Market Research

WHAT IS HAPPENING IN THE

WILD

It’s easy to get caught up in your business and begin to lose sight of what is happening around your business. There are always outside influences at play so it makes sense to take to the time to see how those changes could impact your business. Capitalize on changes to get ahead of them. You don’t want to get caught in a tailspin and left in the dust. We gather and share custom market research about trends, competition, emerging technologies, and customer behaviors. Getting some expert help at gathering data and pulling together custom business insights can give your business an advantage.

TRENDS

COMPETITION

According to a recent Google study, 75% of consumers said they want brands to demonstrate that they understand their needs, and 61% want that understanding reflected in branded communications.

CONSIDER ALL THE

TRENDS

TRENDSPOTTING

Trends happen in just about every aspect of life. Spotting trends can be difficult if you are not looking for them. First we may notice it as something new or different and then we start to see it adhere and begin to appear more often. Some trends grow and some fade. The information we gather about trends can help us to determine if trends are affecting our customers and which if any trends could possibly benefit your business. Many popular trends provide a perceived benefit. Validating if your customers will adopt certain trends can provide a superior customer experience and a competitive advantage over competitors who care lagging behind new trends.

TYPES OF TRENDS

When we think about business trends we might think about how the work gets done or transactions happen which are important but there are other trends and influences that could play a role. We like to look at trends more broadly. Our job is to always be studying the current trends and anticipating new ones so we apply them to enhance custom business insights.

SOCIAL TRENDS

Social trends influence how people choose connect with others. It can include the programs people watch, the music they listen to, the places they choose to vacation or that app where they spend most of their time. Capitalizing on hot social trends expand reach to new audiences and boost sales by tapping into the emotional connection of these experiences.

FASHION TRENDS

Fashion trends may or may not directly affect your business but they can inform in unexpected ways. Trends in clothing, shoes and accessories can have clues about values, priorities and preferences that can be applied to other products. Some examples may include popular colors, materials, size, or even price. Co-branding and crossover from apparel brands to other consumer goods is popular because it works.

FOOD & DRINK TRENDS

Everybody needs to eat and drink but what they choose to eat and drink can vary. Over the years we have seen marketing campaigns take food and drink to new heights. From junk food to health food and everything in between, what people crave and demand in foods and drink can be applied to other products and services. It can also be leveraged to appeal to a new audience. Pumpkin spice everything!

TECHNOLOGY TRENDS

Technology trends are happening is faster than ever with new products and services popping up everywhere. Sometimes before you know it was a trend it is over, but if you can spot that tech trend and be an early adopter it can mean big advantages. New tech often means investment in new equipment, skills and training but just knowing they are available can allow your business to evaluate it so you are not undercut by the competition.

LANGUAGE TRENDS

Words and language are extremely important when trying to reach a target audience. Buzz words become an imprint in a culture indicating social status, expertise, familiarity with a subject, understanding of a group or concept and overall the ability to connect with someone. Simply by using outdated terms and missing keywords your brand could be creating a gap with your core audience.

HOUSING TRENDS

This is where and how people live as well as what they have in their homes. People have gone from big McMansions to Tiny Homes all meeting a specific demographic and market need. Trends in big city living to rural small towns. Understanding how these changes can help to uncover other trends that can influence the design and new amenities in your products.

CONSUMER TRENDS

Consumer trends are how people are spending money. Where the transactions are happening, what they are buying and how it is providing a benefit. Many factors can drive consumer behaviors. Often it is a younger demographic setting a precedent for these trends being willing to adopt new ideas and technologies. Watching these trends can help predict future shifts in your consumer base.

BUSINESS TRENDS

Business trends are often driven by other trends that put demand on the market. They can often be broad across many segments – things like zoom meetings or online payments. One of the latest trends popping up everywhere is, AI, artificial intelligence. Rightly so, it can be a big time saver. Determining how these trends are impacting your industry and how they can benefit your business is worth examining.

SOCIOECONOMICAL TRENDS

Socioeconomic trends simply means the relationship of social and economical factors effecting large groups of people. The recent pandemic is prime example that drove many trends in behaviors that we are still prevalent. As the world changes it affects the ways people live. Anticipating consumer behaviors and their preferences can help identify consumer needs to meet the market as demand is increasing.

In a recent MITRE and The Harris Poll survey they found 74% of US internet users are concerned that AI tools will be used to create deceptive political ads. Another showed 85% want industry to transparently share AI assurance practices before bringing products equipped with AI technology to market. And yet another showed 73% of Tech Experts believe AI technology is advanced enough for use in mission critical applications in defense and national security, but only 54% of the American public agree.

The trends can be confusing but understanding how your customers view these trends can determine if there is a strategic business opportunity, a competitive advantage or a way to expand the target audience.

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KEEP YOUR EYES ON THE

COMPETITION

COMPETITIVE ANALYSIS

Competition is good for business, right? It keeps innovation coming and pricing competitive. However, the competition can be a challenge when they get an advantage in the market. Regardless if it’s a real value or perceived value, it can affect your sales . If you are losing market share to a competitor it’s useful to try to understand why, evaluate differences and brainstorm on how you can compete.

DISCOVER

Discover the competitive landscape for you market.

We uncover key areas of interest for evaluating competitors. Then gain an understanding of the market and which competitors are leading in those key areas. This will be the foundation for the research.

GATHER

Gather the data about competitors.

We will gather information on the competitors to provide a matrix of comparisons. Observing, documenting and analyzing their business, how they showcase their products, interact with their customers and promote their products. We will look at product details, purchase paths, promotion, digital footprint, reviews, price points and any other important metrics available to give you a fresh look at your competition.

ANALYZE

Analyze and compare the competitive data collected.

We’ll use both 3rd party data and observation to study and gather the similarities and differences about your business vs your competitors. Using a head to head strategy of comparing your company and products to named competitors in your space looking at it from a consumer perspective. We will give you an outside perspective on how your brand and products stack up.

Share the competitor data and insights.

We will present the competitor insights in an interactive meeting with your leadership team. We will share the findings and facilitate discussion around strategies for overcoming competitor advantages. We will discuss and strategize on differentiating your business from the competitors. We will look for new ways to create value, opportunities to attract new customers and potentially demand premium rates.

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MARKET RESEARCH