blogging platforms, most social media, and other marketing channels offer built-in analytics that will help you track your results.

Ask Your Customers What They Think

When you begin the process of developing a new product or offering, ask your customers what they think. Run your ideas by them through any lines of communication you have with them. Their input can be invaluable in helping you create better-selling products/services. Asking for their opinions is also an excellent way to establish two-way communication.

Use Multi-Tiered Pricing

Pricing can be tricky and must be tested. One method is to offer several different packages for your goods or services – each with a different price tag. Offer a stripped-down package, plus others that have additional features. Monitor sales carefully and you will be able to identify your market’s preferred price-points.

These 10 tips will help you effectively monitor your market. Begin implementing them today.

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