For a common business type, such as hair salons, your differentiation might be location, hours, types of services, ambiance, or price. I've seen segmentations that define customers by the channels they buy in, as in the retail customer compared to the wholesale or direct customer, also compared to the Internet download customer.
Of course, you should ensure that your price is more than what it costs you to make and deliver your product or service. It typically consists of previously collected information on consumer demographics, industry trends, market share, etc.
What do they buy now? Why are the characteristics you specify important? Use the Internet: Since much of the market analysis section relies on raw data, the Internet is a great place to start. The competitive analysis should contain the following components: Direct competitors: What other companies are offering similar products and services?
More from Entrepreneur Terry's digital marketing expertise can help you with campaign planning, execution and optimization and best practices for content marketing. Before you begin your primary research, be sure to map out exactly what you want to learn.