Why You Need Market Research Reports and Industry Analysis

Market Research Reports and Industry Analysis gives us a unique insight into the two most important aspects of a business the consumer and the competition. This information is critical for any effective business strategy.

One of the interesting phenomenons of this century is the globalisation of markets, followed by increasing localisation. It may seem a contradiction, but market sociologists will see this as a natural development. It is true that more and more markets are opening up. But, these markets often span the globe with different characteristics, buyers and policies.

Effective marketing panders to local customers. Hence, even a globalised company must take a local approach. This has brought to fore the importance of insightful local market research reports and industry analysis of individual countries. Nowhere is it more important than a complex and rapidly developing country like India. As companies from UK and Singapore look to cash in on its booming market, understanding the local market has become critical.

Understanding your market: The most important objective of market research is understanding the market, an overview of customers’ wants, needs and desires. Within this come multiple fields — market information, segmentation, trends and analysis. The main function here is to gather all information on your market, specifically the consumer.

This can then be used to divide or segment them. Segmentation divides them according to income, geography, gender, interests and even personality. This segmentation is also important in B2B industries where different parameters are used to divide your client companies.

Segmentation helps us in better analysis, a sharper insight into what drives your market. A market analysis report will also include emerging trends and how these are affecting the different segments of your market.

Customising product: Both market research reports and industry analysis help you in customising products. Market research gives you a comprehensive view of your user, their requirements and desires. On the other hand, an industry analysis gives you a better idea of the competing products in your field.

This information is used by global companies to customise products according to Indian norms and tastes. What works well elsewhere may not work here.

Knowing your competition: While market research focuses on your market, industry analysis focuses on the industry. It gives you an idea of your position vis-a-vis the industry. Who are your competitors? Where is your company positioned in the industry today? What makes company A’s product more popular than yours? What makes your products more popular than company B’s? Information is the first step towards success!

Strategic planning: No plan can be made in the absence of information and this is where research reports and analysis come in. Together they provide the most comprehensive information on the market and the industry  the two most important component of any business. A research agency will give you in measurable and quantifiable terms the various parameters of your market, consumers and the competition.

Not just that, market research reports and industry analysis break down this information in the most relevant terms.  These also form an evaluation of your own performance so far. This information is the very foundation of a good plan. It can be used to plan better marketing strategies, product development, communication modules, sales plans and distribution channels.

Ref:-http://www.articlesbase.com/marketing-tips-articles/why-you-need-market-research-reports-and-industry-analysis-7472453.html