Market research and data have been around for decades in one form or another as there has always been an effort to understand target areas and customers. The role of effective market research in helping business decisions through the objective and systematic collection, manipulation, and insights of data.
Good Market Research Turns Data and Information into Intelligence
Market research is structured and purposeful - the systematic and objective collection and interpretation of data to help reduce risk in strategic decisions. Market intelligence and consulting provide critical information about your target market and business landscape. It reflects how the target customers, geographies, and clients you want to reach perceive your company. RationalStat can help you understand how you can gain a competitive edge with market intelligence and inform how you plan your next steps.
Figure 1: Role of Market Research in 2022
How Market Intelligence Helps in Business Decision Making
Businesses across the world need the information to guide decision-making. Category managers, sales directors, start-up founders, and C-level executives desperately trying to understand increasingly global and complex markets need more useable information than ever before. Because of this, the market research sector plays a valuable role in formulating strategies and understanding the target market.
"Understanding the needs of customers and potential customers through market research is one of the best ways to obtain a sustainable competitive advantage"
Most companies/organizations have access to a plethora of data provided by the internal department, but they can misguide the stakeholders and prove costly. Due to the lack of basic standards, the data appears to be misleading and ineffective. Therefore, it is essential to cross-check and supplement company data by employing a third-party market research agency. RationalStat is one of the leading and technology-driven third-party market research companies dedicated to combining multiple viewpoints. RationalStat can help overcome knowledge gaps, misinformation, and systemic biases.
With adequate research, companies and stakeholders can seize valuable opportunities for product development and new market entry. Organizations and investors can also make more prudent investments—increasing spending on markets that still have room for growth and re-evaluating investments in markets with lower demand.
Market research can also give you the foundation to make pivotal shifts in the business. Such examples include building new external partnerships to adapt to technological changes, and acquiring a start-up to maintain a foothold in an evolving industry, among others. Making smart business decisions and gaining buy-in from investors is much easier when you have credible evidence to back up your strategies.
Also read: Procurement Intelligence for Supply Chain Professionals
Market Research Needs in 2022
Following a year of disruption in 2020, the impact of COVID-19 was exacerbated in 2021. A variety of industries, companies, and businesses have recognized the need to understand constantly changing market scenarios and consumer sentiments, which has brought technology-driven market research and relevant services to the forefront. Some of the areas where the need for market research is unmatched include,
- The ever-growing demand for insights relevant to market space
- Understanding the strategies adopted by established players
- Latest trends, development, news, and relevant activities in the target industry
- Tracking consumer behavior and sentiments
- The constant need to know the prices of feedstock/raw material
And many more…..
Data points and Information You May Find Helpful in 2022
- Market size estimates—historical trends and growth
- Key economic indicators
- Category sales
- New product activity
- Pricing trends
- Company performance and profiles
- Mergers and acquisitions
- Deals and partnerships
- Competitive strategies
- Marketing and distribution
- Consumer trends—product usage, consumption patterns, and brand usage
- Demographic insights
- Regulatory issues and government initiatives
- The role of technology in the market
- Retail channel trends and purchasing patterns
- Market share estimates
Going Ahead – You Should Have a Right Market Research Vendor
The competitive environment faced by the companies is increasingly challenging. It is evident considering the ongoing scenario that your competitors conduct market research to gain an advantage. That may be the best reason to make market research a crucial part of your business growth strategy.