DUBAI, UNITED ARAB EMIRATES / ACCESSWIRE / August 29, 2022 / Understanding your target market is crucial to long-term success. According to entrepreneur Nitin Bhatnagar, without conducting formal research, it can be difficult to introduce effective marketing strategies. With decades of experience in real estate and wealth management, Nitin Bhatnagar outlines the importance of market research when it comes to success in real estate. While there are many ways to analyze the competition, one of the most effective ways is through consumer surveys.
"Conducting surveys or interviews can give you valuable insights into what people want and how much they are willing to pay for it. In addition, you can also use online tools such as Google AdWords to see what keywords competitors are targeting. This information can be used to develop more effective marketing campaigns."
According to Nitin, online price monitoring tools such as PriceIQ help businesses track competitor prices automatically, helping them to gauge where they may land in comparison.
"Once you understand your competition and their pricing strategies, you can start to develop strategies to undercut them. This can be a great way to attract more customers and grow your business. However, it is essential to do this in a way that does not sacrifice quality or service. Otherwise you may end up losing customers in the long run."
Nitin claims that offering discounts or running promotions could help attract potential customers. Ultimately, failing to properly research the competition or current market trends could lead to significant errors such as pricing items too high or too low. As a result, businesses could lose customers or financial resources.
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About Nitin Bhatnagar
Forward thinking entrepreneur, Nitin Bhatnagar successfully introduced the concept of boutique real estate to the residential communities of Dubai. Offering what he describes as "affordable luxury", Nitin provides clients with breathtaking views and world class amenities. As a trusted industry partner, Nitin continues to disrupt the real estate market with his innovative approach to realty.
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SOURCE: Nitin Bhatnagar