Qualitative Industrial Research
Customer In-Depth Interviews, Focus Groups and other Qualitative methods can provide unique insight into customer needs. Increasingly, purchasing behavior occurs online. Industrial platforms such as Alibaba, as well as social media sites, are impacting industrial markets. Qualitative Research helps marketers to understand their clients’ values and feelings; it helps explain and illuminate why people feel the way they do. It also helps with understanding clients’ perceptions of a product or service. Researchers may ask open-ended questions that encourage people to tell their stories
Quantitative Industrial Research
Quantitative Research gathers numerical information and measures reactions. Companies can use quantitative research to determine new customer and market opportunities, as well as product insights. Statistical analysis can provide a more in-depth understanding on how to customize products and services to meet customer needs.
Strategy research refers to the approach used by marketers to gain information into competition, supply chains, and industry movements. Knowledge gleaned from this kind of research can give companies an edge over their competition. Strategy Research involves the following solutions:
- Market Opportunity Assessments
- Market Entry, Feasibility & Sizing
- Customer Research
- Competitive Intelligence & Analysis
- Best Practices Research
- Win/Loss Research
- Channel Intelligence
- Distributor Research
Industrial Strategy Research evaluates the existing market competition by assessing competitors’ business plans. Secondary research connects already available data to validate and triangulate findings. Strategy Research helps in determining the market segments that a company should target moving forward.
We explore our clients’ strategic priorities, objectives, strengths and weaknesses to design projects that will have a lasting impact. Asking appropriate and relevant questions is key in Industrial Strategy Research. Having a firm understanding of how competitors may react to new strategies can also strengthen strategic movements a company decides to make.
Opportunities, Trends, and New Technologies
Technology is a game changer in market research. It allows researchers to access information from all parts of the world, collecting and processing data and delivering insights rapidly. The integration of so many data sources allows for a holistic view of the person or situation. This shift is one of the most exciting aspects of industrial market research. Market research and big data will enable businesses to produce more meaningful insights.
Conducting Industrial Focus Groups
An industrial focus group is a qualitative market research methodology. A focus group is a gathering of professionals to discuss attitudes, preferences, purchasing behavior and new product concepts in a casual setting. The typical focus group consists of eight to ten individuals. Respondents in Industrial Market Research can range from Managers, Purchasing Decision Makers, C-Suite Executives, Procurement Directors, R&D Managers and Key Opinion Leaders.
Focus groups can provide rich insights through:
- Testing new and existing products
- Informing new marketing strategies
- Innovating new product features
- Creating vibrant discussions that inspire new thinking
The main benefit of focus groups is the opportunity to observe interaction and discussion about a company’s new or existing product. This interaction takes place in a session that typically ranges from 1-2 hours, and can help the manufacturer or industrial client to understand their customers and their needs. Focus groups are led by a seasoned moderator that guides and directs the sessions. Typically, groups are held in a Focus Group facility equipped with audio/visual recording.
There is an increasing trend toward digital qualitative methods. Online focus groups operate using text chatting or verbal responses. This setting enables respondents to interact with each other and with the moderator from the comfort of any private location with an internet connection. The open-ended qualitative, unaided and spontaneous responses are valuable. Digital focus groups can also be in the forms of Online Forums, Bulletin Boards, Online Communities, and Social Media groups. Some Online Focus Group platforms offer text analytics or advanced features that provide further analysis.
Industrial focus groups give companies a broader perspective on how customers and decision-makers think and behave. They can help a company to narrow their target segment by uncovering the specific customers that are most likely to consume their products. Focus groups can uncover insights into purchasing processes, decision making and competition. In-person focus groups allow clients to see non-verbal reactions and communication such as body language. Online focus groups allow professionals in niche industries to connect and converse no matter where there are.
Benefits of Industrial Market Research
Studies show that firms that conduct market research grow faster and are more profitable than firms that don’t. While research costs can vary widely depending on the size of the sample needed and the method used for research, the return on investment is always positive. If firms effectively use research findings to shape staff behavior and to adjust strategy, and if they are deliberate in their approach to doing so, they will reap the generous benefits the expert market research can provide. Our experienced researchers bring a wealth of industry expertise to make our industrial market research engagements produce uniquely valuable and immediately actionable insights.