“Growth is never by mere chance; it is the result of forces working together.” – James Cash Penney, founder, JC Penney
Earlier, we touched upon what market research is actually all about and a bit about the crucial role it plays… today, we take you a step further and illustrate how you can leverage the use of market research.
3 Ways Market Research Can Help Your Business
- By bringing your product and customer together.
- By revealing how your customers
- By providing a well-marked path to business growth.
Add Two Heaping Teaspoons of Patience
Business success is a combination of
- Careful planning
- Intelligent research and
- Hard work
Yet, in today’s competitive and hectic climate, everyone’s rushing to:
- Be the first to market
- Be the biggest
- Be the market leader
Smart Entrepreneurs Know
Time spent on research doesn’t slow things down. It speeds them up.
Let’s look at two examples of how market research saved one business, and helped another one grow.
Sasha the Caterer
Sasha is a millennial. She loves creating gourmet French dishes for her friends and family.
When she graduated from culinary college, she’s opened her own catering business.
Starting out, she marketed to young hip couples. Sadly, her business didn’t grow as fast as she expected. So, she decided to get some help.
Through expert market research she found out her ideal clients were
- Busy professionals who enjoyed entertaining,
- Not the millennials she’d been promoting to!
She quickly ordered new upscale marketing materials with her professional in mind.
Her business thrived. Sasha wished she had taken the time to discover her ideal client in the first place.
She would have saved valuable time and advertising money.
Carl the Coffee Connoisseur
Carl loved coffee. But not any coffee. He got a kick out of combining unusual ingredients to create one-of-a-kind liquid delights.
Carl was a barista in his 20s. After university, he became the chief chemist & creator at a coffee manufacturing company.
Carl felt lucky he was doing something he loved. But, he also knew he had to make the company more profitable. Before taking his new position, the company was doing “OK” but wasn’t growing.
Carl approached the owner about having some market research done. He had an endless number of new recipes he’d love to try. But, he knew his tastes weren’t mainstream.
The owner agreed to the research. Carl came up with two new coffee flavors.
- Sea Salt Coffee
- Coconut Oil & Cream Latte
They conducted the research downtown in the financial district. The target audience was:
- Between 25 and 35,
- And Busy.
Carl discovered that they didn’t like the Sea Salt Coffee. It was too bitter and they didn’t want to add any sweetener.
They fell in love with the Coconut Oil & Cream Latte. The reasons given were:
- Coconut oil produces natural, smooth energy
- The high-fat cream cuts hunger, and
- The expresso gives a good energy boost.
The company decided to produce a new flavor called:
Carl’s Coconut Oil & Cream Latte.
Before they started bottling, they conducted two more surveys on the same coffee.
- One they added white chocolate
- The other they added sea salt
The original recipe remained the fan favorite.
Business doubled in the next 24 months. Thanks to Carl and market research.
If you like to be successful like Sasha & Carl – contact us today for a free 30-minute consultation.