How to Conduct Industry Research | Blog

Premise: The Role of Industry Research in Marketing Strategy

☆-☆-☆ Body Start ☆-☆-☆

Before explaining industry research, let us align on the definition used in this blog. Marketing generally proceeds in three stages: (1) Environmental Analysis, (2) Strategy Design based on that analysis, and (3) Execution of specific tactics and measures. Industry research falls under the Environmental Analysis stage. A representative method for 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 specific industry, with the premise of cross-referencing this information with data on competitors and one's own company.

Methods for Conducting Industry Research

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

Searching the Internet

One method is to conduct 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 associations for major industries. On the websites of these industry 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 unrelated to market trends, it is important to narrow your focus to 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 using government statistics whenever possible. Being able to state, "We are referencing this reliable source," is the key to increasing the credibility of your industry research.

Visiting Exhibitions and Various Booths

Trade shows serve as a gathering place for industry professionals. Each booth showcases the latest technologies, new products, and services, allowing you to conduct industry research directly on the floor. By gaining insights into the strategies and product lineups of various companies, you can identify your own company's strengths and points of differentiation. Furthermore, you can examine service features that are difficult to grasp through online information alone, such as texture, size, and specific functionality, enabling you to collect detailed information.

To conduct effective industry research at a trade show, it is crucial to gather information about exhibitors in advance. Thorough preparation is necessary to ensure you can conduct your research efficiently within a limited timeframe.

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 obtaining information on key players, competitor activities, and new product releases, you can develop effective marketing strategies. This also allows you to stay updated on industry developments, ensuring you do not miss critical information. Many publications offer both print and online subscription options, allowing you to choose the format that best suits your needs.

Outsource to a Specialized Firm

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

Key Points for Industry Research

Here are some key 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 understand overall market trends. By conducting such market research, you can analyze the demand for specific products and services and the competitive landscape within the industry. Understanding the current state of the industry will help you identify which market segments are the most attractive.

Gather Extensive Information

A fundamental prerequisite for industry research is access to abundant information. Having a wealth of data—such as market statistics, competitor insights, the latest trends, and information that allows for the forecasting of future market directions—leads to the execution of precise strategies. Furthermore, because the process requires formulating and evaluating hypotheses based on collected data, it is essential to cross-reference multiple data points and combine various information sources to maintain a broad perspective.

Ensuring Accuracy in Collected Information

When conducting industry research, it is necessary to avoid relying solely on subjectivity or speculation. One must be careful to verify the reliability and sources of information 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, caution is required if the provided information is outdated. Research must be conducted using media that is consistently updated with the latest information.

Analyzing Collected Information as Data

Simply collecting information through industry research is insufficient for driving marketing activities. To effectively analyze the information gathered, it is important to convert it into data, such as by organizing it into a format that is easy for the entire team to utilize. By establishing a system that allows for internal sharing, you can formulate strategies more efficiently.

After Investigating Market Trends, the Next Step Is to Examine Constituent Companies, Focusing on Competitors

While industry research is intended to grasp overall trends and market conditions, a challenge remains: it is difficult to deploy appropriate measures without understanding the specific characteristics and strengths of individual companies within the same industry. Even within the same industry, companies have different target markets and customer segments, and detailed information about individual firms is often not publicly available. To conduct effective industry research and implement appropriate measures, it is crucial to clarify the unique elements of each company, formulate strategies that differentiate 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. Additionally, in emerging markets or specialized fields, information sources may be limited, which can sometimes hinder the progress of industry research.

Why uSonar Is Optimal for Specific Corporate Research

Once you have gained a general understanding of the current state of the entire market through industry research, it is important to investigate the specific constituent companies.

However, comprehensively researching companies belonging to a specific industry is surprisingly difficult. In particular, to grasp a comprehensive view 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, is equipped with a corporate database that covers almost all business locations in Japan, allowing you to list all constituent companies. Since industry information is also provided, you can freely narrow down your search within specific industries. Over 100 information items will help you achieve results beyond simple industry research.

After industry research, let's confirm the details of specific companies.

View Details of uSonar

Summary

Effective Industry Research Leads to Increased Corporate Revenue

By conducting industry research and advancing appropriate measures, you can improve your company's 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 conduct industry research that includes thorough internal analysis, rather than simply collecting information on overall industry trends and market movements.

Also Effective for Industry Research
Click Here for Details on uSonar Services