Farming Fresh Data – How Market Research Can Grow Your Business
Does the mere thought of conducting market research intimidate you? We can see that it’s not enough to conduct just basic research. Without comprehensive, professional market research, even the perfect product can be buried under a campaign of senseless business maneuvers. In our current business climate, emerging companies are shoulder to shoulder, each grasping at any opportunity to get the consumers’ attention. However, with proper market research, you can stand on the proverbial shoulders of your competition as the foremost brand consumers will consider. Here’s what Ludicrous Agency recommends when you approach market research:
Take an Impartial Analysis of Your Business Environment
Startup companies are fueled by dreams, passion and determination, but with those traits comes naivety. Developing an enterprise with blinders on can lead to a lackluster bottom line. Nothing is more disappointing than completing a project and having it fail spectacularly because your marketing team failed to properly analyze the competition. Proper market research will give you an honest appraisal of where you stand, indicate a demand for your product or service and, most importantly, tell you if you have a viable plan to go to market.
Establishing and Protecting Your Market Share
Intelligent market research will not only thoroughly analyze your competition but identify the flaws in their approach as well. This new information may give you the opportunity to exploit the holes in your competitor’s strategy, giving your product a vital foothold in the market. Once your market share has been established, market research will help protect that foothold by monitoring your competitor’s websites, ads, and media campaigns. All too often businesses rest on their laurels once they establish their market share, unaware that their competitors are planning meanwhile to capture the new market share they have just established. Without proactive defense strategies constructed from accurate market research, your competitors will not only be able to take back any progress you’ve made, but you’ve essentially just strengthened your competitor by allowing them to reinforce their brand or product after they regain their position in the market.
Utilizing Your Success to Further Enhance Your Future Endeavors
The truly keen business person treats their success as a means to an end. By analyzing the data, you receive from market research, you can measure the success of your strategic communications. Understanding the viability of your advertising, marketing and public relations campaigns gives you the ability to evaluate each internal department and effectively address successes and failures. This strategy does not only apply to your strategic communications departments. The same technique can be applied to determining specific points of success of your product or service. It’s no surprise that both successful startups and Fortune 1,000 companies alike value this aspect of market research. The combined results of constant improvements to both strategic communications, as well as to your products and services, are invaluable to continued prosperity of your company.
Quantifying and Understanding Possible Risks
If your business is going to thrive, you need to innovate, create new ideas, think like no one has thought before and explore where no one has ever been. Keep in mind, however, the only problem is that sometimes the place you need to explore is a minefield, and an unplanned step can lead to your potential profit being blown to pieces. Professionally analyzed data from market research can indicate what methods of promotion have the highest prospects for success and, just as importantly, which directions have a high likelihood of failing. Using market research data in this approach is seen across nearly every profitable business venture. Some businesses invest many hours of development, potentially thousands of dollars into their idea, only to learn that their innovation isn’t feasible at a late stage development. Lacking research in the early stage of concept and creation can be catastrophic for companies, both big and small.
Don’t be apprehensive about conducting market research and never neglect it. The nature of conducting market research allows for you to benefit from data analysis before, during, or after a product or service launches. Professionally analyzed data obtained from market research can guide a company’s direction into providence or steer it away from disaster. Either way, you’ll realize the power of market research.
Need some help with market research or want another opinion, we’re here to help. Drop us an email and we’ll jump in with a Ludicrous level of expertise and support. Ludicrous Agency!