8 Things Fordis Consulting Can Do for Any Size Business
Doing marketing research before a new business or product launch is not “optional” if you want to stay relevant in your market. Whether you operate on your own or have thousands of employees, you need to look under every rock and crevice to find your target audience and increase sales quickly. Your business depends on it.
Conducting market research is more important than ever if you want to keep up with ever-changing consumer whims that redefine your competitive edge. Marketing strategies are constantly shifting and changing due to new technology and the demand for immediate customized satisfaction. “Your blue widget is great, but can it be pea green with a more ergonomic shape, made from environmentally friendly materials sourced from a community in need?” Insert eye-roll here.
What is Market Research?
Market research helps you make educated decisions in business. It collects, analyzes, and interprets information to solve marketing challenges proactively. Is the launch of a new business or product feasible? How do we avoid mistakes that cost time and money? It may sound a bit dry, but research discovers valuable knowledge about:
- Achievable goals for business growth, sales, and product developments
- Potential customers and their needs based on current services
- Existing customer needs and why they choose your business over competitors
- Various challenges you may face in your industry
- Live data to make marketing strategy decisions for product improvements
- New areas for expansion that can increase your customer base
- Additional business opportunities and changing market trends
Market research analysis lets you focus your efforts where it makes the most sense by understanding what your consumer really wants, the potential problems, and whether the ideas you have are realistic. Start out with a “pea green, ergonomic, environmentally friendly product, sourced from a community in need,” know what it costs and how to market it before your launch and reduce the risk of experiencing lower profits or business failure. Now you get it.
You can also evaluate existing business practices, sales processes, and communications with consumers involving digital marketing and advertising. Ongoing research will build a valuable pool of data for fine-tuning your marketing strategy. Once you are on top, stay there by evolving with consumer needs and competition.
8 Things Fordis Consulting Can Do
We will help you define clear goals and objectives for your fickle audience, changing business segments, and awkward challenges. Fordis Consulting will use our collective brain power and latest research methods to:
- Define your market size and target audience.
- Choose the correct research and data collection methods based on your objectives.
- Create research samples with enough respondents to reflect the larger target population accurately.
- Moderate, analyze, and do report writing for in-person interviews, laddering techniques, and telephone interviews.
- Gather text, video, and audio survey responses.
- Employ analysis skills to translate the findings.
- Apply results to global or national environments such as cultural, social, economic, language, and political situations to validate them.
- Offer access to expert project management to execute of your marketing strategy from launch to completion.
Businesses we can help include CBD and cannabis. food and beverage, non-profits, app development, charter schools, and more. There are enough examples out there of product and business failures, and we don’t want you to be one of them. Look before you leap with adequate research and avoid disaster.
Fordis Consulting will be the one to scrutinize the environment and brand impact before you take action, and minimize the risks of critical business decisions. Contact us today and tell us about your business ideas!