Market analysis is an important tool to assess the industry paradigm and gather customer insight, which can ultimately allow for safer and more informed decisions. Data from the Statista website (paywall) shows that global market research industry revenue exceeded $73 billion in 2019 (vs. $46.09 billion in 2014), suggesting that more companies are aggressively investing in surveying data made by third parties to understand the demands, vicissitudes and "tides" that reign over the respective fields of activity.

Before determining which methodology is best suited to the company's reality, it is important to carry out preliminary internal investigations to better understand the market and its inherent “white spaces”. This will provide an advantageous starting point when making the choice, clarifying the real expectations, depth and scope of the project, before contracting the service.

In addition, this preview will also influence the option for reliable companies that obtain the best results in a more practical, economical and intelligible package, as well as in determining the most appropriate procedure for each business (eg: survey, interviews, focus groups, etc ).

The end product value of this entire routine is unique – and it could have profound and lasting impacts on the corporate reality. The data collected can be adapted and leveraged to build credibility with investors, the media and the internet, while also revealing more about the competition.

In a globalized scenario, where digital transformation is at full steam, marketing directors need to consider including this investment in the strategy of the brands they represent.

Source: Forbes