The Agency which metamorphosed from the highly successful Delta State Micro Credit Programme is mandated to facilitate, encourage and support the extension of financial services to micro, small and medium enterprises in the state.
Mon-Fri: 08:AM - 4:PM
Office Call 0803 397 3772
3, Michael Fidelis Nwaefulu Street, GRA, Behind DSS Office, Asaba.
Market research helps you find customers for your business. Competitive analysis enhances your business for growth and sustainability.
Use market research to find customers
Market research combines consumer behavior and economic trends to confirm and improve your business idea. It’s important to understand your consumer base from the start. Market research lets you reduce risks even while your business is still in planning stage.
Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business. Then answer these questions to get a good sense of your market.
You’ll also want to keep up with the latest small business trends. It’s important to gain a sense of the specific market share that will impact your profits.
You can do market research using existing sources, or you can do the research yourself and go direct to consumers through market survey.
Existing sources can save you a lot of time and energy, but the information might not be as specific to your audience as you’d like. Use it to answer questions that are both general and quantifiable, like industry trends, demographics, and household incomes. Please visit our Entrepreneurship Development Center (EDC) for support and advisory services. Asking consumers yourself can give you a good understanding of your specific target audience. Here are a few methods you can use to do direct research:
For guidance on deciding which methods are best for your small business, the Delta State MSME Development Agency will be available to provide business support and advisory services through our various resource partners.
Competitive analysis to find a market advantage
Competitive analysis helps you learn from businesses competing for your potential customers. This is key to defining a competitive edge that creates sustainable revenue.
Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape:
Several industries might be competing to serve the same market you’re targeting. That’s why you should make sure to differentiate your competitive analysis by industry. There are many methods for doing this, including reading our strategic policy document. Important industry factors to consider include level of competition, threat of new competitors or services, and the effect of suppliers and customers on price.