As the name of our blog indicates, making smart decisions based on reliable data is a vital component of strategic planning and management. Armed with quality data and information, organizations can make informed strategic decisions and maximize the success and impact of products and services to meet the need and demand in current and/or potential target markets.
Conducting a market study is an effective way to obtain such necessary data, as well as a strategy that is supported by funders and other key stakeholders. From government grants to corporate and private foundation programs, funders want to see that applicants have a clear understanding of and plan to serve their markets, and encourage this practice by providing funding to complete this type of strategic research.
FUND Consulting has extensive experience in designing and implementing market studies for CDFIs and nonprofit organizations. To date, the FUND team has delivered over 50 market studies nationwide. FUND’s clients have used our market study services to inform geographic expansion, product development, and general business planning.
In a recent example, FUND Consulting designed and implemented a study to assess the feasibility of a proposed lending product in a CDFI’s expansive state-wide market. The team used a comprehensive set of primary research tools including key informant interviews with a diverse set of stakeholders, and a survey of the organizations’ clients. The research resulted in a rich data set which, after analysis, determined the feasibility of the lending product, identified potential markets for expansion, and included strategic recommendations for the CDFI to consider during implementation. According to the organization, “The work completed by FUND Consulting helped us gain board approval to launch this new product and gain confidence of its potential for success and impact in the market.”
Has your organization completed a market study? If so, how did you use the results to inform strategic business decisions? How could a market study help your organization collect the kind of data and information that would help improve the delivery of your product and services?