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Win/Loss Analysis: Sustainable Growth

All business strive for continuous success and growth and in the early stages of business development, this might be easy to achieve. However, the more established a business becomes, the more difficult it becomes to improve on last year’s results.

The key to continuous growth is insight-driven continuous refinement.

Perception is Reality

Conducting a win/loss analysis is one of the easiest and most cost-effective ways to improve and refine your marketing, communications, sales and business strategies. It is also one of the most important analyses, as your customers’ perception will be directly reflected in your sales.

 

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It simply involves interviewing of 10 to 15 customers within 3 months of their purchase and, more importantly, the same amount for “lost sales”. “Lost sales” are those who enquired about the company’s service or product but failed to proceed to make a purchase. These interviews prove most successful when conducted by an independent third party, as conflicts of interest are avoided, and customers openly give more direct and honest feedback about their experiences with their purchase.

Analysing the gathered feedback will not only give the business a deeper understanding of consumer buying behaviour and its (potential) pain-points, but will also enable the business to benchmark themselves against their competitors and other key industry players. It may even uncover potentially new and successful products or services that customers have always wanted!

This will allow for a strategic and informed refinement of the business’ unique selling proposition (USP), but also act as an early warning system, indicating the need for a product or service to be improved before sales are disrupted.

The processing and analysis of results will enable the business to develop meaningful and strategic recommendations, allowing decision makers of all kinds to make better decisions in their businesses.

Promptly implementing the changes and improvements from the analysis will increase overall effectiveness and put you on the path to success.

Remember, that customer perception is what will make or break your business, especially when we compete globally for the same dollar.

Businesses (and their owners) that want to stay on the trajectory of continuous growth, should dedicate itself to a continuous refinement process, backed by timely win/loss analyses (e.g. monthly or quarterly).

Download now: How to optimise your customer acquisition and retention strategies.

Market Research + Higher Education

Market research can help determine how successful (or not) a new concept will be via actionable feedback on what people are actually looking for. This was the case when we were engaged by a higher education provider looking to design, streamline and implement a new degree.

With the help of the client facilitating the focus groups, we were able gather valuable qualitative insights into why students thought what they thought regarding the new program options. Through a series of focus group sessions; consulting prospective, current and past students, we were able to narrow down and hone in on which of the predetermined scenarios students supported: i.e.  a new degree or a variations of the older models.

We dived straight into the verbatim and extracted key themes within each of the groups. We took into consideration a number of major influences on their decisions and thought processes. Outcomes included:

  • ranked preferences of the scenarios;
  • perceptions of other higher education institutions;
  • other degrees offered at the same institution;
  • demographics, e.g. gender, race, age;
  • sources of information for decision-making
  • reasons for choosing their current place of study; and so on.

Using the qualitative insights, we identified that flexibility was a key driver for many students pursuing this field of study. They did not want to be pigeonholed early on in their studies, barring them from choices further down the track.

We worked extensively with our client to realise and incorporate students’ desires and direction into the new program as an outcome of the research. Through the power of market research our client was able to identify and tailor their approach to formulate a degree which would positively impact students’ career choices at their institution.

Unlock your potential. Know what potential and current clients want and what they don’t.
Contact us now for a free, no obligation, 2 hour consultation with our Principal analyst.

Market Research + Manufacturing

Market research is a vital component of making important decisions, especially ones where you want to introduce new products into a market, i.e. for manufacturing. Introducing new merchandise to existing customers or potentially new ones can be confusing. Usually we ask businesses looking to venture into unknown waters:

“Does your new product resonate with the market you are looking at?”

“Is your product fit-for-purpose?”

“Is someone else already producing your product, if so, how can you do better than your competitors?”

These are some of the more obvious and common questions that can be addressed through the power of market research. Market research gives you the confidence to make the best decision for your new venture.

For example, a steel fabricator wanted us to shed some insight on a potentially new product they would like bring to an already crowded market.

After contacting potential clients on the client-generated list and data from Queensland government, we were able to assess the market landscape. Combining the qualitative comments from the phone work and quantitative analysis of the government data, we had a very detailed picture on the market size of Southeast Queensland, what their potential clients were looking for in their new product category and drawing out what could potentially make them switch from their current suppliers.

Our client made the decision not to proceed with their new venture, ultimately saving them time, effort and money had they invested in what was perceived to be ‘a good idea’ at the time. Through the power of market research, our client was able to evade what could have been an expensive mistake.

Be the change, make a difference to your customers’ experience with market research.
Book now for a free, no obligation, 2 hour consultation with us, over the phone or face-to-face.

Made in Queensland?

Is your company eligible for a Made in Queensland grant (manufacturing)?

The Department of State Development, Queensland, has recently released a $20 million grants program aimed at increasing jobs in the Queensland manufacturing sector. Owners of small to medium Queensland manufacturers are encouraged to register their interest to take advantage of this program. Eligible registrants will undertake a free benchmarking program to determine where their businesses can become more competitive. This will then be supported with grant funding via the Made in Queensland program.

Registration takes 5 minutes – less time than it takes to drink your morning coffee!

We help build businesses and maximise your potential through market research.
Contact us now for a free 2 hour consultation over the phone or in person.