Not solely are you able to merely plug your search time period into any net 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 most effective data to make strategic choices?
The consultants right here at Freedonia Customized Analysis (FCR) are right here that will help you navigate all of those information sources.
On the highest degree, market analysis information will be break up into major and secondary information sources, though from a greatest practices perspective, secondary analysis ought to all the time be carried out first.
What Is Secondary Knowledge?
Secondary information is publicly accessible or comparatively cheap to acquire and can be utilized as the muse for any evaluation or enterprise resolution — as long as you possibly can really feel snug concerning the supply, one thing FCR can help with.
Secondary Knowledge Examples
Sources of secondary information embody, however should not restricted to, the next:
Firm Web sites
- Benefits — Public corporations are likely to have investor relations sections on their web sites which can be filled with stories and different investor paperwork that may present insights on each the corporate, in addition to the {industry} general.
- Disadvantages — Personal corporations should not required to report gross sales or different varieties of monetary data, whereas public corporations solely need to report sure data, so if you’re in search of data on a particular section or product, particulars could also be missing.
- Purposes — Firm web sites can be utilized throughout a variety of analysis workflows. Income data can be utilized for market sizing, in addition to market share analyses, whereas investor data can provide insights on gross sales splits and anticipated gross sales.
Authorities Statistics
- Benefits — This information is broadly accessible and simply accessible on-line. Matters 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.
- Purposes — Authorities statistics are usually utilized in market sizing workouts and the identification of market tendencies general.
Trade Associations
- Benefits — These teams typically share a lot of beneficial data on their web sites — together with {industry} overviews, {industry} contributors, product and firm information, and different particulars concerning {industry} tendencies.
- Disadvantages — Trade associations are likely to compile {industry} information for his or her members, so entry to this data is probably going not accessible to everybody. Moreover, {industry} information sometimes solely accounts for a sure share of general exercise. As such, additional investigation as to the portion of the market represented is required.
- Purposes — Trade affiliation information is usually a nice preliminary supply of knowledge when performing a market sizing evaluation, in addition to identification of {industry} tendencies. The knowledge contained in these sources can be used to determine key gamers out there and areas of focus.
Revealed Market Analysis Studies
- Benefits — These stories, for a payment, can present an excellent overview of an {industry}, together with quantitative information you won’t discover elsewhere associated to market measurement, progress charges, and {industry} participant market share.
- Disadvantages — As a result of they’re focusing on as broad an viewers as attainable, these stories are usually quite broad, with comparatively commonplace segmentation. For these desirous about better element on sure product segments or geographies, these stories will not be the best choice.
- Purposes — As famous, printed market analysis typically consists of high-level quantitative data, which may help in market measurement 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 information. Oftentimes, these sources embody commentary from main executives about new applied sciences, {industry} tendencies, and future plans.
- Disadvantages — Whereas sure periodicals are recognized for his or her information assortment, the info from these organizations has related disadvantages to these outlined above for {industry} associations. Quantitative particulars from newspaper articles are usually derived from different secondary sources.
- Purposes — Data from commerce publications can be utilized for each qualitative and quantitative analyses. Whereas the knowledge won’t get you so far as you want — in both occasion — it may function a powerful place to begin.
As famous, there are sometimes limitations to relying solely on secondary sources, particularly if you’re desirous about a distinct segment product or a brand new know-how. In these circumstances, the knowledge could also be outdated or not precisely replicate the {industry} state of affairs as a complete. You could be asking a query that nobody has tried to reply earlier than. So what do you have to do now? Major analysis.
What Is Major Knowledge?
A major useful resource is data that’s collected particularly to your functions, instantly from people who find themselves concerned within the {industry} that’s being examined. Strategies of major information assortment will fluctuate primarily based on the targets of the analysis and the extent of element being sought.
Major Knowledge Examples
Examples of major information sources embody:
Focus Teams
- Benefits — Focus teams enable corporations to get very particular demographic end-user ideas (qualitative information) on a brand new services or products which can be nonetheless within the early phases of improvement.
- 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.
- Purposes — 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 focusing on of key {industry} consultants who can provide each quantitative and qualitative particulars that may assist present readability to your present evaluation. Not solely do these enable for dialog concerning the analysis aims, however they typically can lead to new paths of examination that come up organically from the dialog.
- Disadvantages — The extra detailed the knowledge you might be in search of, the less individuals there are that may present the specified data. As such, not simply anybody can carry out in-depth interviews. They require vital contacts throughout the {industry} being studied, in addition to intensive expertise partaking consultants on their degree.
- Purposes — In-depth interviews current the chance to assemble detailed qualitative and quantitative insights from main {industry} gamers about their enterprise, rivals, and the {industry} at massive.
Social Media Monitoring
- Benefits — Social media monitoring exhibits that you simply don’t need to all the time take part within the dialog to study from it.
- Disadvantages — With out partaking with the market, you might be typically left to attract inferences from the knowledge that’s uncovered. When you’ve got questions on why a bunch is saying one thing, you’re left to marvel.
- Purposes — Social media monitoring permits for passive information 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 optimistic or unfavourable? Is the general public clamoring for one thing the {industry} at present doesn’t present? How are your rivals portraying themselves through social media, and what does that say about their technique?
Surveys
- Benefits — Surveys are a good way to gather vital quantities of consultant quantitative information 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 complicated than merely saying, “That is what I need to know.”
- Purposes — Surveys can be utilized to explain a given inhabitants when it comes to who they’re, what they do, what they like, and in the event that they’re glad, amongst many different traits.
Freedonia Customized Analysis Is Right here to Assist
Overwhelmed at the best way to put all the items collectively? Listed below are just a few ways in which the FCR staff will help, primarily based on our lengthy monitor file of conducting secondary and first market analysis for companies throughout a wide selection of industries:
- Entry to trusted secondary information — FCR has entry to The Freedonia Group’s catalog of over 4,000 {industry} research and focus stories, together with Packaged Information and Simba Data. This provides us a head begin on secondary information assortment on market sizing, progress, and aggressive intelligence. Moreover, due to the Freedonia model identify, many {industry} contributors are aware of us and desirous to share their views.
- Lengthy checklist of {industry} contacts — FCR has been in enterprise for practically 20 years, all through which we now 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 types of inquiries to ask numerous constituent teams (akin to producers, distributors, end-users, {industry} associations, and regulatory our bodies), and since we’re an impartial, third-party agency, you possibly can belief that their solutions might be candid and unbiased.
- Analytical expertise — Not solely do we all know the place and the best way to discover all the data that you’re in search of, we even have the experience to synthesize all the data into significant and actionable insights for what you are promoting.
Should you’d wish to study extra about how Freedonia Customized Analysis will help you navigate a sea of information, please contact us at 440-684-9600 or request extra data on our web site.
Extra Useful resource: White Paper on Market Sizing
A must-read for enterprise professionals, The 5 Keys to Estimating Market Dimension for Strategic Determination Making explains the best way to develop a dependable market measurement calculation. This white paper is written by consultants at Freedonia Customized Analysis. Click on the button under to study extra and obtain the PDF.
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