The Importance of Market Research In Denver: Thoughts From A Market Research Agency
All too often, Denver entrepreneurs will set to work on a business idea without first conducting any market research in Denver. If the business succeeds, we applaud their success. But, many business owners are often surprised when their new business fails to acquire new customers. Businesses commonly fail to attract customers because the owners assumed to know their target market like the back of their own hand.
Market research can reveal important insights that can make or break your business. Let’s examine a few of the ways that a market research agency can contribute to your business success.
Improve Your Brand Image
Maybe your business offers an unparalleled service or an innovative product. Perhaps you bring a revolutionary idea to the table that could be widely applicable across multiple markets. Even if your business offerings are unique, you could be inadvertently driving away potential customers simply because of your brand image.
Your branding is not the most crucial aspect of your business. However, your brand greatly influences the first impression of your business. Commonly, business owners will assume that their company already has the best branding possible. That assumption is not always true, and market research in Denver can almost always prove it.
Ask any market research agency in Denver and they’ll tell you how important your brand image is. A good brand image should be:
Clean and crisp.
Professional, succinct, and comprehensive.
A perfect descriptor of your services/products.
You might absolutely love your current logo design and you might feel confident about your overall brand. But, how do others feel about your brand? Your customers might have a negative perception of your business because of your brand image. Different perspectives on your branding might influence you to rethink your entire brand image. Effective market research in Denver can reveal how different points of view perceive your branding.
Discover The Best Markets For Your Business
If you are struggling to convert sales, the problem might not be with your business at all. Instead, the problem could lie within your target market. Some business owners are quick to assume that their service/product is specifically designed for a single target audience. That wrongful assumption could spell disastrous consequences for your business success.
Some target audiences, like “millennials” or “women in their early 30s,” can work well for some marketing initiatives. However, these broadly defined audiences exist within very crowded market spaces. The problem with your sales funnel could just be an erroneous targeting method. Maybe you just haven’t found your ideal niche yet. When you work with a market research agency, you’ll be able to hone in on your ideal target audience. A more definitive niche will almost always translate to a stronger and more sustainable ROI.
Identify Key Differentiations For Your Business
If you want to compete in the crowded markets of Denver, you must boast about your key differentiators. What makes you stand out from the competition? Why should a customer do business with you over your competitors? How do you differ from the hundreds of other options? Whatever makes your business unique should be at the center of your marketing efforts. A market research agency can uncover the hidden differentiations that might make all the difference for your brand.
For instance, at FiG our marketers start out each market research project with a brand exploratory-audit. Similar to a SWOT analysis, this research technique examines every aspect of your brand and how you stand in relation to the competitors of your current target market. This analysis will not only explore your strengths and weaknesses, but also potential opportunities for new business and any threats to keep on your radar. After an initial analysis, your agency will know where to look next for new differentiators.
Maybe your business provides an unparalleled level of customer service. Or perhaps your products are more environmentally sustainable than those offered by others. These small business aspects can make a huge difference when you’re standing beside your competitors. Through effective market research in Denver, you’ll discover ways that your business goes the extra mile where your competitors don’t.
Improve Your Company From Within
Where can you find the best ideas, innovations, and insights for your business? Usually from your very own employees. Your staff members are the ones who are most familiar with the daily processes and operations of your business. They understand where their work slows down and how to best alleviate those bottlenecks. They’re also very familiar with the company culture and structure, and how your business typically interacts with customers. It makes sense then that you can find the best insights from your very own staff members.
At this point, some business owners will tune out and think that they can just chat with their employees one-on-one to get those insights. This situation, however, presents a bias problem:
How can your staff truly express their genuine thoughts to the person who writes out their paychecks?
This problem can be avoided by working with a professional market research agency. At FiG Advertising + Marketing, our agency operates as an unbiased third party. This lets your staff members drop their guard and feel more comfortable sharing their real thoughts and opinions. We carefully craft each question to avoid leading the subject and producing inconsistent data.
Your employees’ suggestions and comments may reveal genuine insights that could turn your company around for the better. Maybe they have unheard complaints that could improve daily business operations. Or perhaps your staff members have ideas that could save tons of time and ultimately conserve your budget. Regardless, you’ll never get those insights without high-caliber market research in Denver.
Get Crucial Insights With A Leading Denver Market Research Agency
Are you tired of seeing your leads failing to convert? Have you witnessed your sales numbers slowly start to dwindle? Then it’s time to examine your business with a fine tooth comb. At FiG Advertising + Marketing, we strive to provide high-quality insights through effective market research. Our Denver-based market research agency is very familiar with the best research techniques and methods to deliver the optimal insights to support your business success.
Contact FiG Advertising + Marketing today and get the insights you need with the best market research in Denver.