When developed, designed and deployed appropriately, data collection solutions play a key role in generating actionable market research insights that can solve a myriad of business problems. Below, we highlight 3 of the most common and valuable data solutions your business can benefit from:
1. How Data Collections Solutions Generate Market Characteristics for Maximum Profitability
Some businesses have a solid understanding of their customers’ needs and wants, but what they lack – and need – is deeper insight of their overall marketplace; including potential customers that they are not reaching or, in many cases, do not know exist. For example, if you run an office design company, data collection solutions may uncover a huge opportunity in marketing towards growing offices that would rather buy new furniture and optimize their current office space than move their entire office space to somewhere new.
Beyond identifying new sources of potential customers through market characteristics, you can also start finding & marketing to the most profitable customers. Data collection solutions shed light on various market characteristics that paint a clearer, more profitable picture of a business’s target audience. They show who your most profitable customers are now and determine to whom they could sell more or different solutions to.
2. How Data Collection Solutions Can Successfully Introduce New Products & Services
Most businesses cannot (and should not) take a trial-and-error approach to introducing new products and services, or major innovations to existing offerings. While the rewards of successful, rapid adoption can be quite profitable, the risks of failing to incorporate key details and factors can lead to disappointing – and possibly disastrous – outcomes.
Data collection solutions help businesses objectively identify the potential for their new and innovative products or services to achieve desirable marketplace penetration. This is especially valuable when businesses have multiple locations in different regions, since what might be strategic and sensible in one part of the state or country may be far less effective elsewhere.
Through market research data collection, you can gather insights on:
- The current and projected demand for your product over different regions
- Who is willing to purchase your product & for how much
- Any additional purchases a customer would like to make along with the new product
- What features of the new product resonate with specific buyer persona
- And more!
3. How Data Collection Solutions Help Determine Brand Perception
Unless businesses have an in-house market research division (which is the case with some large multinational enterprises), it is virtually impossible to know how their image and brand is truly being perceived in the marketplace. Elements like social media likes or upvotes are not sufficient tools, since they only capture a very small portion of the customer population.
Furthermore, brands are organic and their value – or lack thereof – is always in relation to competitors. For example, customers may believe that a certain business is more trustworthy or innovative than another. Data collection solutions help businesses clearly, objectively understand where they stand – both in terms of the relationship with their marketplace and, just as importantly, their relative positioning to competitors.
At Communications For Research, we provide comprehensive data collection solutions that are customized for the specific needs of our clients. For example, some market research objectives are best achieved through telephone interviews and web-based surveys, while others need insights that can only be gleaned through in-depth interviews or focus groups. In many cases, it is necessary to mix a variety of methods to get the best data possible, and ultimately help our clients do what matters most: make smart, profitable decisions!
To learn more, contact us today and schedule a quick chat with our co-CEO Colson Steber. While learning more about your business, Colson can help you determine which data collection solutions will benefit your business most and how you can proceed with market research based on your current timeline & budget.
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