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Why You Should Do An Industry Research

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Why Industry Research Matters?

Many times, promoters of new ventures ignore the trends that are happening in the industry on a global and national scale. They fall so much in love with their business idea, that they get short-sighted and see only the opportunity at hand. This can lead to very sad consequences. Imagine spending millions on a venture that gets disrupted by new technology or a shift in customer preference, and the venture goes out of business. If only the promoter had the common sense, to look up to the industry and see a Tsunami coming, he could have spent that millions of investment, his time, and effort on something that had a better prospect. 

This is applicable to those managing businesses at the moment. Before embarking on major re-investments or expansions, you need to study the future of your industry. If it has disruptions coming up, better shift that investment and effort, to something that has better prospects.

Doing research on your industry is not all about preventing a disaster from happening. It can also be a good means to identify new opportunities.

5 Reasons Why You Should Do An Industry Research

Industry research helps in changing ahead of your competitors.

It is common sense that you need to do things your competitors are not doing to stay ahead of them. Sometimes, these new measures or initiatives may not be things that can be done the next day. Especially if it involves substantial investment into say production, infrastructure or new training and grooming of staff etc.
So if your business is able to find a new disruption on the horizon, and you take the time in advance to invest and be prepared for it. Then when it happens, your business will be ready for it, while your competitors will need months to be in your position. By this time, you can capture their market share.
When consulting new ventures, we at AASC, ensure we do Industry trend studies in our Market Feasibility Studies, to ensure that such opportunities are not missed. Also when providing management consulting services to existing businesses, we do a process called Market Audit, where apart from studying the market, competitors and the customers of the client, we also study the developments in the industry to provide apt advice for the present and future.

Industry research helps in becoming a market leader

To know where the market leads and by acting on the clue, means naturally becoming the pioneer and the market leader. 

Industry research helps in better branding

Becoming a market leader, a pioneer or a thought leader creates a strong brand image among the target customer segments. It also makes the competitors identify your business as an industry leader.

Industry research helps in better understanding customers

Industry trends are usually triggered by customer changes or technological changes. Or industry changes triggered by customer preference changes, triggered by technological changes. Understanding these changes in customer segments or preference, helps in better communication, promotion, advertising, implementing internal changes and host of other important preparations. 

AASC assists businesses in these changes by studying these trends, and analysing its impact on the business and making strategic and tactical recommendations. And assisting your business to implement and manage the implementation of the recommendations.

Industry research helps in the diversification 

Industry research reveals the possible changes that can result from factors affecting the industry from technology, politics, climate, laws and customer preference changes. Every change is an opportunity. It’s about a river changing its course, not drying up. So knowing the industry trends means identifying new opportunities and diversifying into those areas. In certain cases, such opportunities can be beyond the capacity of your business (technological, knowhow, resource or capital constraints). In such cases, the diversification can be to a totally different industry. 

AASC is a Business Strategy & Management Consulting firm that serves Promoters to study, plan and set up new ventures, and Entrepreneurs to manage or grow their business, in a professional manner. 

To know more about AASC services for new ventures, please visit https://aascglobal.com/consulting-for-new-ventures-and-startups/

To know more about AASC services for businesses, please visit https://aascglobal.com/consulting-for-business-growth-and-expansion/

Call: +91-7558-900-800 or email info@aascglobal.com

Business Opportunity: Construction and Allied Ventures

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Industry reports forecast that the bourgeoning Indian construction/building material industry is expected to record a CAGR of 15.7% y-o-y to reach US$ 738.5 billion by 2022. The key areas of expected growth are social infrastructure, educational institutions, hospitals, government accommodation, defense infrastructure, and water resources. India’s construction chemicals market is segmented as the infrastructure sector and residential & commercial sector. The infrastructure sector is likely to grow at a CAGR of 18.3%. The residential and commercial segment has a share of 34% in the overall Indian construction chemical market with a steady Y-o-Y growth of 16% in 2020.The infrastructure sector is expected to contribute 15% to the Indian economy by 2030 thereby navigating India to possibly become the 3rd largest construction market globally in the coming years.

AASC provides Feasibility Studies, Detailed Project Reports & Turnkey Implementation services along with a host of other services to get the business started and run profitably. 

Real Estate: A “Barcelona” Model for Kerala Real Estate?

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World Economic Forum recently published an article about how Barcelona (a Spanish City) has solved the problem of air pollution (which killed approximately 667 people every year), by daring to test a new city plan.

The model they used is not only successful. But it made the city more enjoyable, stress-free, safe, and relaxing.

The best part, we can also do it in our State, District, or City.

This article explores how our real estate developers and Govt officials in City Planning can do to make our cities “more healthy and enjoyable”. It’s an opportunity we should not miss.

So what did Barcelona do?

It created “Superblocks” within its city. Superblocks are small clusters of inner-city streets, measuring approximately 400×400 meters which form mini neighborhoods. These neighborhoods are closed to vehicles and ground-level parking. Meaning no pollution for vehicle emissions, vehicle noise, risk of passing vehicles, heat from vehicles, etc. Barcelona is planning 503 such blocks!

As a result, it became open spaces for people to walk, sit and interact with other people. They became spaces for culture, leisure, and community.

The traffic is routed around the superblocks, not through them. Creating all the positive differences.

So what can our Developers do in Kerala?

Instead of focusing on small buildings and single units, focus on building township blocks like the Barcelona Model.

This requires land in a square or rectangular shape to be more effective. And small land patches are not enough. If acquiring land is the problem, try creating a company and including nearby landowners as partners (and give them a profitable opportunity). Use the land to master plan and build such blocks.

This is a strategy that can be used even in cities. In most cities, there are clusters of old small buildings that are of no real value to their owners as rents are low or volume is less. Such building owners can be taken into confidence, create a single company and build a cluster there.

The open area created can be a park or an open space with plenty of trees and greenery. Such properties will attract significant “footfalls” and be good retail, entertainment, office, and residence destination. Resulting in a better return on investment.

Developers can attract customers to buy these properties by showcasing how tenants will be interested to do business, work, and live in such blocks.

If more blocks come up nearby, it gives a cozy feeling to that locality, resulting in tourist flows. Which means more business, more profits, and more value to properties.

A similar scheme is planned in Seattle (US).

If the Superblocks are built at one-floor height or start from the first floor onwards. Then the whole ground floor can be used for parking, with the capacity to house hundreds or thousands of cars. Resolving to park also results in lowering the traffic jams in cities. Lack of parking is a perennial headache to Government. This can be a great solution for it.

If Superblocks are developed next to each other, and the community life starts at the first floor (with the ground floor for parking and roads), then bridges from one Superblock to another helps in people avoiding crossing roads and cycling becomes practical. Reducing accidents and injuries and deaths thereby.

So Builders, Developers, and Government- how about building Superblocks as Kerala’s Future Model? If Yes, should Govt stop all simple constructions and motivate people to join together to form such clusters?

Share your ideas, views, and comments. Thanks.