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Market research

How Market Research Benefits E-Commerce Companies

Rising market competition demands businesses to keep a keen watch on the changing market trends and gain a deeper understanding of their buyer personas. Over the last few years, there were several instances of e-commerce companies that shut shop due to declining profit margins. One of the key reasons why many of these players failed was primarily due to the absence of an effective market research solution that rightly defines the needs of their target consumers and gives comprehensive insights on the changing market trends. Experts at Infiniti Research posit that at least 3 out of every 5 e commerce businesses that do not undertake a market research study will fail in the long run.

We have curated some reasons why a market research study is a non-negotiable for e commerce companies.

Market research gives you a qualitative and a quantitative understanding of why your ideal customers would want to buy your products. Request a free proposal to know more about our market research solutions.

Benefits of E commerce market research

Market researchAnalyze industry trends

E commerce trends are often fast-changing, making it difficult for companies to keep up with the market transformations. A market research study about the e commerce industry will help companies determine key factors relating to the market such as current size, growth rate, and the changing trends. Moreover, this also helps e commerce companies to gain a first-mover advantage.

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Develop customer personas

Most new-age entrepreneurs attempt to break the shell without understanding the rules of the market and try to formulate their own policies and business agendas. This attitude often derails their marketing campaigns and they end up paying for heavy losses. Having a clear understanding of the demographics and demands of various customer segments is one of the key benefits that market research has to offer e commerce companies. This helps them create better buying journeys leading to customer satisfaction and long-term customer loyalty towards the business.

Understand competitor strategies

The e commerce sector is dominated by cut-throat competition and many players are trying to gain a bigger chunk of the market share. Companies that are not agile will get left behind. A market research engagement helps avoid this by analyzing the competitors and their strategies thoroughly. E commerce companies can use this data while formulating their go to market strategy and devise ways to better attract and retain customers.

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Market Research Services Helped a Healthcare Company Strengthen Their Position in the Market – An Infiniti Research Success Story

Business Challenge 

As tech giants make healthcare market entrances, traditional healthcare companies face increasing pressure to remain competitive. Healthcare providers need to prioritize on keeping pace with innovation and update their systems to avoid being left behind. Therefore, healthcare companies are partnering with market research companies to gain comprehensive insights into technologies and marketing strategies adopted by their rivals.

The client, a healthcare company, who was new to the market consulted Infiniti Research to acquire an early and sustainable competitive advantage. With Infiniti’s market research services, the client wanted to gather healthcare industry information, validate internal research, gather competitor information, gain a view of the healthcare market, and use data to make informed decisions.

Are you looking to strengthen your company’s presence in the market? Our market research services help companies stay on top of recent market developments. Request a FREE brochure to know more about our market research services.

Solutions Offered and Value Delivered 

The experts at Infiniti Research conducted a thorough healthcare market analysis. Infiniti’s market research services helped the client gather information about the healthcare industry, current market trends, target customer segments, and their key competitors.

By gaining a better perspective of the market, the client was able to strengthen their position in the market. Market research services also helped the client identify potential threats in the market. Also, by examining competitors’ strengths and weaknesses, they were able to take advantage and better establish their presence in the healthcare market. Moreover, market research services provided the client with adequate market data that helped them to:

  • Better focus on patients’ needs and demands
  • Provide revenue projections
  • Stay ahead of their competitors
  • Spot emerging healthcare market trends
  • Facilitate strategic planning
  • Minimize investment risks
  • Gain insights into technologies and marketing initiatives adopted by their competitors

With the help of Infiniti’s market research services, the client was able to make an informed business decision. This helped the healthcare company better establish their presence in the market and strengthen their credibility and reputation. In a span of 8 months, the client was able to gain a top spot in the healthcare market and outperform their key competitors.

Are you new to the market? Inadequate market analysis can hinder your business growth. Request a FREE proposal to know how our market research services can help you minimize risks and explore new opportunities.

Importance of Market Research Services

Accurate and specific information on the market, competitors, and customers is the key to developing a strategic marketing plan. A market research report gathers information on the market, key competitors, and target customers. This data helps businesses make better decisions for success. With market research services, a company can:

  • Better understand their customers
  • Gain adequate knowledge about key competitors and their marketing strategies
  • Enhance business growth

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Why do Market Research Services need to be Prioritized in 2019 – A Round-up of Popular Articles on Benefits of Market Research Services

With the economy becoming more and more competitive with each passing day, having apt knowledge about the concerns and preferences of your customers has become integral for any business. Waiting too long to make crucial business decisions can lead to a company missing out on opportunities. Moreover, failing to develop a marketing plan can result in budget problems, low customer volume and, in a worst-case scenario, the closure of a business. Hence, don’t you think, when fluctuations in the market affect your business in a negative way, you have to pivot your business model somehow? If yes, market research services are the best way to increase customer experience, understand the factors that influence your business, and to elevate your performance. Market research services provide detailed insights into the competitors, understand customers’ pain points, latest market trends, consumer buying patterns, economic shifts, and demographics. That’s why smart business owners never underestimate market research services and leverage it to formulate effective strategies.

If you want to keep up with the latest market trends and gain a competitive edge in the business market, understanding market research and utilizing it to your advantage is vital in reaching out to your target audience and increasing your sales.

Infiniti’s market research services have helped companies gain vital information about the competitors, economic shifts, demographics, current market trends and spending traits of the customers. We have listed up some of the recent success stories and have also highlighted ways in which market research services have helped businesses to become market leaders.

#1: Why market research is vital for business success?: Today’s buyers hold all of the power when performing a purchasing decision. Thus, have you really adapted your marketing plan to match the way today’s customers’ shop? Well, even if you think you know your customers pretty well, performing market research study will likely uncover new channels and messaging tips to help improve your interactions. Whether you’re a newbie or experienced, this guide will help you figure out why your business needs market research services and give you a blueprint for conducting thorough market research.

3 Reasons Why Market Research Services are Crucial for Businesses

#2: Market research services to identify the potential customer and strengthen market position: The more clarity you have for your “specific” audience, the more likely you are to have a profitable and impactful business. But if your understanding of your customers’ problems is weak or unclear, you will continue to struggle regardless of your strategy. This was the case with a consumer electronics manufacturer in the US. Hence, they approached Infiniti to leverage market research services. Infiniti’s market research services helped the client improve their products as well as identify upsell opportunities with existing customers.

How Infiniti’s Market Research Services Helped a Consumer Electronics Manufacturer to Strengthen their Market Position in the US

#3: Why market research services leads any business decision?: Businesses always have an element of risk and business decisions are tougher than they seem. Being a business owner, you can never be completely sure whether a particular decision can yield profit or loss to the company. In such situations, successful businesses prefer to do market research before making any critical decision. Similarly, an agrochemical firm consulted Infiniti to acquire an early and sustainable competitive advantage before concept development and new product build-out. Infiniti’s market research services helped the client understand the market curve and stay ahead of its competitors, which helped save $13 million, annually.

Market Research : Helping an Agrochemical Industry Firm to Understand Customer Behavior and Establish Ongoing Trends

#4: How market research services benefits players in the pharmaceutical industry?: The slow-down in growth in the pharma industry over the last few years, as current medicines reach saturation levels, has highlighted the need for the industry to both invest in new drug development and better understand and counteract falling drug sales in emerging markets. Hence, a pharmaceutical manufacturer wanted to identify the market potential for new drugs and pinpoint what is impacting their sales. By partnering with Infiniti Research, the client was able to improve their brand visibility in the competitive market as well as increase their reach to a broader customer base, which subsequently improved the customer experience and enhanced company’s profit margin with market research services.

Pharmaceutical Industry Market Research Engagement – An Infiniti Research Success Story

#5: Why market research is instrumental in the healthcare industry?: As the healthcare industry becomes more specialized, streamlined, and consolidated, companies are increasingly looking for ways to improve service and add tailored-products. Are you also the one looking to win the trust of your target audience? If yes, then definitely have a look at our latest blog on why healthcare companies need market research services in understanding and interpreting an increasingly complex world and thereby developing a successful business plan.

Why Market Research is Instrumental in the Healthcare Industry

Wondering how to strengthen your companies’ presence in the market?

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#6: Can market research services help boost market position?: A strong market research process helps you learn about your audience, understand their needs, and position your new products and services to serve them better. With these insights, you can improve your marketing strategies and rise above competitors who don’t fully understand their market or target audience. Since implementing our market research services, our client has seen an increase in sales and the solutions have helped the company to boost their market position.

Market Research Benefits for Beverage Manufacturers: Can it Help Boost Market Position?

#7: Importance of market research before starting a business: Have you ever wondered why big organizations invest huge amounts in market research for their businesses? Well, the reason behind them spending so much is to grasp every bit of information that floats in the market. By leveraging market research services, businesses can succeed and stay ahead of the competitors. Explore the reasons behind the growing importance of global market research services and sustain profitability amidst the rising market competition.

3 Reasons Why Market Research is Important for New Businesses

#8: How to do a market research?: As an entrepreneur, one of the first things you will need to tackle is deriving a business plan, the key inputs of which are usually identified by conducting thorough market research. In this latest blog of Infiniti, we’ve taken a deep dive to explain; what is market research, why and when to conduct it, and the different types of market research services along with how and when to use each.

Key Steps Involved in The Market Research Process That You Must Consider

#9: Choosing the right type of market research: When it comes to choosing a market research methodology, for many the starting point is the seemingly simple question, “qualitative or quantitative?” Well, read through our latest blog to understand the types of market research services and for choosing the best for your business.

Different Types of Market Research to Guide You Through Important Business Decisions

#10: Market research report on secondary packaging market: Infiniti’s global market research services helped the client augment brand visibility and gauge factors affecting the brand perception. Read this success story to know how the client to streamline their business processes and identify the factors hindering growth.

Market Research on the Secondary Packaging Market

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3 Reasons Why Market Research Services are Crucial for Businesses

Why are Market Research Services  Crucial for Businesses?

#1. Helps you understand your customers better

By leveraging market research services, companies can do the market feasibility study and map out the complete profile of their potential customers. This can help businesses determine the market size and factors triggering the buying decisions. Additionally, market research data helps companies to create effective tailored marketing and pricing campaigns.

#2. Improves approach to market trend analysis

Today companies cannot afford to take shortcuts when it comes to leveraging market research services as the competition is fierce and in-depth study of market research data is important. Any change in market trends can affect the revenue and therefore, trend analysis can help businesses understand the ongoing trends driving the buying decisions of customers.

#3. Helps in competitor analysis and their approach to market

Market research services can help you understand your competitors and generate smarter insights and take real-time decisions. It offers a detailed analysis of how they approach the customers and what is their strategy to sell the products or services. Furthermore, it helps you in finding out the new market entry and effective international market research.

It's never too late to consult an expert. Know more about Infiniti’s data-driven solutions for business.

#4. Lower Business Risks

By leveraging Infiniti’s market research services, businesses can ensure to mitigate risks in the international market as well as domestic market. After the unexpected rise in business complexities post the financial crisis has increased the importance of adopting a comprehensive risk management strategy and market research services can offer that. With financial markets, supply chains, and trade functions getting linked to each other, risks can arise unexpectedly. This is where leveraging market research services can help to identify the risks that can easily be mitigated.

Growing a business amidst aggravating market competition is a difficult task. It requires developing an understanding of your customers, their spending habits, competitors’ products, and much more. Request for more information on how our services can help your business

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3 Reasons Why Market Research is Important for New Businesses

Today, it has become impossible for any business to succeed without conducting a thorough market research of their target audience as well as competitors’ products and services.

Have you ever wondered why big companies invest hefty amounts of money on market research? The reason is to analyze and understand every piece of information about the market. A market research report can help organizations understand market dynamics and competitors’ market position. At present, the use of such services has become commonplace among large conglomerates like Microsoft and Apple, who invest in such reports to understand technology trends and consumers’ behavior. Today, the ability to proactively react to market changes and trends is what makes a business successful and this philosophy is one of the major reasons behind the rising demand for market research services from enterprises.

If you are a small- or medium-sized business owner who’s looking for ways to establish market presence, you need to ask yourself a simple question: Is your business able to provide your target audience with what they need? If your answer is no, then you need to improve your market understanding and a market research report can help you do that. In this article, we have highlighted some of the key reasons why market research is important for your business, especially if you are a new market player who’s looking to boost market share in a competitive environment.

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product research

4 Key Reasons Behind the Growing Business Importance of Product Research

Any organization that invests a lot of effort and time into researching products is well poised to increase their knowledge and understanding of the business scenario. If any business has plans to launch new products or services in the market, it is advisable that they should never just hire a few people, put in some information, and carry on with whatever seems good. Any organization that possesses a serious business goal would definitely understand the importance of product research. Product research is an internal affair for any organization but they are free to seek any information they need from an external source. There are no single but multiple reasons for the importance of product research. But before delving into that, let’s understand product research in simple terms.

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What is Product Research?

Product research provides information on the specific and required characteristics of a service or a product. It helps companies to understand the needs of the customers in a much better way so that the required product can be tailored appropriately. This research can also help in filtering new ideas for the products. It is of immense help in screening and testing new ideas and helps reduce costs by avoiding investments in discarded ideas. This form of research basically answers the following questions:

#1. Whether the offered service or product will be successful in the market?

#2. What are some of the similar products present in the market?

#3. What are the best ways to start, develop, and sell your own products or services?

Importance of Product Research

Competitive edge

Organizations that perform regular research on products always excel in the global market and stay ahead of their competitors. Product research is expected to offer the highest professional benefit to any business that has well-defined objectives. 

Innovation

The growing importance of product research also lies in the fact that it offers the scope of innovation that can help in developing technologies of high value. This can further help in developing a design as well as strategies for the organization.

Goal endorsement

It is always good to have clear business goals for the success of any products or services. For example, if the same product or service is provided without any goal to flourish, then there is a high probability that the business takes a back seat, or it could be simply left behind in the rat race. 

Our market intelligence analysts can help you to keep pace with changes in the market. Contact us to know how we can help you to navigate the challenging market landscape. 

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Benefits of Using Product Research Tools

#1. Product research tools help scan through thousands of products easily and find out which ones are very popular, widely available, and are actually selling.

#2. These tools also help in clearly defining profits and expenses through its snapshot feature.

#3. Product research tools help in scanning multiple marketplaces and the ongoing trends in such marketplaces easily.

#4. It also helps in saving money by understanding the requirement of the target customer and then avoiding unnecessary investments.

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Market Research

Market Research Engagement: Helping a Multinational Oil and Gas Company Understand Customer Behavior and Establish Ongoing Trends

Owing to the rise in global demand along with the volatility of prices and stringency of environmental guidelines, oil and gas companies face three main challenges – cost reduction, performance optimization, and improvements in environmental footprint.

Technological advancements, as we are aware, has taken over the world and the global oil and gas industry is no exception to this rule. Deployment of technology has given rise to digital oilfields that use specific tools to read and interpret data on pipelines, wellhead conditions, and mechanical systems. Leading oil and gas companies have even leveraged big data analytics to increase oil production while cutting down on operational costs. However, just leveraging technology to enhance product experiences won’t help companies to completely capitalize on the benefits of innovation.

Moreover, the global oil and gas industry faces major regulatory challenges being a significant consumer of water and energy resources. This acts as a major constraint for oil and gas companies; thereby, compelling them to redefine their extraction, production, and distribution techniques. Also, to obtain their license to operate, oil and gas companies have to ensure transparency in the environmental management of their business activities.

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The Business Challenge

  • The client: A multinational oil and gas company

To understand customer behavior and establish ongoing trends, the client – a multinational oil and gas company, also regarded as one of the ‘Seven Sisters’ – approached Infiniti to engage in a market research study. The B2B industrial organization wanted to understand the market landscape in order to maximize benefits by effectively tapping into the prevailing market opportunities.

The oil and gas client wanted to conduct market research to study the existing market trends and set up newer trends to match consumer needs and preferences. However, their primary objective was to employ a systematic approach to understand the market dynamics – competitors, strengths, weaknesses, and key trends.

Market Research

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Our Approach

Infiniti’s market research engagement helped the oil and gas company to understand customer needs and market trends. The changing market landscape with aggressive competitors posed several challenges for players in the global oil and gas sector. Furthermore, to help the client assess the market landscape and identify imminent market trends, the market research experts at Infiniti conducted a market research study that offered valuable insights on decision-making procedures, market trends, and barriers.

The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the oil and gas industry.

Business Impact

Infiniti’s market research experts offered end-to-end solutions that helped the oil and gas client to better understand the market’s dynamics. In addition, the market research study helped identify potential problems and uncovered several areas for improvements. The oil and gas client also gained insights on existing market trends that helped identify newer trends and align them with customers preferences.

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