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
