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A consumer insight stems from a fresh observation that has valuable implications on whatever business goal you’re trying to accomplish. And when the light bulbs go off you’ll say to yourself “I never looked at it that way before” or “This is exactly the missing puzzle piece we need”. No matter what the medium of gathering the insights--whether through survey, observational study, focus group or in-depth interview-- you'll walk away with a profitable understanding of your consumers.
Consumer Insights
Product Testing
Achieving best in class in your product category is the surest way to build brand share, engender customer loyalty, and boost profitability. Better products command higher prices and will be more responsive to advertising investments! Here's a few reasons to product test:
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Achieve product superiority over competitors
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Monitor the potential threats posed by competitors.
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Reduce cost of product formulations and/or processing methods.
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Improve processes in your products or services
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Measure the shelf-life of products
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Predict consumer acceptance of new products.
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Determine the optimal set of ingredients or features, given a price point or profit goal.
Sometimes it’s hard to know if you're headed in the right direction. Or, you get all this new insight data, but aren't quite sure how to apply it to your business processes and goals. You can see the trees, but not the forest. Business strategy consulting provides a data-driven strategy from an outside perspective--guiding you to see the big picture while keeping an eye on the details. Think of it as a roadmap to your company's future success!
Strategy Consulting
Focus Group Implementation
Focus groups are a unique way to get into the heads of your target audience and receive feedback they might not provide otherwise. A few situations in which conducting a focus group could prove useful are when your company is:
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Developing a new product or service and need input during the development phase.
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Revamping a marketing approach and need insight of what methods may be most effective.
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Learning the motivation behind a specific action or inaction of your customer base.
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Understanding a communication gap between your business and your target market
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Resolving a struggle to collect meaningful data from other methods of market research.
Market research consists of a combination of information that has been gathered specifically for your company and is personalized to your products or services, as well as general market and retail information gathered by a third-party firm. Together, the information provides a window into information that will give you an upper-hand on your competitors. In cannabis, this work is rarely done to standard which provides unparalleled opportunity for those who invest in it.
Market Research
