Avoid the Top 3 Business Mistakes
Top 3 Business Mistakes
1. Assuming You Know Your Customer
Do you know why your customer buys from you? Are you sure you understand the age, gender, or demographic trends that may have changed for your business? Without conducting market research, it can be difficult to decipher who your optimal target market is and what key drivers cause them to make a purchase. In order to be sure your marketing dollars are spent generating the best ROI – conducting a market research study first can be the best investment for your future.
2. Lack of Trend Tracking
Are you up-to-date with the latest marketing tactics to reach your customer? Staying on top of marketing trends can be a difficult task, but it is necessary to ensure you don’t lose touch with your target market. For example – as the world becomes more technologically advanced, digital marketing and social media have become increasingly important platforms to capture audience attention and stay relevant. A market study can uncover your customers’ habits and help to build a strategy around the most ideal marketing tactics to achieve your branding and lead generation goals.
3. Launching a New Product Without a Demand Study
Are customers interested in your new product? The most important thing about successfully launching a new product on the market is being sure there is adequate projected consumer demand. Preventing failure can be as simple as investing in a Product Demand Study to understand how consumers perceive your new product or service and what decision makers are involved that will drive a purchase. In fact, you can use the demand study to project the financial potential of your new concept.
Avoid the Top 3 Business Mistakes; contact Diedrich RPM today to receive a complimentary research proposal customized to your business needs.