Leading companies spent around 4.5% (2018) of their yearly revenue on research and development, and the numbers keep rising, according to the PwC Global Innovation 1000 Study. No doubt, corporations will continue to research market trends and uncover hard-to-get information to empower better decision-making.
Companies typically rely on these 6 common tools to facilitate their market research and development process.
1. Free Resources
Where: government statistics, trade- and industry-organization data or publications
When to use: As available information or data is usually broad and generic, it may be best suited for when outlining a macro-economic background as an intro to your development project.
2. Market Data
Where: big data companies, specific industry or niche-market data providers (such as Guidepoint Qsight)
When to use: This may work best when corporations have already set up their own data analytics systems or models, to aid in kicking-off backtesting and generating predictive reports.
3. Market Research Reports
Where: reputable market research firms or syndicated data providers
When to use: Available information is usually much more specific and insightful compared to free resources. Be mindful that markets are evolving quickly, especially in the technology field, so make sure the reports you are purchasing are the most up-to-date and relevant to your research topics to avoid wasting time or money on irrelevant information.
4. Internal Resources
Where: CRM, business development teams
When to use: Many companies are surprised at the depth of insights available from deep analysis of owned customer data. Better understanding of buyer personas gained from your sales teams can be leveraged to predict how clients would possibly react to new products or services.
5. Expert Networks
Where: Expert Network Service Providers (such as Guidepoint)
When to use: Conducting primary research by speaking with leading industry experts allows you to go beyond surface-level information and deep-dive into the topics you care about most. Gaining the ability to ask specific questions or validate hypotheses may enable you to capture new ideas for innovation and uncover interesting territories for further exploration.
6. Paid Consultants
Where: global or local consulting firms
When to use: If budget allows, business consultants can offer highly customized reports as well as recommendations specifically tailored to your unique situation. You can also engage a team who can support your projects from kick-off to execution after spending time to onboard them.
Companies may use more than one of the above-mentioned resources to gain critical insights. Using the right mix of these strategies can create the most complete picture possible to inform your business decision.
You may also reach out to Guidepoint, allowing our teams to connect you with our global network of more than 800,000 subject matter experts who can offer immediate and accurate value-added information exclusively for your project needs.