11 Jan Benefiting from Market Research Insights
Market research is vital to your success as an innovative entrepreneur. Of all the reasons why new businesses struggle, 70% of businesses fail due to poor market research, but it doesn’t have to be that way. Market research can provide the insights you need for your business to succeed. PwC studies have confirmed that businesses using market research, for example to benchmark business performance and strategies, have achieved 69% faster growth and 45% greater productivity, over those that don’t.
Market research can help you make the best, most informed decisions to ensure a strong alignment for your product and market fit and ensure your prospective target consumer is looking forward to engaging in your business. When markets are changing, your insights will help you anticipate this so you can successfully transition to the next successful initiative.
- Grow on a strong foundation. As knowledge is power, market research helps you gain a better perspective on your target market and community and position yourself for success, to help you provide the best solution in the best way.
- Reduce your risk. One of the most common reasons for business failure is the lack of a product/market fit. Market research help you ensure you are providing the right solution to the right people at the right time and staying ahead of your competition to successfully engage and grow with your customers.
- Gain opportunities. Discovering emerging trends can be foundational to your success. You need to see the opportunity to seize the opportunity. Market research can help you learn directly from your prospects how your business can be most helpful for them, and to grow your business. It can be a key component in your SWOT analysis, providing insights into your strengths, weaknesses, opportunities to grow, and to help you optimize any risks involved.
- Benefit from data-driven strategies. While your own intuition and personal experience can provide key insights for your strategic initiatives, supplementing those with market research can help ensure that your success is empowered by market realities, and provide you the best opportunity to realize your goals.
- Access reliable revenue projections. The market forecast from your research helps you anticipate areas of growth with the most solid foundation for your success.
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Developing Innovation, New Products and New Solutions
Over 84% of executives say that their future success is dependent on innovation. And this is very understandable. Innovation is how you create value for your customers. Your innovation is your differentiator – it is why people choose your business.
Scaling Marketing and Lead Generation
Lead generation can be central to your success, as it helps you find people who are interested in the products, services, and solutions your business provides, and who become your future customers.
Developing HR, Recruitment and Team Culture
Your company culture is a catalyst for better performance and your overall business success. It supports recruiting and retaining your team, better teamwork, more productivity, and a higher sense of satisfaction for everyone connected with your business.
Developing Inbound Growth and Search Engine Optimization
Inbound strategies and search engine optimization (SEO) can be among the best ways to grow your business as they put you directly in touch with your ideal prospect: people who are looking for and interested in the type of solution your business provides.
Growing Your Business and Sales
Gain insights and strategies to grow and scale your business to the next level, including attracting new leads, prospects, customers, and members; expanding your existing customer engagements and sales; establishing new distribution and revenue channels, and more.
Launching Startups, Creating Your Business, New Solutions and Franchises
It can seem that some people are destined to be entrepreneurs. They’re determined to create a business and lead it to success, and they are dedicated to making that dream a reality. We believe that everyone can have the spark of entrepreneurial creativity, the ability to succeed with innovation, and be recognized for their accomplishments.
Developing Reputation Management
The reputation of your business is vital to your success. 89% of consumers read reviews before making a purchase. This is why one often hears that your brand is not what you say it is, rather your brand is what your customers say it is.
Engaging with Digital Marketing
To best position your business for growth, it’s important to be where your customers are. Today, your customers are online: engaging in social media, staying informed in news sites and blogs, and searching online when they have a need. Your digital marketing puts you in those same channels, so your best prospects can discover your business, learn about your solution, and become your customers.
Growing Your Finances and Financial Systems
An understanding of your financial position is vital to the success of your business. Using financial software is an essential component of tracking your growth. Your financial systems help you protect and grow your wealth, and the success of your business.
Building Personal Development for Entrepreneurship and Innovation
To become a successful entrepreneur there are key skills that your Ei.Center helps you develop to successfully grow your business. These skills will help you develop and build the business you envision, and attract and lead your team to scale your success.
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