Often, a single research phase is enough to answer a business question, but just as often companies are faced with challenges that require multiple rounds of research. The flexibility of Wakefield Research’s Market Intelligence offering delivers quick insights into a subject, or lends longer-term support for companies seeking to expand into new markets.
Market Intelligence provides insights using existing research and information obtained from databases, industry journals, financial filings and other sources. This research is particularly significant when exploring a new market, understanding the competitive landscape or seeking new partnerships.
Wakefield Research can partner with you on that journey, from initial exploration to market entry.
A Step-by-Step Guide to Market Intelligence Research
Let’s examine how multiple research phases fit together during a company’s journey from initial exploration to market entry, and how each stage informs the next as the company makes decisions along the way:
1. Market Sizing
The first step when investigating a market: determine its total addressable size to gauge the revenue opportunity of a product or service. There are different methods for calculating market size, such as a top-down approach using existing research, a bottom-up method which may involve an examination of sales data clusters, or some combination of the two. Ultimately, the goal of the first phase is to determine whether the market’s revenue opportunity is attractive enough to move forward with the growth strategy.
2. Supply Chain Analysis
The next phase involves examining the structure of the market. For some markets, this may be relatively straightforward, but in many B2B markets, various tiers of suppliers and complex dynamics must be assessed. For example, if a client is considering a product for the automotive market, they need to determine whether they will sell directly to the original equipment manufacturer (OEM) such as Ford or Toyota, or to companies considered tier 1, 2 or 3 suppliers. Sometimes, blurred lines between the tiers may mean our client could potentially sell to each stage of the supply chain. Clarifying the supply chain landscape and the positioning of your brand is essential when assessing whether market entry is feasible.
3. Competitive Landscape
Once the market structure is clear, it is time to assess the competition. We analyze the concentration of key players, their product offerings, and trends in the competitive landscape. At this juncture, we may decide an acquisition or partnership with a competitor is the most effective method of market entry.
4. Partnership Prospecting
When pursuing an acquisition or partnership, the process often starts with an assessment of how companies compare on certain criteria. At this point, we perform a deep-dive into company activity to provide actionable insights needed to moved forward.
A Research Partner
As the above outline demonstrates, research-based decision-making is not always a ‘one and done’ process; several phases of research may be required . Ultimately, the goal of Wakefield Research’s Market Intelligence offering is to provide insights and guidance to support decision-making along that journey. We view ourselves as your research partner, there to inform you every step of the way.