The other day we were discussing how to help businesses scale heights. The gist that came out there was plain and simple. It’s none other than your value proposition that takes your business to places. Having said that, we mean, adding just another product in your existing portfolio of products will not make much sense unless the new product is able to address the needs and aspirations of the TG (target group). It is, however, important to mention that your product doesn’t appeal everyone. In other words, with the new product, you will be able to service a set of like-minded customers comprising new customers (when you launch something radically new) as well as the existing customers from the competition.
All those put together indicates that you need a meaningful insight on each product that you already have in your portfolio and also at the time when planning to diversify or developing a new product. That’s exactly where market researchers come to your rescue. However, with the expansion of territories and multiple products, it is becoming increasingly difficult to manage everything manually, especially with regard to the market research and digging out insights from there. On top of it, the manual process itself contains more flaws in report generation. Therefore, big data analysis pruned to your business requirement and congenial to your top management for decision making is the biggest ever challenge today.
In other words, automation is the buzzword for the market researchers in every business vertical that deals with huge data everyday. As a matter of fact, the new-age systems like the System 1 have evolved that predict the marketing growth and profitability of a business wherever it is adopted and fully implemented as the core business practice.
The USP (Unique Selling Proposition) of System 1:
- Complete automation: It is a completely automatic process. Having said that, we mean, once data is fed, the entire process runs simultaneously thereby indicates results in real time. This, in turn, gives your business an unparalleled competing edge and your business takes a head start from there in your niche market.
- Fast and reliable: This isn’t a time-consuming process. Instead, you get results spontaneously on a regular basis without even a monitoring. In the process, you save time and money that you can productively invest somewhere else befitting your business goals. The need for a fast and reliable system here is extremely crucial especially in the fast changing product categories such as the fashion.
- Machine intelligence: Human interference is minimum here. In other words, the entire process here runs on the machine intelligence.
- Powerful algorithms: Powerful algorithms work here. Thus, System 1 analyses billions of consumers’ data related to the attributes of your consumers before forecasting the business trend and the profitability.
The onus to mention that market researchers are an indispensable part of every business today especially with the understanding that there is no sellers’ market. In fact, it can never be any more on this earth. Therefore, the essence of your success in business lies in your ability to become customer centric that’s where a market research contributes.