Importance of an industry analysis report for businesses

Industry analysis, for any business, is a method of understanding its position in comparison to other players in the industry. It helps them to find out both the prevailing opportunities and threats and gives them a robust understanding of the present and future trends in the market. Industry analysis typically helps businesses survive in this continuously evolving business environment by helping them understand the differences between their products and that of the competitors in the industry and leveraging the key difference points to their advantage.

 

A comprehensive industry analysis report aids businesses with considerable understanding of the recent developments in the industry, with respect to demand and supply, competition within the industry, future opportunities on account of technological advancements, and the influence of external factors within the industry. Industry analysis is deemed crucial because it helps businesses understand market conditions and forecast demand and supply. It also offers insights on the competition within the industry and costs associated with entering and exiting the industry.

Market research reports featuring compelling industry analysis helps businesses study industry trends and a range of economic and business variables. Businesses also need to examine industry performance in comparison to other industries to determine the value of that industry and the level of consistency, stability, and risk in the returns in the industry. Industry analysis also helps identify the stage that an industry is currently in; and determine whether it is still growing and there is scope to derive benefits, or has it reached its saturation point.

Types of market research firms for addressing custom research requirements

Market research is arguably the most essential piece of any successful business puzzle; especially when it comes to product development, pricing, promotions and positioning. For businesses, failing to do adequate market research can bring about the proverbial “death sentence” for your product. There’s no denying that market research is vital, but it is equally important to understand that not all market research firms specialize in every aspect of market research. Thus, before selecting a market research for partnering with, it is essential to evaluate each one according to their competencies, focus areas, methodologies, and so on.

 

For research requirements, there are three types of market research firms that businesses can choose for optimum results. The three types of research firms are –

Syndicated market research firms

Syndicated market research firms are the ones who are aware of the market requirements and prepare their reports accordingly. These firms typically know what most of the major companies are looking to understand, be it consumer behavior studies or buying patterns, and regularly prepares reports on these aspects of the market as well as compelling industry analysis and sector analysis reports to cater to needs of the major companies.

Custom market research firms

Custom market research firms will be ready to address the custom research requirement jobs that businesses give them and provides end-to-end customized market research services, like identifying the marketing problem to be solved and the optimal research design, preparing instruments and methods, sampling, data collection, analysis and reporting. Most market research firms start off as custom market research firms, and then gradually move on to being a syndicated market research firm.

Specialty market research firms

Once a market research firm gets a grip on any one specialty, then the firm comes to be known as a specialty market research firm. Specialty firms are typically involved with in depth analysis of specific requirements. For example, if a business wants an international market research to be done before the launch of a pilot product, they will approach a specialty market research firm, which specializes in market feasibility studies.

Market research firms are as diverse as it can get with respect to their offerings and expertise. Businesses will therefore need to diligently research the services offered by each type of market research firm to optimally select the services that best suit their needs.

Types of market research reports businesses can choose from

Market research reports offer detailed analyses about a specific market scenario within a geographic area, and contain information on market disruptions from social, technological and economic changes. An effective market research report typically demonstrates a clear understanding of research goals by implementing proper research techniques to derive meaningful insights. Market research helps businesses identify obstacles and capitalize on emerging opportunities. In today’s competitive marketplace, where consumer needs and business resources are ever changing, a quality market intelligence report can considerably direct success and mitigate failure.

Though there are countless types of market research and reports doing rounds in the market, but for distinct understanding, they are primarily categorized into – 

Topline Report

Topline reports are the least expensive type of market research report, and provide an overview of the market requested for, as well as a quick evaluation of the growth drivers for that market. Key findings as well as recommended actions are highlighted without unnecessary technical jargon to point critical issues to businesses that need to be quickly addressed.

Full Market Report

Unlike topline reports, full market research reports delve deep into the specifics of why, how and when a market can change. These reports forecast developments by identifying market trends and important market drivers. Full reports typically include comprehensive findings, including verbatim qualitative responses to research questions, as well as a thorough revelation of all metrics, methodologies and models used during the research process.

Product Detail Report

The product detail report is an expansion of the full market report and primarily focuses on one or more specific offerings within the market. Overall market strengths and weaknesses are described, but focus is pointed to the performance of individual products in certain regions or locations. The product detail report is the most expensive and focused type of market research report available.

The importance of market research reports is manifold as they add credibility to the business decisions, and even for refining business plan, preparing a presentation for an important client, or making recommendations to an executive.