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Do Research to Work on Your Business, Not in It

Plan Your Work, Work Your Plan!

The other day I suggested that you ask your clients or customers what the key reason was for them in choosing you. And I hope you have started to put that idea into motion, because I have another assignment for you.

It’s time to drill down into your industry

Now I want you to do some market research on your industry. No, I am not talking about what the other guys are saying while you wait in line at Dunkin’ Donuts, I mean some honest to goodness research. The best part is it’s easy and cheap.

I like cheap and easy, don’t you? Here are 5 simple ways to tap into your market!

1. As a refresher, number one is the old standby, ask your customers for suggestions on new products to carry or services to introduce.

2. Review the information you already have. Go back and take a look at customer invoices, credit applications, and sales reports. See what trends develop about your sales and customers.

3. Get involved with your trade associations. Read all the white papers and studies you can get your hands on.

4. Ask Uncle Sam. No one collects more information from the government, and most of it is free. Start with Census stats and move onto local economic development offices in your area.

5. Back to the guys at Dunkin’ Donuts – Start a Meetup or get together with other contractors to talk about the local market and what changes are taking place. Be proactive to stay ahead of your competition.

In the end, you can either work in your business or work on your business! Which do you want to do?