Market Research: Taking Advantage of Your Inside Knowledge
Finding the Customers that Deliver the Highest Returns
As the owner of an existing business, you have the advantage of knowing your customers’ purchasing patterns, how they respond to your promotional decisions, and how they interact with your sales team.
You also have a history of inventory and cash flows, sales cycles, and supplier relationships, and an industry network from which you can draw information and intelligence.
You can support this information with market research to increase sales in two ways:
- Deepen your sales. Keep your existing product and service offerings and use research to determine which marketing efforts will increase your sales.
- Broaden your sales. Conduct research required to develop new products or services to generate maximum sales and profits, or to identify new markets for your products or services.
The good news is that gathering market intelligence can start with talking to your staff, and analyzing information that your systems generate.
Featured Product
Forecasting Revenue and Expenses Seminar
Forecasting your revenues and expenses is a critical, and ongoing, part of your business planning. Attend this seminar to learn how to research and plan for controllable and non-controllable expenses, to develop forecasting and "what if" type scenarios, and to set goals. You'll also learn how to develop a road-map to ensure that the efforts you put into your business are taking you where you want to go.
Register today! Contact a client services coordinator at (604) 775-5541 or 1-800-667-2272.
See All ProductsYou don't need to struggle through your research alone. Small Business BC offers a multitude of resources to help you research and grow your business.
- You can register for our Start Smart Level 3 seminar to learn how to research your business using both primary and secondary methods.
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You can book an appointment with one of our market research advisors to discuss how to most effectively use primary and secondary research methods to monitor your business performance and position yourself for further growth.
Network Effectively
Keep in mind that networking is about being genuine.
Ask questions and take time to listen.
Have a clear understanding of what you do and why.
Look for opportunities to help others.
Follow through quickly and efficiently on referrals.
Remember your business cards and a pen.
Be outgoing, friendly, and have a good time.
- Work the Pond! Use the Power of Positive Networking to Leap Forward in Work and Life
- The Next Big Thing: Spotting and Forecasting Consumer Trends for Profit by William Higham
- Marketing to the New Natural Consumer: Consumer Trends Forming the Wellness Category by Harvey Hartman
- 2011: Trendspotting for the Next Decade by Richard Laermer
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Whole New Mind by Daniel Pink
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