The sources of information 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 nearly innumerable variety of outcomes, a lot 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 specialists right here at Freedonia Customized Analysis (FCR) are right here that can assist you navigate all of those knowledge sources.
On the highest degree, market analysis knowledge could be break up into major and secondary knowledge sources, though from a finest practices perspective, secondary analysis ought to all the time be carried out first.
What Is Secondary Knowledge?
Secondary knowledge is publicly out there or comparatively cheap to acquire and can be utilized as the muse for any evaluation or enterprise resolution — as long as you may really feel snug relating to the supply, one thing FCR can help with.
Secondary Knowledge Examples
Sources of secondary knowledge embrace, however aren’t restricted to, the next:
Firm Web sites
- Benefits — Public corporations are likely to have investor relations sections on their web sites which might 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 corporations aren’t required to report gross sales or different sorts of monetary info, whereas public corporations solely should report sure info, so in case you are looking for info on a particular phase or product, particulars could also be missing.
- Purposes — Firm web sites can be utilized throughout numerous analysis workflows. Income info can be utilized for market sizing, in addition to market share analyses, whereas investor info can provide insights on gross sales splits and anticipated gross sales.
Authorities Statistics
- Benefits — This knowledge is extensively out there 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 usually not offered particularly as wanted, so additional manipulation/evaluation tends to be required.
- Purposes — Authorities statistics are typically utilized in market sizing workout routines and the identification of market tendencies total.
Trade Associations
- Benefits — These teams usually share a number of worthwhile info on their web sites — together with {industry} overviews, {industry} contributors, product and firm information, and different particulars relating to {industry} tendencies.
- Disadvantages — Trade associations are likely to compile {industry} knowledge for his or her members, so entry to this info is probably going not out there 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.
- Purposes — Trade affiliation knowledge is usually a nice preliminary supply of data when performing a market sizing evaluation, in addition to identification of {industry} tendencies. The knowledge contained in these sources will also be used to establish key gamers out there and areas of focus.
Printed Market Analysis Reviews
- Benefits — These experiences, for a charge, can present a terrific overview of an {industry}, together with quantitative knowledge you won’t discover elsewhere associated to market dimension, development charges, and {industry} participant market share.
- Disadvantages — As a result of they’re concentrating on as broad an viewers as doable, these experiences are typically fairly broad, with comparatively commonplace segmentation. For these involved in better element on sure product segments or geographies, these experiences might not be the best choice.
- Purposes — As famous, revealed market analysis usually 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 out there.
Commerce Publications
- Benefits — Sources like periodicals and information articles, a lot of which can be found on-line, are a terrific industry-specific supply for in-depth product, {industry}, and competitor knowledge. Oftentimes, these sources embrace 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 info 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.
- Purposes — Info 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 function a robust place to begin.
As famous, there are sometimes limitations to relying solely on secondary sources, particularly in case you are involved in a distinct segment product or a brand new expertise. In these circumstances, the data could also be outdated or not precisely mirror the {industry} scenario as a complete. You is likely to 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 info that’s collected particularly to your functions, instantly from people who find themselves concerned within the {industry} that’s being examined. Strategies of major knowledge assortment will range primarily based on the objectives of the analysis and the extent of element being sought.
Major Knowledge Examples
Examples of major knowledge sources embrace:
Focus Teams
- Benefits — Focus teams permit corporations 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 improvement.
- Disadvantages — Suggestions comes from small teams, so until a number of focus teams are performed 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 permit for the concentrating 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 goals, however they usually may end up in new paths of examination that come up organically from the dialog.
- Disadvantages — The extra detailed the data you might be looking for, the less folks there are that may present the specified info. As such, not simply anybody can carry out in-depth interviews. They require important contacts inside the {industry} being studied, in addition to intensive expertise partaking specialists on their degree.
- Purposes — In-depth interviews current the chance to assemble 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 just don’t should all the time take part within the dialog to be taught from it.
- Disadvantages — With out partaking with the market, you might be usually left to attract inferences from the data that’s uncovered. You probably have questions on why a gaggle is saying one thing, you’re left to marvel.
- Purposes — Social media monitoring permits for passive knowledge gathering within the type of questions like: How a lot are folks speaking about your model in comparison with aggressive manufacturers? Is what they’re saying optimistic or damaging? Is the general public clamoring for one thing the {industry} at the moment doesn’t present? How are your opponents portraying themselves through social media, and what does that say about their technique?
Surveys
- Benefits — Surveys are a good way to gather important quantities of consultant quantitative knowledge through major 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 important 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 by way of who they’re, what they do, what they like, and in the event that they’re completely happy, amongst many different traits.
Freedonia Customized Analysis Is Right here to Assist
Overwhelmed at find out how to put all the items collectively? Listed below are just a few ways in which the FCR group might help, primarily based on our lengthy monitor file of conducting secondary and first market analysis for firms throughout a wide 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 Information and Simba Info. This provides us a head begin on secondary knowledge assortment on market sizing, development, and aggressive intelligence. Moreover, due to the Freedonia model identify, many {industry} contributors 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 we have now 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 (resembling 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 probably be candid and unbiased.
- Analytical expertise — Not solely do we all know the place and find out how to discover all the info that you’re looking for, we even have the experience to synthesize all the info into significant and actionable insights for your small business.
For those who’d wish to be taught extra about how Freedonia Customized Analysis might help you navigate a sea of information, 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 group of researchers who present detailed market intelligence in assist of strategic enterprise planning. He earned an MBA from Weatherhead Faculty of Administration at Case Western Reserve College and a JD from Case Western Reserve College Faculty of Legislation.
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