How to Conduct Industry Research

Premise: The Role of Industry Research in Marketing Strategy

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Before explaining industry research, let us align on the definition of industry research as used in this blog. First, marketing generally proceeds in three stages: 1) environmental analysis, 2) strategy design based on that analysis, and 3) implementation of specific tactics and measures. Industry research falls under environmental analysis. A representative method of environmental analysis is the 3C framework, which involves analyzing the market, competitors, and the company itself. Within this framework, industry research corresponds to the "market" component.
In other words, industry research can be defined as grasping the market situation and trends of a relevant industry, with the premise of cross-referencing this information with data on competitors and one's own company.

So, what methods are available for conducting industry research—that is, for grasping the current market status and trends of a specific industry? Here are a few examples.

Researching via the Internet

One method is to perform keyword searches using search engines such as Google.

Researching Industry Associations

If you want to obtain comprehensive information, the quickest way is to find the industry association for the sector you are researching. By searching Google for "[Industry Name] industry association," you will likely find several representative organizations for major industries. On the websites of these associations, focus on checking the latest news and statistical data, such as market size and the number of employees. Since these sites contain a vast amount of information, much of which may be irrelevant to market trends, it is important to narrow your focus to conduct research efficiently.

Finding Reliable Statistical Information

If you want to know the market size, you can search using terms like "[Industry Name] market size trends." This method may yield several different figures, but you should prioritize government statistics whenever possible. Being able to state, "I am referencing this reliable source," is the key to increasing the credibility of your industry research.

Visiting Various Booths at Trade Shows

Trade shows are places where industry stakeholders gather in one location. Since each booth displays the latest technologies, new products, and services of the industry, you can also conduct industry research at these events. You can gain insights from the strategies and product lineups of each company, which helps in identifying your own company's strengths and points of differentiation. Furthermore, because you can see service features that are difficult to understand from online information alone, you can directly verify textures, sizes, and specific functions, allowing you to collect detailed information.

To conduct industry research at a trade show, it is important to gather information about the exhibiting companies in advance. You must prepare thoroughly to ensure you can conduct your research efficiently within a limited amount of time.

Subscribe to Industry Newspapers and Trade Journals

One method for conducting industry research is to subscribe to industry newspapers and trade journals to stay informed about the latest topics and industry trends. By gathering information on key players, competitor activities, and new product releases, you can effectively develop your marketing strategy. This approach ensures you do not miss the latest updates, as you can track developments within the industry. Many publications offer flexible options, including both print and online subscriptions, to suit your specific needs.

Outsource to Specialized Research Firms

Another approach to industry research is to engage a specialized firm. By leveraging the extensive experience and professional expertise of these companies, you can reduce the operational burden and time costs associated with industry research. Since each firm has its own areas of expertise, it is crucial to verify beforehand whether a company aligns with your specific objectives and requirements. Please note that this involves costs, so it is necessary to ensure that the information can be obtained within your budget. Additionally, there is a risk that outsourcing may not yield the expected results. It is important to use these services strategically, perhaps by running them in parallel with your internal research efforts.

Key Points for Industry Research

Here are some essential points for achieving comprehensive results in your industry research.

Understand Market Trends

When conducting industry research, it is important not only to collect information on a specific industry but also to examine market size and shifts, as well as to grasp overall market trends. By performing this type of market research, you can analyze the demand for specific products and services, assess the competitive landscape, and understand the current state of the industry, which helps in identifying the most attractive market segments.

Gather Extensive Information

A fundamental prerequisite for industry research is access to a wealth of information. Having abundant data—such as market statistics, competitor intelligence, and insights that help predict future trends and directions—is essential for developing precise strategies. Furthermore, since the process requires formulating and testing hypotheses based on the collected data, it is necessary to cross-reference multiple sources and combine various information channels to maintain a broad perspective.

Ensure the Accuracy of Collected Information

When conducting industry research, it is essential to avoid relying solely on subjectivity or speculation. You must exercise caution to ensure the reliability of information, verify sources, and avoid biased data. It is important to exclude information based on subjective opinions or conjecture and instead conduct research based on highly reliable data. Additionally, be wary of outdated information. You must conduct research using media that is consistently updated with the latest information.

Convert Collected Information into Data for Analysis

Industry research is ineffective if it ends with mere information gathering. To conduct thorough analysis, it is crucial to convert the collected information into data, such as by organizing it into a format that is easily accessible to the entire team. By establishing a system that allows for internal sharing, you can formulate strategies more efficiently.

After Examining Market Trends, the Next Step Is to Investigate Constituent Companies, Focusing on Competitors

While industry research is intended to grasp overall trends and market conditions, a common challenge is the inability to implement appropriate measures without understanding the unique characteristics and strengths of individual companies within the same industry. Even within the same sector, companies often target different markets or customer segments, and detailed information about specific companies is frequently not publicly available. To conduct effective industry research and implement appropriate measures, it is vital to uncover the unique elements of each company, develop strategies that differentiate them from competitors based on those characteristics, secure a competitive position in the market, and deploy measures that maximize your company's strengths. To understand the characteristics of individual companies, it is necessary to perform internal analysis of the companies themselves. Furthermore, in emerging markets or specialized fields, information sources may be limited, which can hinder the progress of industry research.

Why uSonar Is Optimal for Specific Company Research

Once you have gained a broad overview of the current market status through industry research, it is important to investigate the specific constituent companies.

However, comprehensively researching companies within a specific industry is surprisingly difficult. In particular, to grasp a complete picture that includes mid-sized and small-to-medium enterprises, you may need to scrutinize vast information sources or even consider purchasing data from multiple sources.

With uSonar

Our customer data integration solution, uSonar, features a corporate database that covers almost all business locations in Japan, allowing you to list all constituent companies. Since industry information is also included, you can freely filter by specific sectors. Over 100 information items will help you take your industry research to the next level.

After your industry research, let us verify the information on specific companies.

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Summary

Effective Industry Research Leads to Increased Corporate Revenue

By conducting industry research and implementing appropriate measures, you can improve your products and services, which in turn leads to higher customer satisfaction. Increasing customer satisfaction is a vital element for boosting corporate revenue. By utilizing a corporate database to visualize the characteristics of each company, you should go beyond simple information gathering on industry trends and market movements and conduct industry research that includes thorough internal analysis.

Effective for Industry Research Too
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