Today, many companies talk about risk, but what are they doing to protect themselves from the things they don’t know. How does a company keep abreast of its environment? A simple, effective way is with secondary research provided by an objective source.
Secondary Research (research from the web and other secondary sources) provides important strategic information to stay ahead of the competition. Expert secondary research can help you uncover new trends and answer the following questions:
- What are the emerging trends in my industry?
- What are the changes in my market sector?
- What are the new products in my industry that are in the planning phase?
- What will the pricing be?
- What is the competition doing, and who are my major competitors?
- When will my competitors raise prices?
- What organizations may be competitors from outside my industry?
The answers to these questions are used to formulate a SWOT (strengths, weaknesses, opportunities and threats) analysis. The SWOT analysis is an important part of your organization’s strategic planning process and should be updated regularly. How your industry and market is trending is a key determining factor in how your company plans for the future.
Below is an example of a SWOT analysis for McDonalds. It seems simple on the surface, however, it takes research and constant monitoring of the environment. These four boxes can help keep a company focused and aid in strategic planning and development.
Your company may not have the money to have an in-house secondary research person who regularly monitors the emerging trends. Market Directions has Secondary Research experts who can pitch in, fill your information holes and empower your strategic plan and increase your revenues.
Don’t leave your company unprotected.