Why is it important to research the competition and their equipment?

Regarding printing as a business,anyone would be surprised to find out that enterprises employ often fewer than 10 people.This is becoming a fact as printing business owners use digital printing equipment, machineries for which fewer skilled technicians will be needed to operate. In fact all lies in the technology as modern digital printing equipment is smaller and more affordable and almost anyone with capital can buy and operate digital printing equipment, even from a home office.

Many people might say that if you take too much time to research and analyze, instead of acting in order to implement your business idea …you should give up the idea of becoming an entrepreneur! True, but up to a point …. market research is mandatory to avoid wasting time and money, going in the wrong direction and find the things that can help your business prosper.

There are few topics that are worth your researching effort:make sure that there is interest in your products / services;see if you have competitors and what do they do;find out who are your potential customers, so you know where I can find them and what do they offer. In printing the most sucessful business are set up by finding a niche in a specialized area, such as offset printing, screen printing or flexographic printing. Do not try to be all things for all people, for your success will be attainable by targeting a need and fulfilling it.

Once you discover your target market, research the printing businesses who are currently attempting to fulfill the demands of this public. Especially when you’re starting out in business it’s good to know the perception on the market of the competitors products and what improvements could you bring. You can do this in a number of ways, for example visit these printing businesses’ websites and learn all you can about them. For this an already existing database would be a gold mine, not to mention databases specialised for each market niche and even better if you aim to go international databass from different parts of the world.

All such tools help you obtain qualitative and quantitative information on the perception of the degree of interest in your products and what you need to do to position your product / service.where is needed. Draft plans by using researching ways that can expose those badly-needed services and improve upon printing businesses within your niche.

Now you can get a tremendous amount of information on the net or from books, newspapers, magazines, but is important to sort out, to choose only the relevant data. You may find correct or incorrect information, follow the source and do a double check of the data obtained. Most of all you can find objective information about competitors, as well as offers and financial results, and subjective data, such as: estimating market volumes, trends, customer profiles.

Be on the lookout, the internet allows you to make an opinion also about the marketing of competing products. Among other things search for and determine the best, yet,affordable equipment in your field. The wrong equipment turns into your no. 1 saboteur for if you want to personalize t-shirts for example you will not need an offset printing press but maybe a screen printing machine or one based on thermo-transfer.

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