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:
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: