Dinah Jones is an existing client (J27 Accountants) who have invested in property adjacent to their offices and during a show round of their facilities, we were able to advise on a few further points due to them developing the property into commercial offices.
The feedback came from our previous experience with a business centre model called BizSpace UK and following this feedback lead to a conversation on how market research could benefit our client further to position these offices successfully in the local business community.
So, after working with our client for two months on 1:1 consultancy for J27 Accountants we were able to engage in a market research project for them in November 2022 upon completion in December of that year.
The areas of market research we conducted are as follows and the following case study shares Dinah’s the owner and founder of J27 Accountants experience, with how our market research project on the property development business helped their business in the short to medium-term future.
Areas of market research conducted were as follows:
- Competitor Research & Current Market Position
- Audience Type
- Pricing Structure & Review
What was the scenario before you started working together with Ask Zoe?
The investment for the commercial property and office lets was around £50,000 investment in total which the market research report will be focused on. This is the key driver to why the client decided to engage with our services to ensure they gained the correct return on investment back into the business by positioning their commercial offices successfully.
How we did this, was by focusing on two key pieces of information within the market research, so we knew how to position the premises for potential commercial tenants. By looking at what to include, quality, price, and target audience in reference to their needs and preferences.
Along with knowing how to position the offering successfully and look to recover costs, with the potential to sell in the next five years.
As Neil Armstrong once said: ‘Research is creating new knowledge’, and this is something we share in detail with the following report to achieve the following brief by looking at four key areas:
- What is the current reality of the business?
- Competitive Market Research
- What is the vision and how will the research support this?
- How to bring it all together and provide a plan of action for our customers.
Most of the report was market research based to focus on what their ideal customer needs are and where they find your offering. Plus, what is best to include in the product and service to gain the desired ROI per office let or for the full building let as one?
As you have become a supporter, confidant and you can tell you want me to succeed.
What were their goals (from the customer’s perspective)?
Their main goals were to gain their return on investment back into the business as illustrated in the scenario above, but it was also to ensure they positioned their offices correctly, so they sold their features and benefits to what their customers wanted.
As most buying decisions are based on the customer’s wants first and their needs second. Which is illustrated in their entail vision as illustrated below:
‘Their vision for the business and marketing of their SMART offices was to ensure they were ready to let with the correct features and benefits their customers require against the right price point for your local area. Plus, whilst making the business more profitable and working smarter, not harder in some cases; to ensure the return covered the investment over the next two years. So, as they approached year three, they could look at further opportunities for the business.’
Why did you choose to work with Ask Zoe?
The main reason we choose to work with Zoe was because we are already engaged in her 1:1 consultancy offer and due to her advice and experience shown when it comes to market research, we had 100% confidence in working with Zoe on an ongoing basis and were happy to add market research into the property development offer.
Even though the property development Is ongoing we know we can use the market research report to help us even further once it is complete.
What was the process and how have you benefited since working with Zoe on Market Research?
The process was easy and simple to follow as Zoe was able to break down each section of the report and conclude what this meant for the business and return on investment based on the research found.
The property development project is still ongoing due to the delay in tradesman being available, but we have already had an interest which is an extremely positive sign. The report can assist us ongoing so we can get all elements completed before we launch, not just from an operational point of view but from a logistic and marketing standpoint too.
What results have you seen so far?
Return on investment since working with Zoe on this project has been attracting interest in the property including the business model, knowing what compartments are needed in a logical order to be fulfilled, and helping us visualize our exit strategy after property development is sold or let.
What would you say are the main advantages of working with Ask Zoe and would you recommend their services to others?
The main advantages are experience, support, and advice when required even after the market research project was completed. I would recommend Ask Zoe for Market Research if you need support and an external opinion on how to get a new product and service to market.