Steps for Conducting Industry Research

 Before investing in product designing or optimizing any service, if there’s one thing that businesses make sure to thoroughly address, it is industry research. Any business needs to check the trends, technologies and consumer opinions within the industry to adapt to the ever-evolving needs of the market. It can be very difficult for an in-house research team to conduct industry research effectively. Besides it requires resources and skills too, which is why businesses approach industry consulting companies to gain leverage over their competitors. Continuing on the topic, we discuss four steps (in no specific order) that must be included in industry research that are crucial to help stand out from the competition. Read on.

1. Finding the right industry

An industry is a broad domain to deal with. When conducting industry research or analysis, the focus should be on targeting the right sub-category within that industry that aligns with the business’s goals and proceed in that direction. For instance, in the gaming industry, there are multiple genres such as First-Person Shooter (FPS), Real-Time Strategy (RTS), and Combat games and if you are researching for a gaming company, a specific segment must be identified from the get go to get rich results. 2. Examining recent trends

All industries have certain volatile factors that can elevate or plummet their CAGR. Make sure to assess these factors and trends that are driving the industry such as technological breakthroughs, government policies, and international developments. Examining trends is one of the unbending aspects, especially in the retail business which can be a massive task to undertake for in-house teams. That is why it requires dedicated retail management consulting companies to provide actionable data points for companies to strategize and create the best possible solutions timely to amplify profits.

3. Analyzing industry dynamics

The term research in itself carries a connotation of a deep and extensive understanding of any subject and industry research is no exception. Being thorough with all the ins and out of the industry you are targeting is the first step toward constructing an industry analysis report. For instance, if you are analyzing the Smartphone Industry, you need to probe the production levels, market share by brand and study sales and usage related to demographics. 4. Studying Competitors and Demand-Supply Metrics

Learning from others’ mistakes is the best favor you can do for yourself, which is why it is crucial to study what your competitors (direct & indirect) are doing and amend (if necessary) and present strategies to make the most out of your resources. Competitor analysis goes hand in hand with examining the demand-supply metrics in the market that forms a crucial part of the modus operandi of a company’s R&D and marketing operations. When it comes to retail research, competitor analysis and demand-supply metrics should both be investigated simultaneously.

Conclusion

Conducting industry research is not as simple as it appears, it requires a deep understanding of the domain and making predictions based on prevailing patterns. The nature of work and the ever-changing perimeters of market research make it infeasible for in-house research teams to conduct research timely with expertise and objectivity. That’s where you need to join hands with a dedicated industry research company. If you are looking to upscale your business, consult a leading industrial consultant expert in your industry that offers innovative methodologies to derive valuable insights.