Running a business is a challenge. It can be difficult to know when to expand, offer new services, or make other changes. One great way to determine the best step to take is by conducting market research. This can benefit your business at any stage. It’s recommended when starting a business.[1] It’s also a great way to ensure that your existing business is still maximizing its potential.
Market research can be done by sophisticated agencies, like Nielsen.[2] But it’s also very possible for you to do effective research on your own. Market research can help you identify new avenues of growth, and understand your position among competitors in the market.[1][3] This can be especially important during times of inflation.[4]
Currently, American businesses are having to make swift changes. For example, Target is responding to changing patterns of demand by having clearance sales and canceling some orders.[5] They’ve discovered that a return to the office and an increase in inflation have seriously impacted what, and how much, customers buy.[5] No matter how big or small your business is, it’s wise to take these factors into account. For Target, this means pivoting from an emphasis on home goods to products like makeup and food.[5] For you, it could also mean emphasizing some things and moving away from others.
How can small business owners do market research in this environment? It comes down to two basic skills: communication and observation.[3] Talking to customers, either in person or via surveys, can help you understand their priorities.[1][3] The other piece is to research competing companies.[6] What are the most successful businesses in your industry doing online? Where do they market themselves: on the radio, through social media, on billboards? What about the least successful businesses? What do you have in common with them? How is pricing in your industry being affected by inflation and shifting consumer demand? A SWOT analysis of a business, where you compile strengths, weaknesses, opportunities, and threats can be very illuminating.[6][7]
Market research can help you learn what changes can benefit your business. It might mean investing more in one area and letting another go. You might discover you have an opportunity to expand. Or you might learn that you need to stop providing one service, and start focusing on another. Once you have a clear picture of the marketplace and your place in it, you can chart a path forward with confidence.
That’s where we come in. At Alliance Leasing, we help business people make the right moves to achieve success. Our process is different from banks and credit unions. We are able to finance used equipment, which can mean significant savings. We don’t require down payments. And we offer flexible payment options that are ideal for seasonal businesses.[8] Our financing can be used for almost anything a business needs. That can mean new software, construction equipment, or fixtures for retail.[8] If you’re ready to invest in your business, chances are we can help. Contact us today. We have over 30 years of experience helping people like you succeed.
Resources:
[1]https://howtostartanllc.com/start-a-business-in-arizona
[2]https://www.ama.org/marketing-news/2020-top-50/
[3]https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
[4]https://www.greenbook.org/mr/market-research-trends/market-research-during-times-of-inflation/
[5]https://www.nbcnews.com/business/consumer/targets-slashing-prices-clear-inventory-rcna32453
[6]https://smallbiztrends.com/2020/06/how-to-do-a-competitive-analysis.html
[7]https://smallbiztrends.com/2015/06/how-to-perform-a-personal-swot-analysis.html
[8]https://www.allianceleasing.net/equipment-leasing/#faqs