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Business Benefits and Insights from Market Research

My client, lets name her Sandra, did everything she could to observe competition, looked at market trends and tested different price models.

Now she wants proof that she forgot nothing and that she had considered everything important for her business. How to find it?

Little trends have big influence. Customers may stay away just for some missing information or Sandras services did not look like a benefit for their needs.

In Sandras case a small change in the message to prospects and a slightly modified product portfolio gave her the sales figures she wanted. Also she could make many more customers happy with her products.

Use rising opportunities in the future with the help of market research

Sandra felt the need to look at competitors and trends. She wants to use the knowledge about emerging trends, and changing behaviour of customers and suppliers to stay up-to-date with her portfolio. She decided to supplement her own research with professional advice. This helps to consider small changes in technology, customer and regulatory behaviour and filter them for: “whats in it for my business?”. The awareness of improving technology made Sandra to include a chatbot on her website who can answer many questions without human interactions. Other visible trends were considered not relevant. Careful analysis brought the advice: do not touch it.

Lead Generation

I use market research to find prospects for Sandra, feeding a process called lead generation and qualification. It is important to approach potential customers in a way they like and is sustainable for the business. I help Sandra to manage this.

Business and plants have in common: they need to know where they can grow. Market Research creates knowledge faster.
Plants need to test for knowing where they can grow. Business Benefits and Market Insigts go together.

Price Negotiations

Another example there I helped my hypothetical client Sandra some time ago is here. Before she started her actual business she wanted about demanding higher wages. I used game theory and probability calculations to evaluate the risc.

Want to know what I recommend about pricing in stores? Read my article about pricing

Image by Nattanan Kanchanaprat from Pixabay. Business Benefits and Market Insights go together.