Corporations continually research market trends and information to facilitate their strategic development projects such as M&A, geographic expansion, product development, etc.
Below are 6 best practices for how companies can gain insights and ride them to their next wave of growth.
- Start with Why
Begin by asking why you are doing what you do to challenge your company’s status quo. It defines the purpose of a decision or a series of actions. In order to address the ‘why’, corporations need to be clear about their customers’ growing pains, competitive landscape, key differentiators and more importantly why they believe their service or product offering can drive buying decisions. Once defining the purposes, they can go to the next step and decide the ‘how’ and ‘what’ will be needed to achieve growth goals.
- Collect insights
To help you answer the ‘Why’ questions well, you may need to conduct research and gain meaningful insights from the markets. Here are six essential resources to support your research projects:
- Free data or market resources published by government, trade or industry organizations
- Market data provided by big data companies, or industry-specific data providers such as Guidepoint Qsight
- Market research reports issued by reputable market research firms or syndicated data providers
- Leverage expert networks (such as Guidepoint) to speak with experts who can offer an unbiased understanding of specific companies or industries
- Utilize internal resources such as customer data or gain intelligence from your business development teams
- Hire consulting firms for a 360-degree evaluation and recommendations for your unique situation
- Understand market evolution
Internal and external marketplace dynamics can rapidly change the current situation and give rise to new opportunities. Keeping abreast of the latest market trends and making the necessary adjustments to your plans based on reliable advice from relevant experts is of critical importance.
- Leverage your existing product or service features
Many companies consider cultural differences as a market entry barrier. Before entering a new territory, corporations should recognize the diversity of the new target market. A detailed evaluation of local/regional perceptions of your existing products or services can help you map out the best opportunities to introduce your offerings to the most suitable new markets.
- Put your action plans into a matrix
Putting all your growth ideas or action items in a priority matrix not only allows you to have a holistic view but also to set your focus wisely.
The high impact and low effort items should be your quick wins. You can gain fast results in a relatively short time frame. The high effort and high impact items should be your strategic focus. Once these major projects are successfully implemented, they will have huge payoff for your business.
Summary: find your sweet spot and grow
Operating in your sweet spot enables you to grow efficiently and effectively. Implementing the above 5 best practices will allow you to get started and identify the optimal avenues of growth.
In addition, having access to meaningful expert insights during your strategic formulation process allows you to validate your current hypothesis, monitor the latest market developments, and uncover new ideas for innovation or interesting territories for further exploration.
Guidepoint can support you by connecting you with the experts you need so you can stay informed and chart your best path to grow.
Learn more about how Guidepoint can help with your research need.
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