Customer surveys are a very effective method for obtaining objective feedback from your customers. As a third party to the process SPG provides the interface between you and your customers that is essential to receiving candid information while protecting respondent confidentiality if requested. In addition to designing a questionnaire that contains no biased or leading questions SPG can benchmark your results against a proprietary database of other companies.
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A market survey is an excellent tool for judging acceptance/interest level in a new product or service under consideration. Common reasons for a market survey include gauging interest level in a product or service before committing funds to the project, gaining insight into the advantage of your product or service over that of competitors, understanding what product or service features are of most value to prospective customers and determining the satisfaction level of your customers vs. competitors' customers in a blind survey.
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In order to acquire financing, a market feasibility study is usually required by investors or lenders prior to launching a project, product or service. At SPG we have prepared feasibility studies for many business start-ups, as well as, established companies seeking to introduce a new product or service. The purpose of the feasibility is to objectively assess the market potential for the business prior to investing large sums of capital. The end result of a feasibility study is to provide the client with detailed information so that they can make a GO / NO GO decision with confidence.
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Competitor analysis is an integral part of understanding the industry in which a company competes and the dynamics of the marketplace. Competitor analysis is critical, not only for established companies, but also for new business start-ups. Assessing the strengths and weaknesses of competitors is a critical first step to sustained competitive advantage.
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