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Using Industry Research Report for Industry Insight
By James Marriot
Any aspect of business, whether starting it or expanding it, should be based on a proper market research and a financial analysis of the industry in order to achieve success. Moreover, you must try to find out all that you can about your market and the industry especially regarding the size of the market and other industry statistics such as: the number of employees in any typical business of the industry, an estimate of the sales volume per employee, and the survival rate in the industry. Those who are running a small business can use the above figures to measure their business in relation to their competitors.
An Industry research report is vital for finding out who decides which products will be used for which project and what should be the special characteristics of those products. Manufacturers and suppliers should be aware of these factors and be prepared to change according to circumstances in order to survive in the industry.
The basic ingredients of an Industry research report should include balance sheets, industry financial reports, risk index and other data. Moreover, it facilitates understanding of the various aspects that are needed to plan the growth of your business. In an Industry research report, the vital financial data and other statistics are presented in an exhaustive and easily accessible manner. Critical information is provided at an affordable price in an industry research report in order to facilitate successful business start-ups and help existing business owners, consultants, CPAs and others associated with small businesses.
Industry research reports provide a complete analysis of information relating to your clients, rival businesses and industry as a whole. In today's competitive era, it is important to know who your customers and prospective clients are and to identify their requirements of products and services. It is also important to know the best way to reach them.
Different types of research and resources are involved when dealing with industry-groups (banking or transport industries) or specific industries (wholesale furniture or retail butchers). Industry research reports have to follow different research processes for the above two cases as trends of Industry groups are generally with national statistics, trade reports of the government and general market reports. On the other hand, specific industries involve association statistics, specific market reports, business measurements and trade articles. As such, only those resources should be used that are in consonance with your research goals.
Remember that your aim is to make your client buy your product, service or image in such a way that your offer cannot be refused by the client. For achieving this objective, you have to know all about the attitude and opinions of your customer regarding your products or services. Moreover, it is important to learn more about each of your competitors. Market research concentrates on non-customer audiences and views the industry as a whole. On the other hand, a traditional industry research report fails to explain why a company is going down in its market share nor are any suggestions made to arrest that trend although on the whole it might be stating that the market is growing by 20% per year. The ideal customer research should address the questions that really matter.
Whereas Industry research reports help in targeting new or existing markets, customer research suggests how your products should adjust into the market as a whole. The information required to make quick decisions is not available through traditional demographic or opinion surveys. Industry research reports, on the other hand, can help you to collect vital demographic and opinion data about your customers so that you can market your products to them more quickly than if you had depended upon traditional survey techniques.
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