164 - Know Your Market: Market Research
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Market research is a crucial aspect of running a successful business. Understanding your market and knowing what your competitors are offering can help you attract and retain new customers. Spending time looking at popular real estate media companies in your area is a great way to gain insight into what products they offer, their level of service, and what kind of feedback they're getting from their customers.
By doing a simple Google search for real estate photography, you can identify the most popular companies in your market. You can also join different social media groups for real estate agents and see what companies people are recommending. This information can help you understand what your market is charging for real estate media services.
It's important to set appropriate pricing from the beginning to avoid shocking customers with price hikes. If you charge more than other popular companies and your products and services are not superior, it will be difficult to attract and retain new customers. Setting appropriate pricing from the beginning can help you provide a better customer experience.
Additionally, you may want to consider adding products that popular media companies offer in your area to make it easier for customers to transition to your business. By understanding your market and knowing what your competitors are offering, you can make informed decisions about your products and pricing.
In conclusion, doing market research is essential for running a successful business. By understanding your market and competitors, you can attract and retain new customers and provide a better customer experience. Take the time to research your market and set appropriate pricing from the beginning to ensure your business's success.
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