BWI Video: Why You Should Research Your Market Place

Beach Walk Insights - Volume 2, Issue 2 - Play time 4m 37s

In a recent garage 'clear out' I came across a rather unusual item from my childhood - a plastic jellyfish. Its original purpose reminded me about the importance of truly understanding your market place.

Scientists released many of these plastic jellyfish into the ocean as they wanted measure the specific nature of the currents. My dad and I would often go searching for them along the beach, as there was a reasonable monetary reward for posting their unique markers back to the scientists. 

Why does this matter to you and your business? Most people have a good idea about what happens in their market place, but like the ocean, there are underlying currents you might want to take into consideration.

The scientists knew the tide came in twice a day, but they sought a deeper, more intimate understanding of the local, coastal currents. To truly understand your market place, it is crucial you interact and analyse it regularly. You'r efforts will be well rewarded, as were mine when I went searching for those plastic jellyfish all those years ago.

Posted on January 16, 2015 and filed under BWI.