Home 9 Learning Lab 9 How Local Businesses Can Leverage Third-Party Research to Drive Growth

How Local Businesses Can Leverage Third-Party Research to Drive Growth

Running a successful business requires more than just hard work and intuition—it demands data-driven decision-making. But while internal data like sales numbers and customer feedback are valuable, they only tell part of the story. To truly understand your market, identify growth opportunities, and make informed strategic decisions, you need to look beyond your own business. That’s where third-party research comes in.

Research conducted by independent organizations, industry groups, or government agencies can provide a broader view of the business landscape. It allows you to compare your performance against industry benchmarks, understand consumer trends, and anticipate market shifts. Whether you’re looking to refine your marketing strategy, improve operations, or expand your customer base, leveraging external data can be a game-changer.

Why Third-Party Research Matters

Third-party research provides an objective, comprehensive look at industry trends, consumer behavior, and market conditions. Unlike internal data, which is limited to your own business operations, external research gives you a clearer picture of where you stand in relation to competitors and the larger business environment. Here are a few key reasons why third-party research is so valuable:

Benchmark Your Performance – Understand how your business stacks up against others in your industry. Are your prices competitive? Is your customer retention rate in line with similar businesses? Are you investing in the right areas for growth? Comparing your performance to industry standards helps you identify strengths and areas for improvement.

Stay Ahead of Market Trends – The business landscape is constantly evolving. Consumer preferences shift, new technologies emerge, and economic conditions fluctuate. Third-party research can help you spot emerging trends early, allowing you to pivot your strategy before your competitors do.

Improve Decision-Making – Making major business decisions without data is like navigating without a map. Whether you’re considering expanding your services, adjusting pricing, or investing in new technology, research-backed insights can help reduce risk and increase your chances of success.

Optimize Your Marketing Efforts – External reports often contain valuable insights into consumer behavior, including buying habits, preferences, and emerging platforms. By analyzing this data, you can refine your messaging, choose the right marketing channels, and allocate your budget more effectively.

Enhance Operational Efficiency – Many research reports highlight best practices in business operations, from inventory management to customer service strategies. Learning from industry leaders can help you streamline processes and improve overall efficiency.

How to Use Third-Party Research to Strengthen Your Business

Now that we’ve established the importance of third-party research, let’s explore practical ways to apply it to your business strategy:

1. Benchmark Your Business Against Industry Standards

One of the most effective ways to use external research is to compare your business performance to industry benchmarks. Many industry reports provide key performance indicators (KPIs) such as:

  • Average revenue per customer
  • Profit margins
  • Customer acquisition costs
  • Employee turnover rates
  • Marketing ROI

By analyzing these metrics, you can identify areas where you are excelling and areas that need improvement. If your customer retention rate is lower than the industry average, for example, it might indicate a need for stronger customer engagement strategies.

2. Identify and Adapt to Market Trends

Trends shape industries, and staying ahead of them can give you a competitive advantage. Market research reports often highlight:

  • Shifting consumer preferences
  • Emerging technologies
  • Economic forecasts
  • Competitor strategies

For example, if research indicates a growing demand for eco-friendly products in your industry, you might consider sourcing sustainable materials or adjusting your branding to appeal to environmentally conscious consumers.

3. Make Data-Driven Business Decisions

Every major business decision—whether it’s launching a new product, expanding to a new location, or investing in digital marketing—comes with risks. Third-party research reduces uncertainty by providing credible data to support your choices.

Let’s say you’re considering opening a second location. Instead of relying on instinct, you can use market research to analyze:

  • The demand for your products or services in the new area
  • The competitive landscape
  • Local economic conditions
  • Consumer demographics

Armed with this information, you can make a more confident, data-backed decision.

4. Strengthen Your Marketing Strategy

Marketing success depends on understanding your audience. Third-party research can provide insights into:

  • Where your customers spend their time online
  • What messaging resonates with them
  • How they prefer to shop and make decisions

For instance, if research shows that your target demographic increasingly prefers short-form video content on social media, you might shift your marketing efforts toward platforms like Instagram Reels or TikTok.

5. Improve Customer Experience

Understanding customer expectations is key to retaining and attracting customers. Many research reports analyze:

  • Common pain points in customer experiences
  • Preferred communication channels
  • Service expectations

By studying this data, you can refine your customer service approach, enhance your website’s usability, and introduce personalized experiences that build loyalty.

Take Action: Participate in the State of Local Survey

One of the best ways to gain valuable insights is by contributing to research yourself. That’s why we’re inviting all local businesses in the Greater Richmond area to participate in our upcoming business survey.

By taking the survey, you will:

✔️ Gain exclusive access to key findings on local business trends

✔️ Benchmark your business performance against other Richmond businesses

✔️ Receive valuable insights to help refine your business strategy

✔️ Contribute to a stronger, data-informed local business community

The survey findings will provide a detailed analysis of the local business landscape. Whether you’re looking to understand how your marketing compares, how your hiring challenges stack up, or where you should focus your growth efforts, this survey will give you the data you need to make smarter decisions.

>> Take Survey <<

Final Thoughts: Stay Informed, Stay Ahead

Successful businesses don’t operate in a vacuum. They leverage data, analyze trends, and adapt to market changes. Third-party research is one of the most powerful tools available to help you make informed, strategic decisions that drive growth.

Take advantage of external research, participate in local surveys, and use data to guide your business forward. The more informed you are, the better equipped you’ll be to navigate challenges, seize opportunities, and stay ahead of the competition.

InUnison— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

InUnison—is committed to helping your local, independent business. Learn more about the benefits of local business membership, here.

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