You don’t know what you don’t know. One of the reasons a business seeks out market research is to help stakeholders identify those unknowns — about the markets in which the company participates, about how its competitors operate, and about its own position in the industry — in order to make strategic adjustments that will grow the business.
Market research can uncover information about a variety of factors that have direct impact on the success of your business, including:
Industry characteristics — What broader issues are affecting the industry at large? Learn about:
- Macroeconomic trends
- Emerging technologies
- New governmental or industry-level regulations
Market potential — How large is the market and what are the best opportunities for growth? Discover insights related to:
- The most promising products, markets or regions
- Shifting end-user preferences that will impact demand
- Adjacent opportunities
Competitive landscape — Who competes in the market and how does your business compare? Understand:
- Levels of industry concentration or fragmentation
- Market share and ranking
- Competitive strategy and positioning
Industry participant perceptions — What do your customers, your distributors and your competitors really think? Get unfiltered responses to questions about:
- Purchasing criteria
- Unmet needs or pain points
- Brand image
Targeted, in-depth market research can vastly expand your knowledge of the market and your company’s place within it, allowing you and your team to make strategic decisions that will have the greatest possible impact on your bottom line.