Local Market Research

searcher profile

November 27, 2024

by a searcher in Michigan, USA

I am looking at an opportunity and wanted to learn about best practices regarding local market research.

Whats the best way to determine:
Who are the local/remote competitors
How the current pricing lines up with market pricing
Is there pricing power or is a more commoditized market.

Thank you!

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commentor profile
Reply by a searcher
from University of Florida in Miami, FL, USA
For local service businesses, nothing beats Google Maps. You can have a guy on Fiverr scrape every carpet cleaning (or whatever) business in your market for $20 bucks and then build a custom map based on the results.
Check who shows up at the top when you google "best carpet cleaning near me", who is paying to be at the top of the map results, is it saturated with a lot of 5-star competitors or is there a gap in the market? What do their websites look like? Are the crews in uniform or is it a more rag-tag scene? From the Google scraping, you'll get the numbers. Call them. How long does it take for them to pick up? Are they professional? How long before they can send someone? What are their prices?

Local businesses require some leg work, but it's pretty easy to get a good idea of what the market is like.
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Reply by a professional
from Duke University in New York, NY, USA
Google Maps scraper here to get you a list of local competitors: https://getcohesiveai.com/scraper (self-plug)

For pricing, mystery/secret shopping works well (as others have mentioned)
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