Learn more about the different methods through which one can gain market insights.
Moreover, investment firms (read PEs, enterprises planning to conduct mergers and acquisitions, consultancies) considerably mitigate investment risks by identifying market needs and demands. However, the investment research industry is fragmented and lacks efficiency. In other words, it does not always meet the needs of the stakeholders. So, how can we gain market insights? Let’s take a look:
Open license data sources such as government statistics, trade, industry, organization data available on government websites are incredibly beneficial. Similarly, publications and freely available trade journals are cost-effective for organizations to obtain constructive market insights.
Generally, the information available is quite essential to outline a macro-economic background as an introduction for the development project. But you need to ensure that it is resonating with your market niche. You can try Google Trends, Quora, Seeking Alpha, and Think with Google to gain free resources.
As we’re becoming more reliant on technology, big data is becoming a big part of market research. Enterprises opt for technological systems that make regular updates about the most recent market insights readily available. Thus, market data can be easily found at big data companies or niche-market data providers. Surveys, questionnaires, focus groups, and in-depth interviews can be of great help. However, it’s essential to understand the risk of data and security breaches as the method depends entirely on technology. Similarly, as the data is available in enormous amounts, it becomes difficult to filter and verify the authenticity of the data.
These reports provide information that is more detailed and insightful in comparison to free resources. Private equity investors and enterprises partner with dedicated market research firms or syndicated data providers to gain customized reports on market insights. As markets are evolving at a quicker pace, your reports must too. However, despite being up-to-date, these reports are generic and do not specifically cater to the client’s individual needs. Buy reports that are up-to-date and relevant to your topics of research.
Global or local consulting firms are important entities to source highly personalized reports and access depth of expertise in addition to appropriate plans of action. Even though they provide customized recommendations, their services are expensive and may charge you £300 or more per hour for a consultant from a leading firm.
The insights attained from deep analysis of owned data can be surprisingly valuable. These internal resources serve as a tremendous optimized system to gain a better understanding of buyer personas. They can be found with business development teams as they analyze the market frequently. In the same way, a CRM database can help learn about the target.
Expert Newtorks provide a custom-recruit solution, providing human insights directly from industry experts. When you perform primary research by partnering with expert networks to gain human insights, you can make faster decisions because of the depth and expanse of knowledge and experience these experts provide, this can be critical for buyouts or investment decisions.
With the massive expert network databases available, the expert networks can quickly provide access to subject matter experts (SME) who provide expert micro-consulting to help with specific issues. With the ever-increasing demand, there are a large number of expert networks available to fulfill your needs.
To conclude, there has been tremendous growth in the expert network industry as more and more enterprises utilize market insights to generate growth and revenue. If you’re a Private Equity, consulting firm, or corporate looking for a leader in the expert network industry, an aggregator can help you manage projects and expert networks on a simple platform.
Consverge, for instance, provides you access to industry-leading Expert Networks and research providers on one platform. The platform combines a unified experience with a design-led AI framework to aggregate useful business intelligence and research insights, enabling users to make informed decisions.