Business Forecasting/Trend Analysis
Companies best prepared for the future are those that track key variables and most accurately forecast industry trends. Assessing the impact and potential opportunities of new technologies, population changes, and other factors affecting your market is a vital part of your future success. Understanding product acceptance and buyers’ likelihood of purchase can provide you with the information needed to develop solid production and sales forecasts.
At Vernon Research, we can help you:
- Assess factors that will impact the future of your company
- Track and analyze trends over time
- Prepare predictions for your industry
- Create a strategic plan of action for your company to address future changes
Many companies have utilized our market research to guide sound business decisions regarding the future of their products, services and businesses. Data used to accurately forecast a market activity is complex and multi-dimensional. Whether you want to estimate the future value of a market or assess customer feedback, our expert analysts will utilize sophisticated tools to provide reliable, timely information for your decision-making process.
Questions market research can answer:
- What trends will affect my business?
- What opportunities does the future present?
- How do I determine the effectiveness of my marketing efforts?
- Can understanding trends improve customer satisfaction levels?
What trends will affect my business?
Identifying market trends that can positively or negatively impact the future of your organization is important. Historical data from both your organization and a competitor’s organization will allow you to identify and track market trends as well as predict future trends. Knowing if there will be a spike or lull in business activities allows you to more accurately prepare your organization for the future.
What opportunities does the future present?
Organizations are concerned with identifying the potential sales of a product or service. Statistical data on past sales can be used to predict future sales. Vernon Research can gather data on competitors and analyze prices, sales and methods of marketing and distribution to help you determine the most effective methods of marketing your product.
How do I determine the effectiveness of my marketing efforts?
Marketing efforts include a broad range of activities - everything from product or service enhancements to customer communication tools. The key to evaluating the success of these efforts is measurement and research. For example, a website re-design is a common communication upgrade. Organizations spend thousands of dollars and go to great lengths to make their websites more user-friendly, but afterward fail to measure and analyze the impact of the new design.
Can understanding trends improve customer satisfaction levels?
At Vernon Research, we can conduct a trend analysis to reveal the “spike” or “decline” in satisfaction levels of your customers and sub-groups within your customer base. We can also use research methods such as focus groups or a representative sample to determine the potential increase or decrease in satisfaction levels that would result from specific actions (introducing an upgrade in customer service, changing distribution methods, etc.). This data can also be used for various cost/benefit analyses.