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Internet has helped people to not only socialise but also to expand and nurture
their businesses. One of the most integral methods used for promoting
businesses is digital marketing. For performing digital marketing,
understanding market trends and analysing them is a must. This is where
market research comes into the picture. Market research helps in identifying
new business opportunities. It also helps in understanding the target audience
and designing market campaigns accordingly. One advantage of implementing
market research is it covers all the customer-related parameters like age,
gender etc. Also, performing thorough research about a particular market
segment during a particular period of time helps to take decisions in the future
accordingly. Another important advantage of performing market research is
that it keeps an update on our competitors as it is a good evaluation tool which
is of great help in doing comparative studies. This helps us to strategize our
future business plans to keep ourselves ahead of our competition. One of the
most important aspects of any business is to minimize losses as much as
possible and performing market research helps in curbing down the losses to a
larger extent. Before the inception of market research, companies used to
launch products without thorough research of market trends and customer
requirements due to which the companies used to incur huge amounts of
losses. But today, with market research, companies can identify potential
problems before launching the product and determine solutions. Even after
the product is launched, it can help them find loopholes in the product and
devise plans which will help in increasing the profits.
2. Verizon
Before 2003, it was a hectic task for common people to switch carriers as they
had to get a new number which would create difficulties in keeping contact.
Verizon then came up with the idea of number portability through which it
became easier to switch carriers as they don’t have to change the number
anymore. This idea was a result of thorough market research by listening to
consumer complaints and understanding their requirements which resulted in
an exponential rise in their business.
North America, especially the US, is leading when it comes to market research
services as it covers up to 44% of the global industry. In case of Europe, UK has
seen a three percent decline from 17% to 14% which is still more than the
market share of Germany and France combined which comprise of 6% and 5%
respectively. China has seen the growth in this sector by 6% in 2017. Middle
East is the fastest growing region with a growth of 2.9% each year and also the
Asia Pacific with a growth of 2.6% every year.
Competitive Landscape:
• Tier 1 players- established companies in the market with a major market
share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
• Market Ranking Analysis
• New Product Developments
• Collaborations
• Acquisitions
• Expansions
1. Standards Followed
FutureWise ensures utilization of statistically accurate surveys, comprehensive
analytical tools, meticulous coverage of geographic regions, comprehensive
checks of data
2. Precise Assessments
Our B2C and B2B research domain experts conduct thorough assessments by
interviews, surveys (both online and conventional), structured questionnaires
with end market leaders and various participants.
FutureWise presents its clients with the tools they need to be at the forefront
of their industry – a position secured for far more than the near future.