No matter at what stage your business is, regular information on the state of the market is extremely important for taking the correct the decisions. Even if you run a small business, or have started out knowing the market and the industry as a whole by your intuition isn’t always enough. Not knowing enough about the current state of the market will often make you vulnerable to strategic blindspots. That’s where studying an industry research report helps.
There are many firms which specialize in making an in-depth industry research report. These generally include the general trend of the industry, assessment of threats and prospective marketing opportunities. The reliability and usefulness of these reports are proportional to how experienced the company is. Though the cost involved in generating an industry research report isn’t small, the benefits that one can reap from it outshine the investment. So, even if you are a small business owner, there should be some investment in generating industry research report. Why is it so?
For an Objective view of the Market
Sometimes, when you are thinking about selling a product or thinking of ways to generate revenue, your judgment might get clouded because of enthusiasm. To avoid mistakes which would have reverberating damages to your business, an objective point of view is necessary. An industry research report gives you that objective insight. Every good industry research report gives you a complete picture of the competitive landscape, changing market trends and other subtle points. Inputting these into your decision making process shall yield valuable results.
Making cost effective decisions
Suppose you have a new idea or a new business strategy. To understand how effective it would be in the real market, a thorough research of the needs and trends of the market is necessary. An industryresearch report would help in making a cost effective decision. If you order a specific industry research report like products sold report, or customer satisfaction or even a simple online marketing research report, it can help you understand how successful your idea will be.
Understand Market Risks
An industry research report which highlights the risk factors can help you asses the investment risks. For example there might be a new technology about to be launched, which will leave behind your products far behind. This kind of knowledge helps you prepare your strategies better. Moreover, industry research report can also indicate impending sudden changes in the market trends. Such knowledge would help you prepare contingency plans.
Knowing your customers
An industry research report which focuses on customer lists i.e. who bought which kind of product how many times, can help you target your business better. Assessing your own customer-base will be informative too. For example, an industry research report might show that a large percentage of your customers are repeat-customers. Such information can help you gauge your lead generation strategies.
Studying industry research report is not an optional practice. For every company which wants to grow in time, and indulge in cumulative growth of the company should invest in generating industry research report.
About Author :
Gobinda Roy is the Founder of Ennovation Consulting and has been involved in online research, Industry research and sales consulting for over 14 years. He is alumnus of India’s premier Institute IIT Kharagpur and has over 12 years of corporate experience. . He has worked with multiple businesses across many verticals, creating and implementing online and marketing research strategies for companies in the US , Australia , UK and across Europe. He is co-founder of Lakshay Foundation and mentor at India’s top Business School CIIE, IIM Ahmadabad.