Monday, 10 February 2020 13:06

3 Ways Denver Market Research Can Improve Your Business

Running a business can often feel like you’re sailing a boat: everything has to line up just right. You need the right equipment, an efficient sail, a sturdy design, tranquil waters, clear skies, and a breeze at your back. If all the elements line up perfectly, then it’s smooth sailing to your destination. And even if just one thing fails to line up, your boat won’t go anywhere. It’s the same situation for your small business. If even just one piece of your business is out of alignment, you can struggle to retain customers or make sales. It can be incredibly difficult to pinpoint the issue that’s impacting your brand. Through effective Denver market research, you can identify the problem in your business model and adjust it for a smoother sailing business.

Every business scenario is different, which means that market research insights can vary wildly between each business situation. Let’s briefly examine 3 of the most significant ways that market research can benefit your business.

Uncover Brand Opportunities

As a business owner, you can easily become blind to new opportunities by your own tunnel vision. It’s a common issue that many business owners struggle to overcome. The horizons of your business boat can be widened dramatically when you seek out professional market research.

Your business could be perfectly positioned right now to take on a new market or exploit a new business opportunity. You are just unable to see it from your point of view! It is highly possible that your business is:

  • Perfectly positioned to take advantage of an emerging market trend.

  • Underutilizing a terrific business differentiation in your marketing strategy.

  • Oblivious to an untapped market that is sitting right beneath your nose.

There are undoubtedly some unnoticed opportunities for your brand somewhere. You just have to know how to find them. Those unidentified chances could make all the difference on the success of your business. Through effective Denver market research, you can uncover those opportunities and completely change your business.

A brand exploratory is the perfect market research method to uncover those key insights. This primary research method consists of a complete survey and analysis of the current state of your brand, your target markets, and your competition. As your brand exploratory wraps up, you’ll have a clearer picture on how your brand is currently positioned within the market, how your target audience views your brand, and how you stand in relation to your competitors. Professional market researchers can then pick out key insights that may revolutionize the success of your business.

Identify Internal Problems

In most cases, market research is primarily used to understand how your brand fits with your current target market. Every company needs to listen to the thoughts and opinions of their customers. They are, after all, where your profits originate. If you ignore those customer voices, you risk alienating them and capsizing your business boat. Your customers are not the only voices that you need to listen to though.

Some of the best market research insights can come from your very own employees! Your frontline staff members are intimately familiar with your business processes and your day-to-day operations. The people of your workforce know where the common problems occur and they can reveal the key insights that you need to improve your business.

Think about it like this: Customers can report complaints or concerns to your business. Those complaints highlight issues, but they do not reveal clear solutions to those issues. Your employees will know how to best address the problems with effective solutions that can be easily integrated into your daily operations. Simply put: Your customers will identify the symptoms, but your employees will uncover the causes.

A quote from this article on Denver market research is placed in front of a team of co-workers. It reads 'Your customers will identify the symptoms, but your employees will uncover the causes.'

The best providers of Denver market research will always perform both external and internal research. Since your staff members will speak with an unbiased third party, they’ll feel more inclined to state their uninhibited thoughts and criticisms. These statements can pinpoint the costly internal errors and redundant policies that are negatively impacting your business. You’ll develop clear directions on how to best address customer problems and improve your internal operations.

Minimize Your Brand Risk

Whether your business is product or service-based, there is some inherent risk in introducing new offerings to your target market. How will your customers respond to your new product or service? What if your new offering is met with resistance? Is it worthwhile to follow through on your new product or service launch? It’s imperative that you appropriately gauge this product risk prior to launch.

For the moment, let’s briefly assume that your business fails to successfully launch a new product or service within your target market. What would happen to your business?

  • You might experience serious financial losses. Think about all the money that could be lost via marketing costs, production costs, and the like.

  • Your brand image could become damaged. Consumers can quickly lose trust in a brand if they see it struggling publicly.

  • Your company cohesion could falter. A failed product or service launch could shake up employee confidence and cooperation.

These costly mistakes can be tricky to remedy. You can avoid capsizing and making those expensive errors by testing the water first. With effective Denver market research methods, you can gauge your audience and the risk levels for your brand. Through customer surveys, focus groups, and interviews, you can learn whether your customers will be receptive to your ideas, products, and/or services. Those gathered insights can help minimize your product risk and guide you through your next steps.

You’ll be able to avoid those risky mistakes and ensure your new offerings are more successful. What could be better for your business?

Improve Your Brand With The Best Denver Market Research

Are you tired of being bested by the competition? Is your business sailboat struggling to find the right breeze? Then it’s time to give your business the boost it needs with effective market research. At FiG Advertising + Marketing, we have been excelling at market research for numerous years. Our detail-oriented team will be incredibly thorough with our market research methods. We’ll employ a number of the best primary and secondary research methods to find the appropriate insights to benefit your organization.

Uncover the right insights with the best Denver market research provided by the pros at FiG Advertising + Marketing.