The success of any organisation is dependent on whether it is serving the actual needs of its target market. Forget about trying to sell ice to the Eskimos...they don't need it, so won't buy it. Sell them heaters and blankets instead because that is what they actually need and are ready to spend their money on. And although this is a obvious and amusing anecdote, the vast majority of enterprises today still open businesses, develop products, create things, deliver services, make investments, prepare to enter markets and attempt to make commercial decisions without knowing whether there are enough buyers who are interested in what they offer to make it worthwhile - or even if what those buyers actually want what the business has!
It sounds crazy, but this is the reason why so many new businesses and new products are doomed to fail...nobody ever wanted them to start off with and worse still, the business never checked. Similarly, almost all existing businesses that are already doing well today are leaving extraordinary money on the table every month simply because their offering only just approximates what the market wants. With some market research they would know how to make their current offering spectacularly more attractive to those who aren't presently buying it (i.e. most of the potential buyers in the market) and so they would dramatically increase market share and take customers away from their competitors, en-masse.
The Business Firm conducts market research to determine the viability of a new market and/or the viability of a new product, for existing businesses. We also carry out research for new startups (that don't yet have either a product or market) to test various ideas and concepts before any major investments are undertaken. Market research returns incredibly valuable intelligence about an opportunity upon which a much more informed decision can then be made prior to commercial committment. For existing businesses, it substantially reduces the risk of deciding to enter a market and increases the chances that the product you will develop will be a winner with buyers. This is the managerial philosophy of Apple and it what has made them the largest, most profitable and most innovative company in the world.
Market research also returns information about your brand and how it is perceived in the market. It is essential that all your stakeholders: buyers, suppliers, agents, distributors, sellers, authorities etc. regard your business well. The Business Firm helps you track qualitative metrics such as customer satisfaction with your staff, the perceived quality of your offering and the health of your brand. It also allows a risk-free way to test uncertain ideas before actually doing them, such as whether customers prefer different ordering methods or if it is safe to introduce a fee for delivery. Market research services at The Business Firm therefore, serve many functions: to assess the viability of a market; to drive new product development; to test if buyers will respond to a new feature of an existing offering; to uncover sought-after extras that can be sold as additional options; whether your products, services and staff are 'up to scratch'; and to gague how the market regards your brand compared to your competitors'.
The Business Firm prepares high quality, strategic marketing plans for businesses that are based on emipirical information gathered from actual market reserch. Market research is only valuable if it is acted upon.
The Business Firm will create a professional bid presentation or proposal for your business that will help you win contracts, successfully win bids and achieve sales.
We have produced a number of excellent, informative video classes on business marketing, sales, fundraising, advertising, public relations, content marketing and many other business development topics. Watch now on our YouTube Channel.
Free Business Advisory Service Launched
We have just launched a new free service to help business owners access professional advice to accelerate growth of their business. Book a free 30 minute appointment with a business consultant for free business advice.
The Business Firm Radio Show
Listen to our weekly Podcast for high quality advice, news and discussion about business success. We answer questions posed by our listeners around the world. Look in iTunes or Stitcher for the podcast called The Busines Firm and subscribe. This is one of the best business podcasts in the world.
Translation Services from Italian to English
The Business Firm offers high quality translation of Italian text, audio and video, into perfect English.