Tag: Market research
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Doing business in another language
English is the international language of business. This helps UK businesses that want to expand into the European Economic Area (EEA). Even so, you may lose opportunities if you lack skills in the language of the EEA country you intend to do business in. Without a working knowledge of the country’s language, you may find…
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Are you ready to import?
Suppliers around the world offer a wide variety of goods that might suit your business. You might be able to find lower-priced supplies, giving you a competitive edge, or new supplies that allow you to sell a completely different product. Just as when you buy within the UK, it’s important to find good suppliers, make…
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Common mistakes when starting up – and how to avoid them
Launching a small business can be risky and success is not always guaranteed. Businesses are most vulnerable to failure during the early years of trading, with 20 per cent of new businesses folding within their first year and 50 per cent within their first three years. These figures should not scare you off, but should…
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Preparing to export
Exporting can extend your market, boost your turnover and prevent you having too great a dependence on your UK-based customers. But it isn’t always an easy option. Starting to export poses a whole new set of challenges, from identifying promising markets and customers to ensuring that you can fulfil your export contracts. Developing new export markets…
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Research and develop your business ideas, new products and services
Developing your business idea into a viable product or service is a critical part of building a business. Thorough assessment and market research at an early stage will help you to establish whether there is a market for your product or service. Once you begin trading, new products and services will be very important, and…
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Reach your customers effectively
Choosing the right channels to sell to your customers is a crucial decision. You need to know how and where customers want to buy your products or services, and the best way of getting customers to hear about them. For some businesses, reaching customers is relatively straightforward. High-street shops, for instance, rely on customers walking through the door.…
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Importance of knowledge management to a growing business
All businesses have access to an extensive pool of knowledge – whether this is their understanding of customers’ needs and the business environment or the skills and experience of staff. The way a business gathers, shares and exploits this knowledge can be central to its ability to develop successfully. This doesn’t just apply to huge…
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Entering overseas markets
It’s essential to research overseas markets before you start to market, promote and sell your product or service within them. By thoroughly researching your potential customers, competitors and the trading environment in each overseas market you will greatly increase your chance of success. You should also investigate practical issues such as route to market, logistics,…
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Retain and grow your customer base
Getting customers is one of the most difficult aspects of running a business, so it is important to retain the ones you have, sell more to them and continually look for new ones. This guide explains how to get to know your customers and understand your market so you can increase sales and develop your…