Business research can help fuel your decision-making so that you create products and services that meet your customers’ needs. Business research can include financial data, consumer feedback, product research and competitive analysis.
Here are 5 ways to use business research to fuel your decision-making:
- Financial data: Are sales growing? Are your website conversions improving? Are you seeing growth in the number of new clients on board? These research questions will give insight as to whether you need to re-examine the four P’s of marketing: product, price, place and promotion. Is your product the best it can be? Is your website attracting an audience and enticing them to come back over and over again? Is your marketing dollars being used wisely? By reviewing your financials, you are forced to research which areas of the business needs improvement. Your financial data is a barometer of your business’s health.
- Consumer feedback: Are you getting regular feedback from your customers about your products and services? By soliciting their comments on Facebook and Twitter you are exposed to a wealth of customer insight. Are they happy with your brand or do they prefer to go to the competition first? What would make them happier? Listen to your customers and write a to-do list of their suggestions for improvement.
- Product Research: How does your product stand up to competitor products? Are your products more or less expensive? How is your product perceived? Is it trendy or old-fashioned? Is it a brand that people are loyal to and would recommend to others? What is the true customer perception of your products or services? Track and react to the data.
- Competitive Analysis: Who are your main competitors? What are their advantages or disadvantages when compared to your business? What are the strengths, weaknesses, opportunities and threats that your company faces against your competitors? Gathering this information will enable you to create a strategy to beat out the competition. Aim to be one of the best in your industry based on at least one key metric (price, product, service, etc.) Know what differentiates you and use that in your marketing message.
With business research you gain valuable information that can fuel your decision-making in a variety of areas of business management. Your ultimate goal should be to build an amazing brand and customer experience that differentiates you positively from the competition. This will enable you to create a clear marketing message that emotionally and logically reaches your customer. If you continuously use market research to understand the specific needs and desires of your target market, you will be able to make regular improvements to facilitate growth.
Research Optimus can help you to increase your marketing effectiveness. We offer comprehensive business research services that can help you to strengthen your brand and grow your business.
Talk to our “analyst on hire” today to learn more about how we can help you use with our business marketing research services.
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