Industry/market research

Industry/market research

Understanding your market or industry means knowing about its size and growth patterns, current trends, barriers to entry and so much more. If you’re going to launch a new product or move into a new area, it’s important to understand the opportunities and threats within.

This information is crucial if you work in marketing, product development, business development or want to make wise investments.

Environmental scans

If you’re contemplating going into a new market or industry, it’s wise to know what you’re going to be up against. An environmental scan can help you understand

  • Social, cultural and demographic trends
  • Political, legislative and regulatory changes
  • Technological developments
  • Economic issues
  • Environmental factors

What does an environmental scan entail?
An environmental scan analyzes both macro-environmental and industry forces:

Macro-environmental forces (also called STEEP or PESTLE analysis)

  • Major players and how they interact
  • The threat level of each force and how it is trending
  • What changes can be expected
  • How your profitability could be impacted
  • Actions you should consider

Industry forces (also known as Porter’s 5 Forces)

  • Customers’ bargaining power
  • Competitor rivalry
  • Suppliers’ bargaining power
  • Threat of new entrants into the marketplace
  • Threats of substitute products or services

An environmental scan gives you an in-depth and clear understanding of what you’ll encounter in the industry.

Chart - Environmental Scan

Example of chart from environmental scan

Click to enlarge
Chart - Environmental Scan

Example of chart from environmental scan

Click to enlarge

Industry trends and stats: Customized analysis that you need most

Industries evolve through the interaction of a wide variety of external forces. The environmental scan offers a comprehensive look at all forces at the same time. But what if that’s more research than you need right now?

We offer the flexibility to do customized research into the specific areas that interest you most — you don’t have to look at everything at once. Perhaps you just want to focus on

  • Key players
  • Current trends
  • Regulatory or legislative impacts
  • Market size or other statistics
  • Demographic profiles
  • Activities in adjacent industries

If that’s the case, we can still help you. Our research and analysis can be critical to your success.

Industry profiles

Are you trying to get in front of your target audience? Do you know where to find them?
Insight Researchers can identify the “watering holes” for clients. These include industry-specific places where people congregate and share ideas

  • Professional and trade associations
  • Publications
  • Blogs
  • Online discussion groups
  • Trade shows, conferences, and summits, etc.

Once you have this information you can determine where to speak, sell, listen and learn about the specific needs and desires of your target market.

Trade shows and conferences: where to attend or exhibit?

Attending and exhibiting at trade shows or conferences can be expensive and time-consuming. Many events seem to be similar, so it can be difficult to know when and where to invest your effort and budget to best effect.

Having an overview and comparison of all upcoming events in your industry can help you make your decision.

When we cross-reference the event list with the events where your competitors are planning to exhibit, your decision-making may be even easier.

You can even schedule the launch of products and services based on this information.

Chart - Which Trade Show to Attend?

Example of events where competitors exhibit

Click to enlarge

Trade show/conference monitoring

Attending industry events is important because they provide a venue to meet your customers, prospects, partners, industry experts, competitors and journalists all at one place. These events provide an ideal setting to

  • Learn what’s new
  • See how others are positioning their offerings
  • Make new connections

With time and budget pressures, you cannot attend every event. And at a big event, it can be difficult to take in everything.

Insight Researchers can attend events, sessions, and walk the floors and then provide you with a detailed analysis of the things on your watch list.

We offer the ability to help you cover these events and capture important information so that you can act on it in the future.