The sources of knowledge that we use to make key choices are extra necessary than ever.
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 specialists 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 may be break up into main and secondary knowledge sources, though from a greatest practices perspective, secondary analysis ought to at all times be carried out first.
What Is Secondary Information?
Secondary knowledge is publicly accessible or comparatively cheap to acquire and can be utilized as the muse for any evaluation or enterprise determination — as long as you possibly can really feel comfy relating to the supply, one thing FCR can help with.
Secondary Information Examples
Sources of secondary knowledge embrace, however are usually not restricted to, the next:
Firm Web sites
- Benefits — Public firms are inclined to have investor relations sections on their web sites which might be filled with studies and different investor paperwork that may present insights on each the corporate, in addition to the {industry} general.
- Disadvantages — Non-public firms are usually not required to report gross sales or different forms of monetary data, whereas public firms solely should report sure data, so in case you are looking for data on a selected section or product, particulars could also be missing.
- Functions — Firm web sites can be utilized throughout plenty 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 knowledge is broadly accessible and simply accessible on-line. Subjects vary from product shipments and commerce, to patents, pricing inflation, and constructing traits, to call just a few.
- Disadvantages — Information is organized in very particular method, that means it’s usually not offered particularly as wanted, so additional manipulation/evaluation tends to be required.
- Functions — Authorities statistics are usually utilized in market sizing workouts and the identification of market traits general.
Trade Associations
- Benefits — These teams usually share plenty of invaluable data on their web sites — together with {industry} overviews, {industry} individuals, product and firm information, and different particulars relating to {industry} traits.
- Disadvantages — Trade associations are inclined to compile {industry} knowledge for his or her members, so entry to this data is probably going not accessible to everybody. Moreover, {industry} knowledge sometimes solely accounts for a sure share of general exercise. As such, additional investigation as to the portion of the market represented is required.
- Functions — Trade affiliation knowledge could be a nice preliminary supply of knowledge when performing a market sizing evaluation, in addition to identification of {industry} traits. The knowledge contained in these sources may also be used to establish key gamers available in the market and areas of focus.
Revealed Market Analysis Reviews
- Benefits — These studies, for a payment, can present an ideal overview of an {industry}, together with quantitative knowledge 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 studies are usually reasonably broad, with comparatively normal segmentation. For these eager about better element on sure product segments or geographies, these studies is probably not the most suitable choice.
- Functions — As famous, revealed market analysis usually contains high-level quantitative data, which might 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 ideal industry-specific supply for in-depth product, {industry}, and competitor knowledge. Oftentimes, these sources embrace commentary from main executives about new applied sciences, {industry} traits, and future plans.
- Disadvantages — Whereas sure periodicals are identified for his or her knowledge assortment, the info from these organizations has comparable disadvantages to these outlined above for {industry} associations. Quantitative particulars from newspaper articles are usually derived from different secondary sources.
- Functions — Info 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 well function a powerful place to begin.
As famous, there are sometimes limitations to relying solely on secondary sources, particularly in case you are eager about a distinct segment product or a brand new know-how. In these instances, the knowledge could also be outdated or not precisely replicate the {industry} scenario as an entire. You is perhaps asking a query that nobody has tried to reply earlier than. So what must you do now? Main analysis.
What Is Main Information?
A main useful resource is data that’s collected particularly to your functions, straight from people who find themselves concerned within the {industry} that’s being examined. Strategies of main knowledge assortment will differ based mostly on the objectives of the analysis and the extent of element being sought.
Main Information Examples
Examples of main knowledge sources embrace:
Focus Teams
- Benefits — Focus teams permit firms to get very particular demographic end-user ideas (qualitative knowledge) on a brand new services or products which might 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 another way, in regard to the brand new providing.
In-Depth Interviews
- Benefits — In-depth interviews permit for the focusing on of key {industry} specialists who can provide each quantitative and qualitative particulars that may assist present readability to your present evaluation. Not solely do these permit for dialog relating to the analysis targets, however they usually can lead to new paths of examination that come up organically from the dialog.
- Disadvantages — The extra detailed the knowledge you might be looking for, the less individuals there are that may present the specified data. As such, not simply anybody can carry out in-depth interviews. They require important contacts throughout the {industry} being studied, in addition to in depth expertise participating specialists on their stage.
- Functions — In-depth interviews current the chance to collect detailed qualitative and quantitative insights from main {industry} gamers about their enterprise, rivals, and the {industry} at giant.
Social Media Monitoring
- Benefits — Social media monitoring exhibits that you simply don’t should at all times take part within the dialog to study from it.
- Disadvantages — With out participating with the market, you might be usually left to attract inferences from the knowledge that’s uncovered. If in case you have questions on why a bunch is saying one thing, you’re left to surprise.
- 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 unfavorable? Is the general public clamoring for one thing the {industry} presently doesn’t present? How are your rivals portraying themselves by way of social media, and what does that say about their technique?
Surveys
- Benefits — Surveys are an effective way to gather important quantities of consultant quantitative knowledge by way of main analysis strategies.
- Disadvantages — Whereas in-depth interviews are dynamic in nature, surveys are static, and don’t permit 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 vital to the success of the analysis, that 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 when it comes to who they’re, what they do, what they like, and in the event that they’re completely satisfied, amongst many different traits.
Freedonia Customized Analysis Is Right here to Assist
Overwhelmed at how one can put all the items collectively? Listed below are just a few ways in which the FCR group may help, based mostly on our lengthy observe file of conducting secondary and first market analysis for companies 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 studies, together with Packaged Details and Simba Info. This provides us a head begin on secondary knowledge assortment on market sizing, progress, and aggressive intelligence. Moreover, due to the Freedonia model identify, many {industry} individuals are accustomed to us and desperate to share their views.
- Lengthy checklist of {industry} contacts — FCR has been in enterprise for practically 20 years, all through which we’ve got been conducting main analysis with decision-makers and {industry} influencers we are able to attain out to for in-depth interviews and surveys. We all know what kinds of inquiries to ask varied constituent teams (corresponding to producers, distributors, end-users, {industry} associations, and regulatory our bodies), and since we’re an unbiased, 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 how one can discover all the data that you’re looking for, we even have the experience to synthesize all the data into significant and actionable insights for what you are promoting.
For those who’d wish to study extra about how Freedonia Customized Analysis may help you navigate a sea of knowledge, please contact us at 440-684-9600 or request extra data on our web site.
Concerning the Writer: Lee Steinbock is a Senior Analyst at Freedonia Customized Analysis, the place he leads a group 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 Regulation.
Obtain Our Free White Paper
For those who want deeper market insights and actionable knowledge to information your strategic enterprise choices, you could wish to take into account a voice of market (VOM) examine, which lets you collect qualitative knowledge straight from market individuals. Click on the button under to study extra and obtain the PDF describing “8 Steps to a Profitable Voice of Market Challenge.”
