“Your customer doesn’t care how much you know, until they know how much you Care”
– Damon Richards
Market research is vital for survival and growth of a business. Effective businesses minimise their business risks and market research is the primary tool that allows them to reduce risks. Not only does it allow you to reduce business risks, it also helps to improve the competitive nature of your business. As such, all components of marketing and business decisions should be supported with some level of research.
Before you embark on costly projects or ventures it is important that you conduct a market study. A market study helps your business to succeed by ensuring that your customers like your product or service and are prepared to buy it. Having the best idea may never lead to business success if proper preliminary research is not conducted.
If you are launching a new product or service or improving customer service levels, BridgeCap Market Study will help your business benefit by:
- Identifying: if there’s interest; how you are positioned in the market; who your target audience is; how big the market is; who the competition is.
- Knowing your customer and learning what aspects of your products or services clients appreciate and which need improvement.
- Avoiding rolling out loss making products and reducing risks.
- Knowing and understanding how to offer a product: target segment; brand price; channel; and promotion.
- Knowing emerging trends: what is in demand and what is not; changing lifestyles; competition; and attitudes.
- Understanding the competitive landscape.
- Getting it right from the beginning.
- Being able to implement strategies that beat the competition.
BridgeCap helps clients in assessing the viability of a product or service allowing them to discover who their target market is and what these consumers think about their product or service. This is done for existing product or service or a new one before it becomes available to the public.