Market Research for SMEs

With limited resources at disposal and stiff competition, SMEs face an uphill task to thrive and prosper. PA helps with market insights that opens new earning avenues and increasing profit margin.

 

Market Research Solutions for SMEs

  • Innovate

  • Grow revenue

  • Maintain / grow profit margin

  • Build a strong brand / reputation

  • Attract new talent

  • Optimize strategy as per regulations

  • Generate cash flow for expansion / attract funds

Benefits for SMEs

 

Challenges that SMEs Face Today

For an entrepreneur, starting a business and running it involves a lot of challenges. Once that is done, the entrepreneur faces a completely new set of challenges to keep the business running and growing in the longer run. 

In today's fast changing world, the challenge of keeping the business rolling has grown larger than ever. The key lies in staying at top of these changes. It needs to be done at both internal and external level. PA serves SMEs today to stay atop of the external environment, which includes both the macro and micro factors. Macro factors include the PESTLE (political, economic, social, technological, legal and environmental), while micro factors include the customers and competitors. 

That said, if one had to pin point the specific challenges that SMEs face today, there are many and there is no comprehensive answer. Reason being these problems emerge when SMEs struggle to stay on top of these changes, which is not easy by any means. The owner/s or founder/s of the SME needs to build a strong reliable network that keeps feeding in critical market signs and signals.

Tracking all these changes alone in real-time, simply isn't possible. A strong network should consist of employees, suppliers, genuine loyal customers, partners, and last but not the least industry / market experts. As market experts, PA works with you to help you stay on top the changes in market and shape a strategy that is future-ready.

Let's look at some of the typical challenges that SMEs from around the world cite as their biggest and foremost:

Understandably, these six challenges feature as the top most ones for SMEs today. In modern digitized well-connected world it's far easier to float a new company and offer products / service to customers around the globe. The challenge though is to win customers as the competition has become fierce. Its but natural that protecting profit margins and growing revenue becomes extremely challenging. And so is standing out in such a crowded marketplace and hiring talented individuals which are in high demand. All this ultimately drains finances. Evolving / complex regulations (in most cases to keep pace with explosive digitization and threats thereby) just piles on top of these challenges.

 

How our Market Research services help SMEs overcome these most pressing challenges?

As mentioned earlier, PA will help you stay on top of the changes taking place in your external environment. Based on this, PA will work with you to develop a strategy that would lead to innovation and greater efficiency. PA will work with you to help overcome all of these most pressing SME challenges:

1. Enhance your value proposition without significantly impacting cost

One of the best ways to grow profitably is to offer superior value as compared to the competitors. The value can be enhanced by better understanding the customer needs and your organization's core strength. Based on this develop a particular aspect / s of the offering, whether it is the product or service or the experience / process in a way that it significantly enhances the value for client without adding any significant cost to you. 

PA's Approach:

  1. PA will thoroughly analyze your market, customers and competitors, to identify market opportunities 

  2. Work with you to devise a strategy that leverages on your core strengths in an innovative way that can improve value of your offering, without notably impacting your cost

  3. Assist you in implementing the strategy

 

Benefits:

Given the better value, you:

  • Maintain or even expand profit margin with the pricing power  

  • Grow revenue, by acquiring competitors' customers

  • Build reputation as a quality provider without being too expensive

Relevant Services:

PA offers a range of market analysis services, choose the whole range or specific areas in which you are struggling to keep pace:

 

2. Expand into a new geography​ or location

There may lie better opportunities for your offering in a different location. Or even if the opportunities are similar in nature to the existing location, it is worth exploring. It can add significant amount of revenue and profitability to your organization. For example, if you are offering in a just one location, expanding into a new location can double your revenue in a few years' time. This strategy is listed as market development in the Ansoff's growth matrix, a growth strategy framework. 

PA's Approach:

  1. PA will thoroughly analyze region/s to identify the region/s most lucrative opportunities  for you

  2. Work with you to devise a strategy to enter the location and penetrate the market

  3. Assist you in implementing the strategy

Benefits:

With presence in a new location, you:

  • Grow revenue by acquiring new customers

  • Diversify risk and revenue

Relevant Services:

PA offers a complete set of location / geography analysis service to analyze your market, you can choose the whole set or only specific areas in which you need assistance / advice:

 

3. Develop and launch a new offering: product and / or service 

Product and / or Service development lies at the other end of the Ansoff's growth matrix. Similar to market development, it opens up the opportunity to acquire new set of customers. Such an offering tailored to address the market gap or opportunity can reap rich dividends if done well.

PA's Approach:

  1. Understand the needs of your customers thoroughly especially their tastes and preferences

  2. Identify gaps or better ways to fulfill their need / unrealized need or desire

  3. Suggest features, characteristics and attributes of the product or service or both that can plug the gap 

  4. Work with you to develop the product and test it with customers

  5. Assist its launch, defining relevant performance measures, and monitor results

Benefits:

With this new offering, you:

  • Acquire more customers, grow revenue

  • Maintain existing or expand profit margin

  • Build a strong reputation

  • Influence and attract talent

  • Generate steady cash flow 

Relevant Services:

PA offers comprehensive end-user or customer analysis to measure every possible aspect of the customers' taste and preferences as well as emerging need / desire. 

4. Prepare for impending macro shocks

Major macro level changes lead to amplified impact on businesses and possess the power to sweep several businesses off their feet. The key to sustainability lies not just in spotting such a sweeping change early on, but also anticipating its impact and acting accordingly. The equation is simple prepare well or perish. For example, advent of smart phones significantly diminished the value of a traditional mobile phone; and once the smartphones sales reached certain volume, the prices started to drop and almost that of traditional phones. Result, those companies that didn't anticipate and prepare in advance for this change, lost the most business. 

PA's Approach

  1. Scan your macro environment thoroughly to spot the sweeping macro change / s

  2. Analyze the impact such a change would have on your business

  3. Identify ways in which you can prepare or change to strongly weather the storm

  4. Work with you to implement such changes

  5. Define metrics and measure preparedness based on testing

Benefits:

Being prepared for such a change, you:

  • Stay relevant

  • Maintain revenue and reputation

  • Retain talent

Relevant Services

PA offers a comprehensive set of macro analysis services to ensure that all the aspects are covered and the impact of such a change is appropriately envisioned and measured.

 
 
 
 
 

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