Market Research can provide a clear direction about the path your company needs to take. We work to provide in-depth industry analysis, data, trends, market share and forecasts to help start and grow your business. Understanding market conditions will ultimately help determine marketing and growth strategies.
Effective market research allows a business to:
- Reduce Risk
- Spot Trends
- Identify Opportunities
- Plan Strategy
Our market research capabilities span every major industry in Trinidad & Tobago as well as many niche and international markets and industries.
In today’s global marketplace, conducting detailed competitive intelligence is critical. By uncovering the strategies of large, small and emerging competitors, critical lessons are learned. Armed with this knowledge, we are able to develop strategies for clients that avoid potential dangers and capitalize on emerging opportunities.
The first step of competitive analysis is for us to distinctly define our client’s competitors as any service, product or company that a customer can use to fulfill the same need(s) as the client fulfills.
This definition includes firms that offer similar products, substitute products and other customer options (such as performing the service or building the product themselves). While using this broad definition results in more competitors to analyze, it results in improved strategies and decreased chances of being blindsided by competitive actions in the future.
Once the competitors are defined, we provide detailed analysis of them, including:
- What products and services they offer and what products and services are in their pipelines
- The infrastructure and operational processes used by these firms and how this impacts their ability to succeed in the future
- Their pricing structures
- What proprietary technology (patents held or filed) the firms maintain
- Where we can expect these competitors to be in the short, mid and long-term
The result of this assessment is a comprehensive list of competitors that also includes each competitor’s strengths and weaknesses and prospects for the future. We then uses this information to identify opportunities and create strategies that will result in sustainable competitive advantage.
In order to successfully serve customers, businesses must have an acute understanding of customers’ needs. Through primary and/or secondary research, we uncover the precise needs of customers, how these needs are currently being fulfilled, and what is required to better satisfy these customers.
We begin by defining exactly which customers the company is serving. This requires specificity. For instance, rather than saying that a company serves small businesses, it may be more appropriate to identify and assess its more precise market, perhaps, small businesses with 5-25 employees in large metropolitan areas.
We then detail the demographic profiles and assesses the needs of these customers. We answer questions such as:
- What is the average revenues/income of these customers?
- Where are these customers geographically based?
- What products or services are these customers currently purchasing to fulfill their needs?
- What factors drive the decision-making of these customers (e.g., price, service, reliability)?
- How do these customers make buying decisions (e.g., multiple decision makers, multiple bids)?
By truly understanding customers, we are able to assess the feasibility of an idea, modify it as needed, and create action plans that maximize the probability of market success.
Action Advise Limited provides in-depth analysis to help determine how sound current business ideas are and evaluate the project’s potential for success. A feasibility study looks at the viability of a business venture or project with an emphasis on identifying potential problems.
We assess economic, technological, legal and scheduling factors to determine potential positive and negative outcomes of a project
Our feasibility study process includes conducting in-depth market sizing and trend analysis, customer needs research, and competitive intelligence.
We work with our clients to expertly assess this information and answer two main questions: Will the proposed business/venture work, and should you proceed with it? Specifically, we answer questions such as:
- Based on this market research, how sound are the current business ideas?
- What refinements can make these ideas even stronger?
- What new ideas does the research suggest?
We not only rely on our market research methodologies to ensure that we are working with the best data, but we leverage our extensive knowledge of past business successes and failures.
Specifically, we have a vast working knowledge of firms in multiple industries who have tried and succeeded and/or failed with specific business ideas and strategies. We apply this knowledge to our clients so they repeat successes and avoid strategies that have proven to be flawed.
PRICE: Starting at $1,000 TTDcontact us