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The UPS Store Small Business Blog
  • 02 March 2020
  • Jelani Markus

How to Find Valuable Market Knowledge

As a small business owner, you are likely to run into new challenges daily. After establishing a customer base, you need to work to keep them happy. Once you have consumer loyalty, it is time to expand your reach. If your company corners a portion of the market, it is time to look for another to conquer. A strong familiarity with current market knowledge is a great way to maintain an advantage in your industry.

Learn What’s Trending

Market knowledge requires market research. Stay curious and excited about your industry to help benefit your bottom line. There are a few ways to help you stay current.

Read the trade journals for your industry and stay aware of any outside influences affecting the market.

Stay social with your competition. Even if your goal is to do bigger numbers than the other person in your field, it can be helpful to maintain a cordial relationship. Your rivals may have market knowledge you are not aware of. Having a person to talk shop with can become a big benefit.

Be Different

Your day-to-day business decisions should be influenced by your market knowledge. When you examine the competition and learn what is working and what is not, you may want to make changes based on the new things you’ve learned. Do not allow yourself to become complacent. Be different today than you were yesterday.

Act fast when a market opportunity presents itself. If you can be the first in your industry to strike just as a market swing comes to life, it could mean big things for your business.

Let customers know what is coming next from you. Consumers are constantly looking for what comes next down the line. Stay aware of what is happening in the market, develop your spin on the upcoming trend and get the word out.

Schedule Checkups

Market knowledge is not static. It constantly has to evolve as the market does. To stay ahead of the game, it is a good idea to test your market knowledge at least annually. However, the nature of your business could merit a more aggressive schedule to test your market knowledge.

Take polls to gain insights from your customer base on a regular basis. Words and ideas gathered directly from consumers are the ultimate weather vane for how the market winds will blow. The details you can learn about your competition and the mindset of your customers can be a huge gain for your overall market knowledge.

Staying up to date on market knowledge is a great way to cultivate a healthy small business. When you know what is happening in your industry like the back of your hand, you’re better equipped for the challenges small business owners typically face.

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