Market Research Services
Growthink’s Business Market Research Services
Growthink conducts comprehensive industry, customer and competitor analyses in order to determine market opportunities. Our research team then assesses each of the opportunities, determines the optimal ones, and creates action plans for effective market penetration.
Importantly, our market research practice is supported by subscription access to most of the world’s leading research and intelligence databases, including IBISWorld, Statista, Capital IQ, Hoovers, Compete.com, Frost & Sullivan, First Research, DealNexus, and BizBuySell, among others.
What We Do
- We define top competitors and analyze their strengths and weaknesses to help gain and steal target market share
- We identify opportunities and create strategies that will result in a sustainable competitive advantage.
- We help capitalize on emerging opportunities and identify areas for improvement.
- We help define customer segments, needs, and behaviors in order to identify unmet customer needs and/or opportunities for business growth.
- We help determine receptivity of new products or services.
- We help uncover the precise needs of customers, how these needs are currently being fulfilled, and what is required to better satisfy these customers.
- We provide in-depth industry analysis, data, trends, market share and forecasts to help start and grow your business.
- We help understand predicted market conditions, as well as supply and demand within a specific industry.
- We provide valuable industry insight and trends to help determine marketing and growth strategies.
- We provide in-depth analyses to help determine how sound the current business ideas are and evaluate the project’s potential for success.
- We uncover the strengths and weaknesses of an existing business or proposed venture, as well as the opportunities and threats.
- We assess economic, technological, legal and scheduling factors to determine potential positive and negative outcomes of a project.
Growthink’s business market research services span almost every major industry in the U.S. as well as many niche and international markets and industries. Our research is an essential tool in helping entrepreneur’s successfully complete their business plans and investor presentations as well as understand their industry and market potential.
Building on market and competitive research completed by Growthink, Apex by Sunglass Hut secured $10 million in capital and developed an expansion plan upon which they executed and expanded from 10 to 22 mall locations in the U.S. and Australia from 2013 to 2014.
The Salvation Army
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Frequently Asked Questions
- Qualitative market research is a type of market research that provides insights into people’s attitudes, opinions, and perceptions. This type of market research is used to understand the “why” behind customer behavior.
- Quantitative market research is a type of market research that provides numerical data on market size, market trends, and other statistical information.
- Market-segmentation market research is a type of market research that segments the market into different market opportunities.
- Competitive market research involves studying and analyzing the strategies, capabilities, and activities of current and potential competitors.
The market research process consists of five steps:
- Define the market opportunity/problem.
- Collect market information (primary and secondary sources).
- Analyze market data to identify opportunities.
- Determine recommendations based on findings from primary and secondary sources.
- Develop an action plan to take advantage of market opportunities using market growth strategies.
Sometimes. A market research study is an objective report that provides market data, market projections, market shares, demographics, and trends. The market analysis goes beyond the statistics to examine the marketplace in-depth. At Growthink, we combine both approaches when undertaking a project for our clients so they can get the market data analysis and actionable insights they need. Clients often want market research experts to help determine market size, market share, market trends/drivers, market projections including CAGR (Compound Annual Growth Rate), market penetration (penetration pricing strategies), customer receptivity to new products or services, product acceptance factors among customers, market opportunities, market challenges, and market risks.
Market research services generally range from $5,000 (very simple projects such as compiling available industry data) to $75,000 (such as a market analysis that requires primary or secondary data collection and analysis). Contact us today for a quote. For small businesses on a budget, check out our Done For You Market Research services.
Leading market research services include both primary and secondary data sources which can be used together or independently.
Primary Data Sources
The best source for marketing information is from customers. However, when research is conducted in a market that is different from the company’s market, market researchers need market information from outside the organization. Primary data sources include customer experience surveys, focus groups, consumer attitudes, personal interviews, and direct observation. These sources of market data are considered primary because they usually provide the most current and accurate market information.
Secondary Data Sources
Secondary data sources provide market information from noncustomers. Secondary data can be either published or unpublished. Examples of published market reports include the Wall Street Journal, USA Today, and trade magazines such as Music Trades. Unpublished market reports include consumer demographics available from the U.S. Census Bureau and reports from market research companies such as Nielsen. Secondary Data Sources include U.S. Census Bureau, market research reports from companies, trade magazines, and consumer demographics available from the U.S. Census Bureau.
Data mining is a process of finding patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems. Data mining typically involves market-segmentation analysis which identifies market opportunities based on unstructured data gathered through secondary sources.
Market research services provide market intelligence on market size, market trends, market opportunities, and market risks. This vital market information can help companies better serve their existing customers and attract new customers to their business. Growthink’s team of market research experts will determine the best market strategy for your company by providing you with a detailed market analysis that is specific to your market.
Yes. Growthink’s market reports include analyses that are geared toward your specific market segment(s), target audience, and industry. These market reports include the following information:
- market trends
- market size
- market share
- market growth
- market structure
- market opportunities
- strategic recommendations for business development
- market barriers
- market risks
- market entry strategies
- market exit strategies