One of the best ways to grow your

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This simplicity also helps if you need to share research or reports with other people within your company. There are three main categories of market research that Market Explorer delivers; here’s a quick breakdown of all three. Market size and share How large is your target market, and what is your current share of it? Even if you’re just starting out, you need to know where you stand against the competition. This overview can also help you understand how easy it is to expand and claim more of the market for your brand.

For example, if there is little competition within your unique space, you can claim a bigger piece of the pie. However, if there are tons of similar companies in the marketplace, you have to work harder to determine your unique value proposition. New regions or niches Algeria WhatsApp Number business is to expand into new markets and niches. Before doing this, though, it’s imperative to research these markets and niches as much as possible. While it’s valuable to see how well the market looks overall, you must also see how well it fits into your current business model. For example, are your current customers likely to buy these new products.



Or, does your new market region have demographics similar to your current space? Remember, this is an extension of your existing business, so you have to consider how expansion will affect your bottom line. Competition ranking and qualification Knowing the size of a particular market is one thing, but it’s also imperative to understand the capabilities of your competitors. Market Explorer can help qualify each of your competitors, so you know how well they stack up against your brand. This data helps you focus your attention on beating the competition that affects your brand the most.