The economy is struggling and the future is uncertain. Some companies respond by hunkering down and looking for ways to economize. Others maintain their expenditures by fine-tuning and focusing their marketing programs.
Both are asking, where will be the future growth?
Obviously, you know that growth comes from new business, but it also comes from your existing businesses. To uncover new revenue opportunities look to your customers, potential customers and your competitors.
Converse with Your Customers
When you dialogue with your customers, you not only communicate that you understand and value their business but you may uncover hidden needs that could turn into new opportunities.
Communicate with Potential Customers
The healthcare market is changing significantly, impacting all businesses. If you understand how these changes are being perceived at the end-user level, you could create new opportunities for your business.
Understand Your Competitors
Your competitors make decisions daily that may impact your business.
Competitive intelligence provides the data to help you assess what you need to do to stay ahead.
Market Research Helps Uncover New Business Opportunities
Understanding market dynamics and conducting research with end-users are keys to discovering new opportunities for future growth. A consulting firm with specialized knowledge and experience in market research can assist you in finding these new opportunities.
Marketing in a Depressed Economy
Marketing programs and market research must continue to play key roles in your company’s business strategy, even in a down economy. Devon Blaine, president of The Blaine Group, said :
“Businesses that maintain aggressive marketing programs
during a recession outperform companies that rely
more on cost-cutting measures”.
After the 1990 recession, Coopers & Lybrand surveyed CEOs from growth companies and found that:
“A strong marketing program enables a firm to solidify its customer base, take business way from less aggressive competitors, and position itself for future growth during the recovery.”