Market Research

Published March 10, 2013

To help give your sales effort a boost, consider spending a little time to do some good old fashioned market research. This idea is common practice among all of the major retailers, but it is sometimes overlooked as we get bogged down when running a store as a one or two person operation. Luckily it’s not that hard to do, and we even offer some valuable tools to help make it that much easier.

For starters, compare yourself against your peers. Look to see what they are selling and how much are they selling their products for. Find out what categories and products are popular with visitors and look for ways to target them. Learn what customers are searching for and what they are viewing while they do their shopping.

In addition, identify and analyze the top vendors and then try to learn why they may be more successful than you. Do they have better product photos? Are their descriptions more detailed? Do they have a better return policy and do they offer more attractive shipping options? Do they actively promote their products, and if so - how? If they have a blog, read it. If they have a Twitter account, follow them.

Imitation may be a sincere form of flattery, but in business it can also mean survival.

(2) Comments

March 10, 2013

Good advise.

LVs Beads n Things

March 16, 2013

I agree Bette. It's all about marketing, marketing, marketing, researching current trends, checking out the competition, and of course self promoting on social networks, blogs, twitter, and flicker, just to name a few.