USING MARKET RESEARCH TO GET AHEAD

AS THE COUNTRY OFFICIALLY MOVES INTO A RECESSION, COMPETITION FOR BUSINESS HAS BECOME TIGHT. SO HOW CAN YOU ENSURE THAT YOUR COMPANY STAYS AHEAD OF THE COMPETITION?

The ability to recognise new opportunities and be flexible enough to adapt to changing times is a key ingredient to surviving and prospering in the toughest business climate.

Market research is one of the most valuable, but under used business tools. It can provide valuable insight into customer’s minds, educate you on how to price your product or service, give you ideas on how best to market your offerings as well as highlighting any gaps in the market. Yet in a recent survey of SMEs, a staggering 29% of business owners admitted to setting up their business without conducting any research whatsoever.

76% of business owners say they using research is key for the expansion of their business with a massive 86% saying the most value-adding business activity is knowing what their competitors are doing.

While it’s healthy to have competition, your competitors are one your biggest threats. It can be difficult to stay ahead in the whirlwind that is running a business, but by conducting the appropriate research and following a strategic plan of action, it is possible. And now is the time to do it as many of your competitors might be getting distracted with current economic conditions.

Look at your competitor website or brochures - how much are they charging? Is their product better than yours? Could you improve on your own website? What are their plans for the future? Making extra time for research and brainstorming will have your competitors wondering why they are

losing customers to your unique ideas, valuable products and excellent service. New ideas are the currency of successful businesses and will keep you two steps ahead in this battle.

To ensure you stay ahead of the competition, you must satisfy your customers. Don’t assume you know what your customers want; they continuously change their minds. Even if you have been successfully trading for the past five years, an assumption could be your biggest mistake.

Your customers can and will tell you everything you need to know. All you have to do is ask them. And more importantly, really listen to what they have to say. If you don’t take care of your customers, your competitors will.

The only constant in business is change and research is one of the surest ways to stay ahead of the competition.

So while you may not be doing your research, you can bet that some, if not all of your competitors will be. Can you afford for them to have a better insight to your industry, your customers and perhaps your own business?

For further information on market research, contact:

Carla Cannon, Wyn Research T: 0141 333 9241 E: info@wynresearch.com www.wynresearch.com

CARLA CANNON