Effective Strategies For Market Research In Environmental Conservation And Sustainability Initiatives – As market competition intensifies and technology shapes the future, data and insights about market dynamics and market conditions are critical weapons for any company that wants to dominate the competitive landscape. Given that fact, questions arise. Where can you gather good market data? How to organize it to create good insights?
In this post, we’ll walk you through the basic steps and techniques for conducting market research to ensure you’re ready to take on important opportunities that can take your company to the next level and help you stand out from the competition.
Effective Strategies For Market Research In Environmental Conservation And Sustainability Initiatives
Market analysis is the process of evaluating and identifying various internal and external factors and conditions in a particular market or within a particular market. Some key insights you can gain from market research include:
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Conducting market research allows companies to be aware of the latest market trends, the buying patterns of their audience, the introduction of new technologies, and changes in the way competitors operate.
In addition to these benefits, market research provides a data-driven approach to creating a realistic, highly effective plan for better business and marketing decisions in the future.
There are many ways to achieve business goals and better understand and clarify your company’s business goals. Since we’re talking about data-driven market analysis approaches, we’ve chosen critical success factor analysis as a “non-prescriptive” system to better define your business goals.
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In short, CSF analysis is a method that businesses can use to identify the areas of focus needed to achieve business goals and objectives. Of course, CSFs vary by business, but there are some common patterns.
Evaluating all of these factors can help your company prioritize its efforts and track and measure progress toward achieving your strategic goals.
Market size can mean different things in different contexts, but is generally the number of people or companies who can be counted as potential buyers of a particular product or service. Market metrics can estimate audience size, sales volume, and revenue streams.
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Information, data and measurement firms such as Gartner, Nielsen and Statista are invaluable sources of detailed market information. Although the information obtained from these sources often comes at a cost, they provide a lot of free information that can be useful in market research.
On the other hand, information from these firms, especially information provided for free, is widely available – often just a matter of downloading. This means that competitors may already be familiar with the information included in these types of reports.
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In addition, the reports produced by these companies require a lot of effort and time to collect data and create insights, causing a lag between the data and the general public. Markets move quickly, so by the time you access a given report, the market may have already moved in a different direction. Therefore, it is often best to pair reports with real-time data.
An affordable competitive intelligence solution can provide excellent real-time data for any market, including insights into market size and market dynamics. The latter is important because, as mentioned, industry reports are often time-lag, and time is of the essence for industry changes and game-changing companies to arrive.
The Market Explorer tool can help the user estimate the overall market size for a specific niche based on online traffic trends and organic keyword data. You can start by entering competitors into the tool, or choose a particularly useful industry to assess the broader market.
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Let’s take a look at the US beauty and cosmetics industry to explore market size data and think about how it can benefit.
In the Market Summary section at the top of the overview report, we find some information that helps you better understand our market. The Market Competition section on the left shows how market share is distributed among different market players.
The beauty and cosmetics market has low consolidation, which means that many small players have a small share of the market. This often means that it will be easier for new players to enter the market. We can also see the top three players and their market share, but we will study the following figure in the competitor analysis section.
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The market size chart shows the total referable market (TAM) and the serviceable market (SAM). These indicators show the amount of demand in the beauty and cosmetics market.
It’s important to remember that the numbers here are not the number of customers. Make-up and cosmetics are running out, so customers in this market can buy the products again and again. This means that one customer can create multiple demand units.
TAM 2.1B, SAM 1.1B for the beauty and cosmetics market. With a large TAM and SAM at half its size, the market looks healthy and still has room for growth. Additionally, if we look at the market turnover metrics above the market benchmark chart, it appears to have risen 8% over the previous month, which is another good sign.
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Once you determine your market size, you can’t stop because that size is never permanent. Market growth and market trends are key factors that need to be reviewed regularly so that you can act on time and fine-tune your business and marketing strategies accordingly.
Market growth refers to the increase in market size or total sales within a given point in time.
To determine market growth, you can look at indicators such as year-over-year (YoY) industry trends, changes in the number of customers, and the number of completed purchases per customer (data from internal or manufacturing reports only).
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Let’s look at an example from the clothing and fashion industry using Market Explorer. Here is the market summary for May 2022:
In May 2022, the total address of this industry was 4.5 billion. But if we look at the historical data, we can see that in May 2021, the total quoted market was 2.3 billion. As it turns out, the market almost doubled in one year!
To understand how fast the market is growing, what the growth potential is, and whether it is generally increasing or decreasing, market growth trends should be considered through market analysis.
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Now we’d like to introduce a popular method that can help you gather all the information you need to gather effective insights for your business: the BCG Matrix.
Developed in 1968, the BCG Matrix is a framework that helps large corporations manage their portfolios and prioritize budgets and operations across multiple business units based on market growth and market share.
However, the BCG matrix can be used by any business, large or small, because its logic can be used to prioritize customer segments, products, services, marketing channels, markets (GEO), and brands.
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Let’s go back to the Market Explorer tool to gather all the necessary market data to build the BCG matrix. For example, let’s say Elon Musk wants to see if Tesla should support SpaceX, SolarCity, or OpenAI.
Note: Of course, with publicly traded companies like Tesla, we can rely on their annual reports to make our measurements. As for companies like OpenAI, we can only rely on external tools that collect various market data to identify and interpret certain trends. In the case of Market Explorer, traffic growth indicators may indicate growing interest in a product
First, you’ll need to gather information about your market share and the growth rate of your products, business units, customer segments, and other important factors. With the help of Market Explorer, we can see that although the growth is slow, Musk has the largest traffic share of all the businesses reviewed by Tesla.
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Open AI, on the other hand, has seen strong growth in the past year. When we compare Open AI to other companies in the artificial intelligence space, we see that their growth is steadily increasing, even though the market is relatively stable.
We ran Tesla, SolarCity, Starlink, and SpaceX through the tool to get similar analysis:
The horizontal line of the BCG matrix represents market share, and the vertical line represents growth rate. All we have to do now is put each of our research into a check box that ranks it by market share and growth.
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It’s not always clear which box your considerations should fall into. However, when you look at each of them, you can see that Tesla is Musk’s cash cow, SpaceX is the star, OpenAI is the question mark, and SolarCity is the pet.
To get an edge over your competitors, you need to understand the competitive landscape to find the best strategy to market your brand.
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