The challenge involved in starting a business and improving an existing one is almost the same. It is understanding the market “pulse” which indicates whether there is an opportunity to be explored or if it isn’t worth the shot. It acts as a safety precaution which enables businesses to gather data and make informed decisions rather than relying on intuition. This safety precaution comes from Market Research and forms the foundation of every business. Analytics Station uses proven Qualitative and Quantitative techniques to establish metrics to be measured and the corresponding measurements to justify the first step or the next step a business intends to take.
Businesses’ usually go through a long drawn out iteration process to identify the right product-market fit. Analytics Station helps accelerate this process through using in-house statistical model to help derive customer sentiments in market towards the new offering. It is ideal for new product/solution being launched and there is lack of reliable data quantifying the market and demographics.
Feedback is probably the most important input for a business. A customer satisfaction study does exactly that and acts as a barometer to match customer expectations with the service provided thereby pointing out room for improvement. Analytics Station helps set up a feedback system for your business enabling real-time monitoring and alert mechanism to facilitate faster redressal of issues. Using advanced statistical models, we identify avenues where business can be improved and made more efficient leading to higher ROI and increased customer loyalty.
Analytics Station helps define and track KPI’s for a business to test the effect of marketing activities on a weekly basis. We also provide a performance report of your business vs competitors on various metrics to understand effectiveness of business strategies.
We identify look-alike markets and facilitate soft launch of offerings to test the acceptance amongst the target-audience. Pilot phase run with bare minimum offering to test the sustainability of the offering in real-market scenario. This provides vital data on factors which will drive growth and factors which are detrimental to the business. These insights determine if there are changes required in the offering, thus eliminating higher expenditure involved in a full-blown launch and subsequent correction process.
For topics of mass appeal, cost-distribution model of syndicated research might be an effective way of getting insights. Syndicated research ensures access to core data points of a research and distributes the cost across all the subscribers. This provides double benefit for businesses with comprehensive reports on required topics being available at fraction of cost compared to customized research.
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