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Market and industry research is imperative to decision support related to any customer-focused challenge or opportunity ranging from growth strategies to product development, pricing to distribution strategies, among many others. However, while a crucial part of any business, market research is often overlooked or incomplete, sometimes due to lack of resources or internal expertise.
Research is only valuable when its purpose is clear. IMEC offers a structured and complete approach to collecting significant information that will offer the intelligence necessary to reach objectives.
Market / Industry Research Process
Research Focus - Objective Development
IMEC will facilitate discussion to identify the intent of the research. What decisions need to be made? What questions do we need answered? What are the characteristics of the people whose opinions we value? Developing clear objectives for the research will optimize the results, minimize the time expended, and ensure the value of the research efforts.
Industry Analysis
General industry analysis provides a broad look at industry size, trends, technology, regulations and marketing strategies. Through a combination of both primary and secondary research, IMEC will look to industry experts to contribute to the information necessary to meet the defined objectives.
Competitive Intelligence
A thorough review of competitors, both direct and indirect, is necessary to fully understand a company’s position in the market place. Based upon the intent of the research, IMEC looks to seek an understanding of competitors’ products, services, distribution and sales strategies, pricing, promotions, competitive position, technologies, etc.
Customer Research
There are a number of tools that can be used to understand the satisfaction, needs and desires of customers including surveys, focus groups and interviews. To balance feedback, research can include a variety of customers such as end-users, sales representatives, distributors, dealers, and buyers, among others. The appropriate research tools are selected based upon the lifestyles and habits of the respondents, the depth of the information sought, and the quality of the business relationship.
Maket Opportunity Research
Through a combination of primary and secondary research both internal and external to your company, we work to identify alignments between your company's capabilities and the needs of growing markets.
Data Analysis
Information itself is worthless without organized analysis that is focused on the initial objectives outlined for the research process. IMEC uses a variety of tools to convert information into intelligence to answer the questions necessary for sound decisions.
Working with IMEC
Assumptions and instinct can be costly when they are the foundation for strategic and marketing plans. Thorough market research can be validating and revealing, stimulating product and process implementations, sparking innovative company transformations, or stopping a potentially costly investment based upon targeted market and customer feedback.
IMEC works with companies to identify what research is necessary and which methods will be most resourceful, and offers the assistance and resources to implement and analyze the research to meet those needs.
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Business Strategy Services |