Tag: market measurement

Market Assessment

Top 4 Market Research Tools That Will Take Your Business to the Next Level

market research toolsWe all are creatures of habit and we hate change. In fact, research shows that all of us exhibit similar buying behavior irrespective of our varied preferences. People, in general, despise change and our reluctance to change makes it an extremely difficult for companies to convince consumers to switch brands. It is in this context that that importance of market research tools becomes clear to businesses. Market research tools are priceless for business owners since they help predict consumers’ buying behavior and prevent instances of failed product launches. Market research tools give businesses give an edge, mainly due to their ability to measure the impact of initiatives, create an open communication loop, and make data-based business decisions. Such tools also help businesses predict product or service launch failures and take a call on whether to launch new products or remove existing product lines.

That being said, let’s take a look at some of the best market research tools that can help you drive and improve business value:Get more info

Consumer interviews

One of the most commonly used market research tools is consumer interviews. One-on-one interviews with current or past consumers can be done through a web conferencing software or over the phone. In this step, one of your company’s representatives will have to speak to a customer to get honest feedback about the product’s pricing or design. Consumer interviews are one of the most effective market research tools available today. They help companies to get opinions on sensitive topics, which they might not be able to discuss in an open or group setting.

Consumer surveys

Surveys are an important part of every market research process and are one of the most popular market research tools available for businesses. They help collate information, opinions, and ideas of the consumers. Surveys can be carried out online or distributed by a person or by email. The best part about this process is that it’s completely anonymous, so consumers can be as honest as they like. Surveys can be of various formats, such as multiple choice, long, and short formats. To get the most out of such market research tools, offer your respondents some incentives like gift certificates or coupons.Get more info

Focus groups

If you are unsure of what marketing messages to send to your potential consumers, focus groups are the right strategy to follow. Such market research tools help businesses in developing a pricing strategy for the goods or services being offered. Usually, focus groups are formed after a product is released and are made up of people who represent the target segment. In some ways, they are similar to consumer surveys but consist of at least six respondents, who give honest feedback about the product or service being offered. One thing to remember here is that every focus group requires a moderator who streamlines the discussion and submits the findings in a report format to the decision makers in your business.

Social media and online content

Today, with social media channels and blogging platforms gaining popularity among consumers, it has become important for businesses to leverage such platforms to get feedback about their goods or services. Market research tools such as this give consumers the option to express their opinion without a survey or consumer interviews. When it comes to social media, consumers are more than willing to share their honest opinions. Companies can also leverage online polls to gain better insights. Google Alerts is one of the best market research tools to find out what’s being said about your products or services on online channels.

To know more about specific market research tools and their benefits:

Market Measurement Study Helps an Industrial Packaging Client Forecast the Growth of the Industry

According to a recent market study, the global market for industrial packaging is predicted to reach $61 billion by 2020, growing at an annual rate of over 3%.

Typically, industrial packaging can be defined as the secondary or tertiary packaging used for packing products required for industrial purposes. Industrial packaging also involves the storage, protection, handling, and transportation of various industrial products within the industry or with other end-use sectors. Industrial packaging is available in multiple shapes and designs and is suitable for numerous applications in end-user industries, such as food and beverage, chemical, construction, and pharmaceuticals. Rise in construction and building activities in emerging economies like India and China, growth of the food and beverages industry to meet the demand of the growing population, and the rapid growth of exports, which requires superior packaging standards for the international market are some of the significant factors that are expected to boost the growth of the industrial packaging industry, globally.

However, the growth of the industrial packaging industry is hampered by certain factors, which include:

  • Assessing Sustainability: Today, packaging contributes towards the sustainability of a packaged product and should be planned holistically with that product to enhance overall environmental performance and minimize product wastage, damage, and spoilage. However, at present, there is no packaging solution that is entirely sustainable, and various packaging materials cannot be unambiguously classified as good or bad. All have their advantages and shortcomings depending on the product application, and tradeoffs are necessary to arrive at an optimum position.
  • Regulatory Trends and Pressures: Life cycle analysis is an essential process for estimation and comparison of the environmental impact of different products. It is now being recognized that this process should not be performed on the packaging alone but should also be a component of the calculation of the environmental impact of the entire packaged product versus other alternatives.

These factors are compelling firms across the industrial packaging industry to leverage the use of market measurement studies. IR_BrochureMarket measurement studies help companies accurately measure the market size and provide insights into the marketing activities that should be carried out to gain a stronger foothold across the industry space.

The Business Challenge

  • The Client: A leading industrial packaging firm
  • Area of Engagement: Market measurement

A leading industrial packaging firm wanted to gain recommendations on consistent and defensible statistics to devise effective marketing programs and decrease the cost of customer acquisition. The client also wanted to gain insights into the potential markets across the industry. With the help of a market measurement study, the client also wanted to gain clarity on the total market size to help them design their marketing activities effectively.

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The Journey

To help the client gain a clear view of the current and future market size, Infiniti’s market measurement experts carried out extensive interviews and discussions with leading stakeholders across the industrial packaging space. To help the client devise an effective marketing program across business units, the experts also collated information from company presentations, paid industry databases, and industry forums.

Solution Benefits and the Business Impact

The market measurement solution offered by Infiniti helped the client segment the market size by the application in terms of the product and geography and gain better visibility into the competitive landscape, employee size, and turnover. The solution also helped the client identify the potential customers for the company’s products and services and forecast the growth of the industry by using output estimates and essential macroeconomic indicators.

The Future

With the incredible rise in industrial activities in emerging economies, the market for industrial packaging has proliferated across the world. This is expected to influence this market over the next few years. Apart from this, the industrial packaging industry is anticipated to benefit significantly in the near future from the rising usage of high-value containers, which is fueled by the rise of industrial prosperity and the enhanced utility that these containers offer.

A must-read case study for strategy specialists and decision makers looking to develop an understanding of the industrial packaging industry