Market Research + Risk

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Can YOU afford the risk?

Market research and risk is something you do not always find in the same sentence but now you have!  We all have risk within our own businesses and while we cannot be rid of them (oh, do we wish we could), we can only manage them. Failure to manage that risk can potentially harm your brand or, worse, cost you your business.

Depending on your industry and business, risks can come in all shapes and sizes such as:

  • fluctuating currency exchange;
  • varying legal landscapes;
  • differing cultural differences and nuances;
  • potential language barriers;
  • training labour;
  • insufficient transport and logistics solutions;
  • digital security breaches; and
  • protection of intellectual property (IP) and data management.

While these risks cannot be managed all at once (let’s be realistic here), it is important to remember that good risk management practice consists of taking small steps rather than being overwhelmed from the get-go.

Using good quality, third-party market research, you can identify, mitigate and prioritise risks in your business:

Managing risk with market research

Managing risk with market research

Understanding your market and customers helps you identify potential risks for your business, e.g. new competitors’ tactics, malicious suppliers, etc. Using this information, you can proactively develop strategies specifically targeting each of the potential risks that were identified in the research.

Ultimately, as the business owner or decision maker, you can prioritise these risks from the most pressing to the least important according to your mission, strategy and goals in the business. This could mean, for example, protecting IP around your main product (competitive advantage) is much more important than transport constraints due to a public holiday for a software company.

Depending on the industry and what your product is, risks can vary greatly between businesses. It is essential to use the power of market research to understand your markets, customers and external and internal influences to effectively identify, mitigate then prioritise your risks to avoid irreversible damage to your brand and business.

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Unlock your potential with market research.
Contact us now for a free, no obligation, 2 hour consultation with our Principal analyst.

Market Research + Manufacturing

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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.

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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.

Market Research + Aged Care

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The power of research is so often undervalued.  Take one of our current clients in aged care – we are privileged to be working with an organisation which delivers care to some of the most vulnerable in our society – our elderly seniors.

This client clearly understands the importance of research to make sure they remain true to their core values of providing care with dignity and respect, whilst undergoing significant structural change to meet the needs of the modern world. We are continually working with senior management to provide them with relevant and timely information to make the necessary changes both within the organisation and externally.

Working with staff and understanding what is important to them, whilst delivering the care which residents expect, at the same time underpinning this with a community interface which projects the best of their ‘brand’ requires significant and accurate information for all levels of the organisation which we are proud to deliver.

Market research is important at all levels of an organisation: from the boardroom, managers, and employees through to the clients that they serve. By engaging at all levels in our client’s organisation, we have been able to draw insights and paint a picture that will underpin their decision making process looking forward; whether that means re-mapping workflows, streamlining service delivery processes or educating employees on the importance of organisational culture.

Ultimately, it means they are in a better position to provide their vulnerable clients with improved, personable and more efficient services through the power of market research.

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Understand what your customers are trying to tell you and make a change for the better.
Book now for a free, no obligation, 2 hour consultation with us, over the phone or face-to-face.