And why they may be shortsighted
When you invest in your business, it’s tough to know which investments make the most sense or what takes priority. You can trust your gut instinct or begin evaluating the potential return on investment for improving different areas of your business, like advertising and promotion, packaging, product pricing, and more. Market research uncovers the answers before you begin, so why wouldn’t you start there? Let’s look at your excuses.
1. I can’t justify the cost
Doing market research first can answer critical questions and determine where your money is better spent. It provides a bigger picture of immediate and long term financial goals. Informed decision making leads to more sales and bigger profits – the research pays for itself. Technology makes more research data readily available as you move forward, giving you a foundation to measure ongoing ROI by combining powerful research with deep analytics.
2. It takes too much time
If you want to have credible information, you need to devote time to it. That’s why you hire experts who know exactly where to search for the data you need, conduct surveys, and quickly analyze the best approach. If you launch your business or product too early, and without accurate data, you may face challenges that cause your project to fail. A setback means you need to start over and can waste far more time.
3. Research only targets a small population
Market Research can be as simple as conducting a local online survey or use larger national or global samples. Fordis Consulting determines the correct sample size for your needs, giving you information that supports your actual target audience and existing customer base. The data can be analyzed and measured to track consumer activity in each sales process before and after changes are implemented. We prove just how well the research is working.
4. I already know my target market
You might have a grasp of your target market, but do you know the best ways to reach them? We fine-tune your approach by market segment and key demographics to design marketing campaigns that directly target potential consumers to increase sales. Learn exactly who will use your new product or service, their age range, gender, income level, marital status, and location.
5. I have no problems outpacing my competitors
Business is good now, but you need to adapt to keep your competitive edge. Marketing research lets you track your company’s progress along with your competitors and create business strategies that offer the greatest advantage.
6. I’m not sure how much to spend on market research
In general, you can expect a 30 percent annual return on market research in a relatively short payback period. Based on that number, you can decide what is a reasonable spend. Fordis Consulting will help you find solutions to fit the budget.
7. I already have a successful business
The alignment between business processes and existing consumer trends keep changing. Understand customers better and set more realistic goals for your employees and business growth. Develop new strategies with a better understanding of your market.
With Fordis Consulting, the data collected from market research shows measurable impacts in all areas of your business.
- We talk to your team to learn how they predict product demand estimates before conducting research.
- We evaluate the need for research estimates based on outside findings.
- If we move forward, we can average the projected estimates with the research results creating measurable ROI to understand which activities drive the biggest returns.
Market research will improve new offers and identify upsell opportunities. It enables you to have more accurate pricing, distribution channels, and marketing campaigns. You’ll be able to adjust existing operations, advertising, and promotional activities to expand or diversify.
All businesses can benefit from market research. It paves the way for increased customers and sales and lowers consumer acquisition costs. Marketing dollars will reduce by eliminating unnecessary benefits and features. Even customer support calls decrease with improved service.
Make intelligent business decisions to steer clear of risk and pursue high-potential opportunities. Investing in market research is well worth both the effort and the cost.
Fordis Consulting offers a wider look at the environment and brand impact before you take action. We minimize the risks of critical business decisions. Contact us today and tell us about your business ideas!
Schmidt, S., 4 Ways Market Research Can Benefit Your Business, https://www.allbusiness.com/4-ways-market-research-can-benefit-business-102147-1.html
Determining the return on research can be tricky but is worthwhile, https://www.quirks.com/articles/determining-the-return-on-research-can-be-tricky-but-is-worthwhile
Magusara , M., Advantages and Disadvantages of Doing Market Research Before Starting a Business, https://www.business2community.com/strategy/advantages-and-disadvantages-of-doing-market-research-before-starting-a-business-02192153
National Business Research Institute, Calculating ROI on Market Research, https://www.nbrii.com/blog/calculating-roi-market-research/