MAXIMIZING GROWTH WHEN THE ECONOMY IS STRONG
How to ride this wave until the next economic boom.
With the strong economy and local consumer confidence surpassing national rates, local businesses may be tempted to sit back and enjoy business flowing in, reducing investments in business growth.
History has proven that investing in business growth during strong economic conditions enables businesses to reap an even greater harvest. Capturing a larger share of your business category’s revenue (or an increased number of nonprofit donors) during up cycles will enable your organization to better weather downturns before the next economic boom.
Interestingly, small businesses often feel the effect of economic changes faster than large businesses, and small businesses can be more agile in shifting strategies and spending to align with economic cycles.
These facts should drive local businesses to invest some proceeds to R&D (research & development), to identify how to better meet customer/stakeholder needs and build market share during this time.
10 R&D efforts to build market share in a boom economy:
- Clarify target customer needs and current satisfaction levels to directproduct/service development efforts.
- Once the new product/service is developed, gauge the perceptions and purchase/usage intent for the idea and clarify the strongest positioning to ensure success. This can prevent investing in products or features that aren’t desired.
- Strengthen your new products or services with user testing prior to expansion. Identify where the product or service isn’t fully delivering and fix these before full investment/launch.
- Identify where to locate a new business opportunity in El Paso County to best reach your desired target consumer’s demographics and psychographics.
- Update your branding – is your positioning Relevant? Unique? Differentiated? Persuasive? Do your touchpoint vehicles convey a consistent, strategic message, personality, and experience?
- Optimize your campaign before increasing media spend. It’s great that you now have money to advertise – before spending heavily, test your boards & rough cuts to ensure the ads are relevant, persuasive, and breaking through.
- Refine your portfolio and pricing for products and services with TURF (total unduplicated reach and frequency) analysis and price elasticity studies.
- Make your apps or website more intuitive to retain digital users with U(X) testing or mental modeling.
- Solidify your customer base and increase satisfaction with key stakeholder interviews, client focus groups, or customer satisfaction testing.
- Retain your talented employees with employee engagement tracking. Unemployment is at an all-time low and Millennials (who will be about 75% of the global workforce by 2025) have an attrition rate that is double that of prior generations. Talk about ROI for market research!
While most El Paso County organizations don’t currently conduct marketing research, this $40B industry has been built on the fact that research provides ROI. Whether understanding macro trends, ensuring you don’t miss opportunities, or preventing business blunders – market research is the ultimate risk management tool.
If you’re now inspired to use this boom time for increased growth, Elevated Insights does have an affordable solution for you: AskCOS® Custom Questions. This is a new omnibus add-on to our annual syndicated study where local businesses, non-profits, government entities and startups all have the opportunity to purchase 1-10 questions that will be asked to demographically balanced sample of Colorado Springs area consumers. And results are completely proprietary – only visible to the question purchaser.
Find out more about this new affordable research solution on our website: