Industry research is one element of market research that is often overlooked. However, it is on the analysis of this very research that crucial business decisions are taken. In this article, we explore what it is, why it is overlooked, the challenges and 4 reasons why it pays to get the right industry research.
What is industry research?
Industry research is the investigation, collection, analysis and presentation of insights into a specific industry sector. This enables decision makers to formulate, contemplate and ascertain the best strategic course of action for business growth. Industry research includes both primary, directly collected from people within an industry, and secondary, which is indirectly studied and analysed from established data sources.
Industry research is used for everything from product development to investment decisions. From a marketing perspective, industry market research is focused on new markets, existing markets, market sizing, new advertising campaigns and identifying new opportunities.
Why is market research often overlooked?
Despite the need to inform the choices of senior decision makers, market research is often overlooked for 3 reasons:
- Primary market research is sometimes expensive and time-consuming
- The ‘do it yourself’ approach may lead to the wrong business decision
- Expertise is occasionally a limiting factor to making clear recommendations
Ultimately, the temptation to ‘shortcut’ the process is attractive to the time-poor members of the C-Suite. The proper scoping, design, harvesting, processing, analysis and presentation of research takes time. The C-Suite are paid well for a reason – these are the people on whose shoulders fall the most critical of decisions. Best be properly informed with high-quality information, analysis and insights to get it right.
So, why not check out some of our tips for obtaining the best research outcomes?
What are common industry research challenges?
Firstly, there are many common challenges in industry research from availability to industry knowledge. Secondly, internal pressures within a business sometimes lead to dysfunctional outcomes. Thirdly, secondary research is often misunderstood and specialist methods less familiar.
Crucially, we have not mentioned who most businesses choose to provide quality industry research. Is it marketing? Is it operations? Maybe it is product teams? Maybe there is an internal research function. Sometimes, the C-Suite go direct to third-party specialists, consultants or reporting sources. This is perhaps the biggest challenge common to industry research. Where do we get what we need, who do we trust to provide it and how will we make a decision from it?
Why not take a look at our range of insight and neuroscience services to find out more.
What are the 4 reasons why it pays to get the right industry research?
The 4 reasons why it pays to get the right industry research are:
1) To complete a business plan for lenders
Much business growth is underpinned by debt and loans. Whether from a bank, specialist lender, debt factor or other, they want to know where you are heading and, most importantly, the sustainability of future cash flows.
2) You are applying for a grant
Sometimes, a lucky few apply for business grants. The reasons range from the availability of government cash to support high-growth potential industries and research & development to localised incubators and innovation funds. Eventually, these require either a business plan or a marketing strategy and plan supported by industry research. Specifically, this identifies the opportunity for your product.
3) To complete a prospectus for potential investors
Unlike when the auditors come to town or the annual report is published, this one is voluntary. Businesses that need specialist expertise, access to industry contacts and additional capital to fuel rapid expansion seek external investors. Clearly, anyone looking to invest their hard-won capital into your business needs to know that the potential for your product or service is sizeable if positioned correctly and supported.
4) You want to launch new products, enter new markets or find routes to growth
Embarking on product development, moving into new markets (especially overseas) or diversifying a business comes with risk. Often, businesses are unsure of how much opportunity is left in their current market and the industries within it. Occasionally, we don’t know where to turn next for growth. Industry research helps to identify, scope and leverage new opportunities of which you were perhaps unaware.
How to make your industry your opportunity
Here at Think Beyond, we offer a range of market and industry research services. We provide primary and secondary research tools to so that you extract more value from your market. From neuroscience studies to C-Suite surveys and industry reports to market analysis, we always present the insights to you. In summary, let us help you create value and identify new opportunities for growth.
If you would like to speak to an expert, call us now on 01565 632206 or email sales@think-beyond.co.uk.
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Finally, why not take a look at our other research-themed articles and stories.