Doing away with industry research is like refusing to season your food. You might still be able to consume it, but there’s no substance. It’s almost like chewing on cardboard. Flavorless. Your business will be flavorless without insight into your industry research.

Industry research is indispensable for business owners who intend to stay relevant in their market. And if this is you, this article will pave you a clear picture of how to begin your industry research.

Why do Businesses Carry Out Industry Research?

The market research sector has grown significantly over the years. From 46.09 billion U.S. dollars in 2014 to over 82 billion U.S. dollars in 2022. Over the past ten years, the sector has continuously outperformed the general economic trends. Projections for 2022 showed a rise in revenue of almost 4.5 billion USD. As of 2023, the global market research industry is valued at approximately $47.36 billion USD. This investing in robust research strategies is essential for staying competitive.

Industry Research Helps You Scale Up Your Business

Carrying out industry research provides you with data on your market size. This data includes revenue amounts, sales volumes, and growth rates.

As an example, the smartphone industry has grown significantly since its launch in 2007. Apple’s iPhone sales revenue has grown to around $69.7 billion in the first quarter of 2024. Over 1.5 billion units have been sold worldwide.

We know this because regular industry research is being carried out to keep trends updated. If you were to try investing in the smartphone industry today, there’ll be enough data to study on the market trends. This helps you get an insight of what is lacking within this niche. Research clarifies profitability ratios, cost structures, and financial health.

Keeps You Informed on Trends Within Your Industry

Find out trends that affect your firm through Industry Research. We are plagued by an age of creativity and technology. We find new ways to simplify tasks and make them even more accurate every day. To stay relevant, you need to remain knowledgeable about emerging trends. These include e-commerce, artificial intelligence (AI), and sustainability practices.

In January 2024, the manufacturing and new export orders global Purchasing Managers’ Index (PMI) were 48.8 and 50, respectively. These show the state of the industry as well as inflation and the conflict between Russia and Ukraine.

Helps You Evaluate Your Competition Within Your Industry

You need to comprehend the strategies, benefits, and drawbacks of your rivals to stay relevant. Industry research makes benchmarking your performance against competitors easier.

The iPhone’s continuous growth inside Apple’s revenue rose from a quarter in 2009 to 45% in the 4th quarter of FY 2023. This shows the strategic significance of the product to the company and its competitors. Industry research discloses market share figures. This allows you to assess your position vis-à-vis competitors.

Sources of Industry Research Reports

These papers provide in-depth analysis and cover a wide range of topics. These include market dynamics, competitive landscape, legislative changes and emerging trends. Every industry has a source of industry research report for your consumption.

These reports combine qualitative information (like consumer behavior and professional opinions) with quantitative statistics (like market size and growth rates). Some of the sources of industry research reports include:

• Market research companies,
• Governmental organizations,
• Case studies,
• Market evaluations,
• Whitepapers,
• Trend forecasts,
• Trade associations, and
• Independent researchers.

Who Are the Key Players of Industry Research Firms

Good industry research firms bring credibility, reliability, and depth of analysis to your table. Their expertise and experience in gathering and analyzing data ensure that you receive accurate and actionable insights. These firms employ seasoned analysts and researchers. Experts who possess extensive knowledge of specific industries, market trends, and emerging developments. As a result, the reports and studies produced are highly regarded and trusted by businesses, investors, and stakeholders alike.

Industry research firms have access to proprietary data sources, industry contacts, and market intelligence tools. This allows them to deliver insights that may not be readily available to you. The information provided is always thorough and valuable to brands seeking a competitive edge.

When selecting an industry research firm for your business, consider following:

• The firm’s reputation and track record. These include client testimonials, industry recognition, and past successes.
• Their industry expertise. A deep understanding of your industry dynamics, market trends, and key players helps in producing relevant research reports.
• Their methodology and data sources. Evaluate the firm’s research methodology, data sources, and analytical approach. Transparency in data collection and analysis gives you confidence in the accuracy of the insights provided.
• The firm’s creativity and flexibility. Customization options, such as ad-hoc analysis, bespoke reports, and consulting services, will add value to your unique needs.
• The firm’s timeliness and accessibility. Look for firms that offer regular updates, access to real-time data, and responsive client support. This is to ensure that you stay informed in their decision-making process.

DIY Approach: How to Conduct Industry Research In-House

Conducting your industry research as a “lonewolf” offers several advantages. But it also comes with its own set of challenges.

What is The First Step to Effective Industry Research? The steps are the same for in-house industry research. Here are the key steps required:

Conclusion

Industry research is the bedrock of informed decision-making and strategic planning. Embark on a strategic and well-informed industry research journey. This unlocks valuable insights that drive growth, innovation, and competitive advantage.

Elevate your strategies, make data-driven decisions, and stay ahead of the curve in your industry. Start your journey with Researchers.me today and unleash the power of research excellence.