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Does your business need market research?

Yes! In any business sector, marketing research is vital. It will help you keep up with market trends and maintain a competitive advantage.

Understanding your target market and increasing sales starts with market research. There are many reasons to conduct market research, some reasons include:

  • Evaluate marketing performance
  • Utilize market research to determine the ideal price point, branding, packaging, promotions and channels of distribution for your product/service. Test the market with various techniques to determine how well customers are responding.

  • Identify ideal customers
  • If you don’t know who your customer is, how will you reach them? Information about your potential customer, including their gender, age, marital status, income status, education level, whether they have children or not and where they live will help you better market your products and services.

  • Understand existing customers
  • How and why your existing customers buy your product/service will help you market your product/service. How they make their buying decisions is key information on how you can reach your customers better, improve their experience and reach new customers.

  • Discover new business opportunities
  • Throughout your market research, you could notice various market trends that may shift your focus into a growing region or under-served region. You may also discover your competitors are offering products or services that you don’t, that are performing quite well.

Market research shouldn’t be a one-time activity you perform. Conduct market research regularly to ensure you are aware of new trends in your industry, your products and services are performing to your targets, and competitors aren’t snatching up your customers with an improved or substitute product/service.


How can Firstbase help?

Firstbase Business Services can help gather data about the local and global economy, your industry, competitors, customers, products and services. This data will be a source of valuable insights to help grow your business.

The in-house research team at Firstbase can help you get started. Contact us today for more information.

 

Inderpal Gill, Firstbase Business Services

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Does your business need market research?

In Memoriam

It is with great sadness that we announce the passing of one of our team mates, Christopher Johnston, on February 26th, 2015 who succumbed to cancer at the young age of 57.

Chris brought his humour and professionalism to our team since 2010. He will be sorely missed.

Our condolences go out to his family.

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Does your business need market research?

A business plan needs to be regularly reviewed to reflect the current business environment and actual business results. This allows directors and key stakeholders to have a high level view of business performance to manage it with greater efficiency and improved results.

The dynamic external conditions of the market place, as well as the internal environment, are the prompts to provide a situation analysis for the company.

Factors that can affect your business’ growth include:

  • Economic conditions – Recessions and currency swings can create a challenging market environment. It’s been 7 years since 2008 – so when is the next “big one”?
  • Industry factors – Downward pressure on oil prices has a positive or negative impact on many businesses. What industry trends impact your line of business?
  • Personal health factors – Owners with less drive and energy to grow the business. Are you driving your business forward or is it running in “idle mode”?
  • Competitive advantages – If you hold an advantage in your market, your perceived value is increased. Are there more aggressive competitors or new technologies entering your market place?

At Firstbase, our team provides a SWOT Analysis (Strengths, Weaknesses, Opportunities and Threat) to review your current position in the market and how you can grow.

A SWOT Analysis helps identify areas of growth and minimizes the potential impact from negative conditions. The depth and application of the analysis can be specific to a single objective or can be broad to reflect on the key areas of your business, including:

  • Operations
  • Sales
  • Marketing
  • Administration

How can Firstbase help?

Firstbase Business Services is here to help you grow your business. A SWOT Analysis provides market and industry insight and guides an internal review of the company’s performance. Firstbase’s collaborative approach provides clarity of thought and fresh solutions to your unique objectives.

 

Inderpal Gill, Firstbase Business Services