The business world is very dynamic, changing at a very rapid pace. What used to work before maybe ineffective today, this begs the need for making data-driven decision in your business. Data-driven decision making involves the use of data to inform and guide the decision-making processes of your business. This is as opposed to the traditional method of relying on mere feelings or intuition. One crucial aspect of this is conducting market research; this provides your business with insights on the needs of your customers and what is moving the market presently. It also lets you know what your competitors are doing, and how you can do better.

In this article, we will look at the importance of market research in corporate strategy, and how it gives your business an edge over your competitors & how entrepreneurs such as Bill Gates, Grant Kelley make the most of it: 

How Market Research can help your business

Market research is your best tool as a business owner, it affords you the opportunity to study and understand your target audience. By collecting data on your customers pain points and preferences, you can tailor your services and products to address their needs. This is helpful in price determination and in formulating marketing strategies. This is particularly helpful in ascertaining if you are offering the right product to the right audience or in determining if you should change your offering or audience.

A very critical benefit of market research is that it can help businesses identify new trends and opportunities as they spring forth in the marketplace. This includes change in consumer behavior, new technologies or change in regulations. What distinguishes you from your competitors is your ability to know these things early and make something positive out of them, even before others come to knowledge of it. For example, if you notice a new trend towards a particular product, the right step will be to invest your business in making that product or offering that service, and making a headway before others.

Challenges of carrying out Market Research

Of course, something with this much benefit cannot come easily, other wise every business person will be practicing it. It can be time consuming, and costly at the same time, you will want to give up at some point, but think about what you are giving in to. Are you giving in to a business life of struggles with your competitors? Your best bet is to persevere and reap the fruits of a successful market research.

How to carry out effective Market Research

There are various ways to carry out an effective market research, each depending on the needs and goals of your business. One of the commonest approaches is to conduct online surveys, as well as gather feedbacks directly from customers.

Another great approach would be to analyze data from social media, and search engines. This will give you an insight and a better understanding of consumer behavior. It is not enough to carry out extensive market research, results from this research should influence your decision making, only then can it be said to be effective and successful.

Conclusion

Market research is essential for every business that is interested in staying ahead of competition. Without the ability to carry out market research, the likes of Grant Kelley who have conquered the business world, would never have been able to accomplish such great feats. Only through carrying out market research, can you determine market trends, and create effective strategies for your business. Conducting market research may appear difficult at first, but bear in mind that the benefits outweigh whatever costs you may incur.

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Maintaining independent living, where ever feasible, not only increases feelings of self-esteem, control and self-worth, but also eases day-to-day life by decreasing dependence on others. That’s why the importance of promoting independence in those with mobility and strength issues can not be overemphasised. Furthermore, increased self-reliance creates a safer living environment, particularly in the elderly, as individuals are less likely to pose a threat to themselves when carrying out daily tasks.By following the below independent living advice and practicing the methods described, independent living could be attainable to many. To see how we can help Medical Equipment

1. ONLY DEPEND ON HELP WHERE NEEDED

As a carer, the key to sustaining productive independent living is by providing care only when it’s really needed, as this will promote self-sufficiency where the patient is capable.Look at the below list, and choose which areas your patient definitely needs help with, and which they could actually handle themselves;- Prepping meals and shopping for food- Cleaning, and other basic house chores- Organising bills and finances- Driving- Personal grooming, and washingAltering care to only be provided where required is a key independent living aid, and will have a knock-on effect concerning the amount of visits the patient receives from those providing support, who will be providing support (family, care staff or physicians), and where assistance will be based (in-home, hospital or care-facility based).

2. IF FEASIBLE, MANAGE OWN MEDICATION AND CONSULTATIONS

Whilst this independent living aid would not be advisory for all people (such as those battling dementia), if your patient is able to manage their own prescriptions and consultations, this can hugely boost their self-sufficiency, and offer a feeling of control. This process can be made simpler by setting up phone reminder alerts both for consultations and to take medication. You can also ask that doctors send email/text reminders for appointments.

3. INTRODUCE SMART DEVICES

Introducing smartphones is a wonderful way to raise self-sufficiency in those with reduced mobility, especially among seniors, who may be unaccustomed with them. Smart devices provide even bed-bound patients a level of self-reliance by providing both a connection with the outside world, and the ability to request help at the touch of a button. This in turn fosters a feeling of security and decreases the need to have a carer present at all times, whilst also easing companionship.

4. DECLUTTER THE HOUSE

Ensuring effortless movement in between rooms is one of the best, and most straightforward, ways to promote self-reliance in the house, both from an ease-of-use and safety standpoint. Take away anything which could induce trips or falls, such as rugs and wires, and add additional lighting (and motion sensors) where necessary, to both inside and outside the house. For individuals with damaged sight, place vibrantly coloured tape to the edges of stairs for additional support.By making movement between rooms as seamless as possible you will not only boost the patient’s safety but also lessen the need for a carer to be present.

5. HAVE A CLINICAL ALERT SYSTEM IN PLACE

Having a trusted clinical alert system in place allows elderly people to go on living autonomously, yet rest assured that if something was to happen, an alarm would automatically become triggered. Medical alert systems are therefore vital in ensuring that self-reliance doesn’t jeopardize safety. More Advice Beaucare

6. PLAN FOR SAFETY

Fall systems should also be in place as a safety provision, and specialist smoke alarms installed, especially if your patient has hearing or visual challenges. Expert smoke alarms are wirelessly connected, meaning that if one is set off, all are triggered, and some even include vibrating pads. Get in touch with your local fire and rescue company to talk about these specialist options further. If you need help setting up home security and safety measures, you can call upon Age UK’s handyperson solutions.

Contact us today Beaucare