Market Research for Small-Medium Size Businesses
Most business owners do not know their market share, the size of their industry, nor have a plan for how they are going to grow their company.
Put another way, many entrepreneurs do not have the right data to make informed business decisions that are vital for their company’s growth. “Big Data” has been the topic of conversation for many years and but is mainly utilized by companies with enormous budgets and thousands of employees. When leveraged well, Big Data is fantastic. It is extremely useful and provides insights that would otherwise be left unknown.
The problem is, SMEs do not utilize data at all to better understand their customers, exploit innovations, and make valuable, informed decisions.
If you are a small-medium (SME) sized business owner, you definitely need Big Data but you desperately need the right data for your industry, your market and your existing customers. The right data is relevant, invaluable, but can be elusive.
The right data for your company allows you as the leader to be confident in your high-level decision making and to throw assumptions out the window.
5 Steps To Better Understand Your Market & Win
Know Your Industry
- Understand your industry’s global context.
- What are the trends?
- What is the growth rate?
Explore Your Market
- How are you positioned in your industry?
- What innovation’s are disrupting the industry?
- How are you leveraging innovation in your business?
Gather Improved Customer Insights
- Why do your existing customers buy from you, not your competition?
- Do your customer’s insights align with industry trends?
- Do you provide your customers more value than your competitors?
Synthesize the Right Data
- Confidently make a well-informed decisions with the right data.
- Should you pivot and/or augment from your current value propositions?
- Should you stay the course and continue to provide incredible value and “wow” your customers?
Create A Winning Strategy
- Craft a new plan
- Unify your team and train them around this new plan
- Track performance and grow!
You can follow the steps above to improve your company’s standing in the market or work with our team of experts.
Schedule a complementary Discovery Call using the link below.
Data-driven market research should be the core of your company’s strategy. It is time for you to leverage the right data for your company, your customers, and your industry.