The era of one-hit wonders is over (or at least it should be!) It is no longer viable for companies to compete on price-cutting, or solely on new ideas with the hope that no one else will enter the market to try to get a piece of the action. In this day and age of low company startup costs, information sharing via social media, and customer service expectations, consumers have become very picky. And they have every right to be. It’s
up to companies like yours to know what they want, and when, and how much they are willing to pay for it. A cut in delivery time or the option of a new color could be the difference between remaining a mediocre market player and grabbing new market share.
While a lot of market data is kept secret by companies, trends can be identified in observable data, and predictions can be made about consumer behavior. If you know what people did nine times out of ten under a particular set of circumstances, you would be in a better position to bet the farm on a new idea or approach that is positioned to meet consumer expectations the next time those circumstances repeat themselves. Being able to do this can catapult a small company from just breaking even to being profitable, or even to the rarefied stratosphere of being a global player.
You can only make decisions that are as good as your intel, so investing in marketing research – and having professionals on hand who can slice and dice market data and draw valuable insights from that data for you – is the new field of strategic advantage.
Our team of market researchers have the relevant experience and training to help you plan your next move and to get you into the groove of making data-driven decisions.