Managing business risks is a key priority for many companies large and small — especially during tumultuous economic times. One way to protect your business is to conduct ongoing market research. By using expert industry analysis, you can avoid costly mistakes, forecast potential market fluctuations, and create an environment for success.
Market research is also critical during “make or break” moments, such as a new product launch. With the right data on hand, you will be better equipped to evaluate risks and rewards and make decisions that will pay off over the long term.
Finding the Right Approach
Although market research can help you minimize business risks, how you conduct market research matters, too. If you rely on the wrong information, you could damage your business. To get accurate information, it’s important to use authoritative data from trusted sources. Seek out information from research firms that are at the forefront of their industry and have true expertise in their field.
Another key step is to consider multiple sources rather than relying on one source alone. Using multiple sources will give you a more comprehensive point of view and allow you to look at a question from many different angles. Just as you would consult with several different healthcare professionals when undergoing a complicated medical procedure, you should also use a range of experts when you are diagnosing and solving a costly business problem.
For example, when estimating market size, check data from several sources to see how the numbers compare and if there is consistency. When assessing factors such as technological shifts or regulatory hurdles, find out if industry insiders express a general consensus, or whether they have mixed messages on the subject.
Accessing Cost-Effective Research
The good news is that gathering data from multiple sources does not have to be cost prohibitive. With the Profound solution, you can access targeted data from more than 200 publishers. Because Profound allows users to buy a specific chart, table, or section of a report — without having to purchase the entire report — it can significantly reduce research costs. On average, Profound clients save $2,898.00 per purchase.
If you already have a subscription with a market research publisher, Profound can add significant value by providing multiple opinions from a broad range of sources at a much lower cost than buying separate reports.
To learn more about Profound, sign up for a free trial.