The sources of knowledge that we use to make key choices are extra vital than ever.
Not solely are you able to merely plug your search time period into any internet browser, however additionally, you will get an virtually innumerable variety of outcomes, lots of which circularly supply from each other. As such, how can you make sure that you’re counting on the very best info to make strategic choices?
The consultants right here at Freedonia Customized Analysis (FCR) are right here that can assist you navigate all of those knowledge sources.
On the highest stage, market analysis knowledge will be cut up into major and secondary knowledge sources, though from a greatest practices perspective, secondary analysis ought to at all times be carried out first.
What Is Secondary Knowledge?
Secondary knowledge is publicly accessible or comparatively cheap to acquire and can be utilized as the inspiration for any evaluation or enterprise resolution — as long as you may really feel comfy concerning the supply, one thing FCR can help with.
Secondary Knowledge Examples
Sources of secondary knowledge embody, however usually are not restricted to, the next:
Firm Web sites
- Benefits — Public firms are likely to have investor relations sections on their web sites which can be filled with experiences and different investor paperwork that may present insights on each the corporate, in addition to the {industry} total.
- Disadvantages — Non-public firms usually are not required to report gross sales or different varieties of monetary info, whereas public firms solely must report sure info, so if you’re searching for info on a selected phase or product, particulars could also be missing.
- Functions — Firm web sites can be utilized throughout quite a lot of analysis workflows. Income info can be utilized for market sizing, in addition to market share analyses, whereas investor info can supply insights on gross sales splits and anticipated gross sales.
Authorities Statistics
- Benefits — This knowledge is broadly accessible and simply accessible on-line. Subjects vary from product shipments and commerce, to patents, pricing inflation, and constructing tendencies, to call just a few.
- Disadvantages — Knowledge is organized in very particular method, which means it’s typically not offered particularly as wanted, so additional manipulation/evaluation tends to be required.
- Functions — Authorities statistics are typically utilized in market sizing workout routines and the identification of market tendencies total.
Business Associations
- Benefits — These teams typically share a lot of useful info on their web sites — together with {industry} overviews, {industry} members, product and firm information, and different particulars concerning {industry} tendencies.
- Disadvantages — Business associations are likely to compile {industry} knowledge for his or her members, so entry to this info is probably going not accessible to everybody. Moreover, {industry} knowledge usually solely accounts for a sure share of total exercise. As such, additional investigation as to the portion of the market represented is required.
- Functions — Business affiliation knowledge is usually a nice preliminary supply of data when performing a market sizing evaluation, in addition to identification of {industry} tendencies. The data contained in these sources can be used to establish key gamers available in the market and areas of focus.
Revealed Market Analysis Experiences
- Benefits — These experiences, for a price, can present an excellent overview of an {industry}, together with quantitative knowledge you won’t discover elsewhere associated to market dimension, progress charges, and {industry} participant market share.
- Disadvantages — As a result of they’re concentrating on as broad an viewers as potential, these experiences are typically relatively broad, with comparatively commonplace segmentation. For these interested by higher element on sure product segments or geographies, these experiences will not be the most suitable choice.
- Functions — As famous, printed market analysis typically contains high-level quantitative info, which might help in market dimension and share analyses. Relying on the report, particulars on main producers concerned within the {industry} could also be accessible.
Commerce Publications
- Benefits — Sources like periodicals and information articles, lots of which can be found on-line, are an excellent industry-specific supply for in-depth product, {industry}, and competitor knowledge. Oftentimes, these sources embody commentary from main executives about new applied sciences, {industry} tendencies, and future plans.
- Disadvantages — Whereas sure periodicals are identified for his or her knowledge assortment, the information from these organizations has related disadvantages to these outlined above for {industry} associations. Quantitative particulars from newspaper articles are typically derived from different secondary sources.
- Functions — Data from commerce publications can be utilized for each qualitative and quantitative analyses. Whereas the data won’t get you so far as you want — in both occasion — it could actually function a robust place to begin.
As famous, there are sometimes limitations to relying solely on secondary sources, particularly if you’re interested by a distinct segment product or a brand new expertise. In these circumstances, the data could also be outdated or not precisely mirror the {industry} state of affairs as a complete. You is perhaps asking a query that nobody has tried to reply earlier than. So what must you do now? Major analysis.
What Is Major Knowledge?
A major useful resource is info that’s collected particularly on your functions, straight from people who find themselves concerned within the {industry} that’s being examined. Strategies of major knowledge assortment will range based mostly on the targets of the analysis and the extent of element being sought.
Major Knowledge Examples
Examples of major knowledge sources embody:
Focus Teams
- Benefits — Focus teams enable firms to get very particular demographic end-user ideas (qualitative knowledge) on a brand new services or products which can be nonetheless within the early levels of growth.
- Disadvantages — Suggestions comes from small teams, so except a number of focus teams are carried out and responses are in contrast, there could also be sampling error points.
- Functions — Focus teams can present qualitative suggestions on what end-users like, dislike, are confused by, or would do in a different way, in regard to the brand new providing.
In-Depth Interviews
- Benefits — In-depth interviews enable for the concentrating on of key {industry} consultants who can supply each quantitative and qualitative particulars that may assist present readability to your present evaluation. Not solely do these enable for dialog concerning the analysis targets, however they typically may end up in new paths of examination that come up organically from the dialog.
- Disadvantages — The extra detailed the data you’re searching for, the less individuals there are that may present the specified info. As such, not simply anybody can carry out in-depth interviews. They require vital contacts inside the {industry} being studied, in addition to intensive expertise partaking consultants on their stage.
- Functions — In-depth interviews current the chance to collect detailed qualitative and quantitative insights from main {industry} gamers about their enterprise, opponents, and the {industry} at giant.
Social Media Monitoring
- Benefits — Social media monitoring reveals that you simply don’t must at all times take part within the dialog to be taught from it.
- Disadvantages — With out partaking with the market, you’re typically left to attract inferences from the data that’s uncovered. When you have questions on why a bunch is saying one thing, you’re left to marvel.
- Functions — Social media monitoring permits for passive knowledge gathering within the type of questions like: How a lot are individuals speaking about your model in comparison with aggressive manufacturers? Is what they’re saying constructive or unfavourable? Is the general public clamoring for one thing the {industry} at present doesn’t present? How are your opponents portraying themselves through social media, and what does that say about their technique?
Surveys
- Benefits — Surveys are an effective way to gather vital quantities of consultant quantitative knowledge through major analysis strategies.
- Disadvantages — Whereas in-depth interviews are dynamic in nature, surveys are static, and don’t enable for follow-up or additional probing as to the “why” somebody does one thing. Moreover, the event of the questions utilized in a survey is crucial to the success of the analysis, which means that it’s extra advanced than merely saying, “That is what I wish to know.”
- Functions — Surveys can be utilized to explain a given inhabitants by way of who they’re, what they do, what they like, and in the event that they’re blissful, amongst many different traits.
Freedonia Customized Analysis Is Right here to Assist
Overwhelmed at methods to put all the items collectively? Listed below are just a few ways in which the FCR crew will help, based mostly on our lengthy observe document of conducting secondary and first market analysis for firms throughout a big selection of industries:
- Entry to trusted secondary knowledge — FCR has entry to The Freedonia Group’s catalog of over 4,000 {industry} research and focus experiences, together with Packaged Details and Simba Data. This provides us a head begin on secondary knowledge assortment on market sizing, progress, and aggressive intelligence. Moreover, due to the Freedonia model title, many {industry} members are conversant in us and desperate to share their views.
- Lengthy listing of {industry} contacts — FCR has been in enterprise for almost 20 years, all through which now we have been conducting major analysis with decision-makers and {industry} influencers we will attain out to for in-depth interviews and surveys. We all know what kinds of inquiries to ask numerous constituent teams (corresponding to producers, distributors, end-users, {industry} associations, and regulatory our bodies), and since we’re an impartial, third-party agency, you may belief that their solutions will likely be candid and unbiased.
- Analytical expertise — Not solely do we all know the place and methods to discover all the info that you’re searching for, we even have the experience to synthesize all the info into significant and actionable insights for your corporation.
In the event you’d wish to be taught extra about how Freedonia Customized Analysis will help you navigate a sea of knowledge, please contact us at 440-684-9600 or request extra info on our web site.
In regards to the Creator: Lee Steinbock is a Senior Analyst at Freedonia Customized Analysis, the place he leads a crew of researchers who present detailed market intelligence in assist of strategic enterprise planning. He earned an MBA from Weatherhead College of Administration at Case Western Reserve College and a JD from Case Western Reserve College College of Legislation.
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