As the saying goes, jumping in the water is the only way to determine if you can swim. If you’re thinking of expanding into new markets but aren’t sure what your market share will be, jump in before you take that giant leap! Our research and development department will study different demographics and psychographics, determining who your potential market share could be. Constellation Marketing Solutions ensures we know how many resources will be used on each project and what is at stake so we can be as thorough as possible.
Understanding Your Market Share?
It gives you a benchmark of what works and what doesn't and can offer direction on how to be more effective for future campaigns. Understanding your Market share is the percentage of the total revenue or sales in a market that a company's business makes up. For example, if are 50,000 units sold per year in a given industry, a company whose sales are 5,000 would have a 10 per cent share in that market. If they made 10,000 units and only sold 2,500, their market share would be 25 per cent. Suppose they doubled their production to 20,000 units but only sold 3,750 (12.5% market share). In that case, this may indicate something about the quality of their product offerings instead of being an indicator of poor performance within their industry.
How Accurate Is the Data?
Data reliability means that data is complete and accurate, and it is a crucial foundation for building data trust across the organisation. Inaccurate or incomplete data can lead to bad decisions, lowering productivity and customer satisfaction rates. Our research and development processes will mitigate these risks, helping create a complete account of your market share.
What Sources Contribute to The Data?
We will pull data from your website, social media and Google ad campaign. We'll also research the competition for you to see how they are doing with their market share. All this is to create a complete account of what's happening in your market. It's easy to lose track of that when so many other projects occur. Once we have all the information, we can do a comparative analysis and see where your company falls on the market share spectrum.
How Do We Access This Data?
With our robust GDPR policies and double opt-in Constellation, Marketing Solutions can offer a whole solution, from implementing GDPR to designing your company's processing pathways. Constellation Marketing Solutions will design your website forms so your customers understand your marketing and advertising policies and your proposal for the data collected. We can also help you manage your email list through double opt-in or modal windows. We can store all of this data in GDPR-compliant servers. Still, the company needs to collect and manage that data to respond to requests for deletion or rectification under the GDPR regime.
What is Competitive Research?
Competitive research helps you understand why customers buy from you or your competitors and how your competition markets their products. Over time, this can help you improve your marketing campaigns. For instance, if your competitor's product quality is better than yours and they have more features than yours but offer a similar price point, it may be because of their advertising. If you want to take on the challenge of improving your product quality and adding new features but staying at the same price point, it might be worth looking into changing your marketing strategy to work with your current budget.
How To Get Started Today With Research and Development!
Fill out the form on our contact page, and we will contact you ASAP with a personalised offer. We've been in the marketing business for over 30 years, so you can rest assured that your information is safe with us. The sooner you talk to one of our experts, the sooner we can provide an accurate account of what's happening. Don't let your competitors take advantage of this opportunity - ensure you're up-to-date before it's too late! Contact us today by filling out the form on our contact page or giving us a call.
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