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Why You Should Consider Custom Market Research
In today’s rapidly changing marketplace, it is important for companies and organizations to stay on top of new opportunities and threats in order to be able to adapt quickly. In order to stay ahead of the competition and make the most advantageous decisions, it is in their best interest to turn to an objective third-party for industry analysis. Market research reports are a cost-effective option, but they may not always have the specifics that you need to propel your business, especially during high-stake moments. Custom market research offers more tailored solutions to meet your unique needs, and provides you with the information that you need in order to make important decisions confidently.
Custom market research can help businesses address a number of challenges. Below, we list some of the reasons companies will consider custom market research:
Strategic Planning
Before business leadership teams can create an overview of their business goals, they must first have an accurate and objective understanding of their company, competition, and the market. Custom market research covers a variety of factors, all of which are needed for strategic planning, such as:
- Historic and forecast demand across various segments and regions
- Market share analysis
- Thorough assessments of the competitive environment
New Product Development
Launching a new product is an exciting endeavour. Independent market research can be utilized to ensure that your product is received well by the public. It can be used to test the hypothesis with regards to the potential of a new product, which can prevent you from making costly mistakes later on in the development process. Custom research work with you to:
- Determine current and forecast demand for your new product(s)
- Estimate the manufacturing costs
- Determine and analyze technology, regulation and other trends that may be impacting the market
- Understand consumer purchasing behaviours
Geographic Market Expansion
Expanding into new markets requires you to have a disciplined approach and in depth market research. Custom market research can help you:
- Identify the most attractive markets for you
- Assess the supply/demand balance
- Evaluate cuts and estimate future pricing patterns
Competitive Knowledge
Competitive knowledge is crucial for developing an effective business strategy. Without fact-based research, you may be working with faulty assumptions and misinformation that could be detrimental to your business. At Digiguard, we can help you get the competitive advantage by providing you with your competitor’s strategic positioning with the following:
- Product portfolio and average pricing
- Detail pertaining to facilities distributors, and retail channels
- Consumer perception and brand awareness
Custom market studies are not only tailored to your specific needs, but they also give you an invaluable third-party perspective, that will equip you with the tools that you need to dominate the marketplace.
Geographic Market Expansion
Expanding into new markets requires you to have a disciplined approach and in depth market research. Custom market research can help you:
- Identify the most attractive markets for you
- Assess the supply/demand balance
- Evaluate cuts and estimate future pricing patterns