How to Improve Your Business by Identifying Key Industry Insights

Before you build a strategy you need to research. Otherwise it's like building a home in a sandy foundation.

When it comes to finding success within a highly-competitive industry, insight can be a crucial resource. Early identification of emerging trends, evolving consumer habits and major events that have the potential to impact the entire industry can afford many important advantages for your business. Lacking key industry insights is a liability that could end up costing your organization much more than you might realize.

Finding Key Industry Insights

When it comes to advertising and marketing strategies people like to focus on the creative. Whether it’s a hilarious Superbowl commercial or a very meme-able and smart ad on Tinder, they are only as good as their results. However, the results can mean a variety of different things. What was the intended result? Was it mean to re-brand the image of the company? Was it a direct call to action to boost sales? This all depends very much on your strategy.

Before you create a strategy you should have data. This is the research that you can do in a variety of ways. You can do this from surveys from the public or from your clients. You can study the target audience and do a focus group for them. You can study impartial studies by third party corporations like Nielsen’s ratings or the sales records of competitors to see industry trends. Finding key insights to base your strategy is like finding a nugget of gold after panning lots of sand. You want to go through as much data as you can till you find the most valuable piece of insight that can become a jumping off point for your strategy and translate into creative and a marketing strategy.

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Data Analytics

Software applications that utilize sophisticated algorithms in order to assess data and documents can be a powerful tool, one that may allow you to identify key insights or emerging trends with greater ease. Even small businesses can no longer afford to overlook the potential value of data analytics

Following Publications and Influencers

Keeping an eye on industry movers and shakers can also be well worth your time and effort. Publications, periodicals and news sources that can help educate you regarding trends and developments you might otherwise have missed out on can be a potent asset. Business owners who fail to stay informed regarding the trends and developments that are shaping the industry could be doing themselves and their organization a real disservice.

Research Management

Not every organization possesses the in-house staff, talent and other resources needed to conduct ongoing industry research. Contracting with a third-party management consulting firm can often be an ideal solution, especially for smaller businesses that may be forced to make do with their limited resources. Outsourcing research management efforts to the professionals can free your staff and employees to deal with other matter and concerns that fall within the scope of their existing skills and abilities.

Listening to Your Customers

Much useful insight can be learned simply by listening to your customers and clients. Failing to develop and maintain good customer relations can be disastrous for other aspects of your business as well. Taking the time to speak with your clientele can allow you to learn more about their needs and habits while also building relationships that may be of lasting benefit to your business in the long term.

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Insights that allow businesses to become early adopters or to spot the emerging trends or changes that have the potential influence the entire industry can often be a key asset. The tactics, resources and services that will help keep you informed could end up making a bigger difference than you might realize. Lacking for effective insight could mean missing out on your chance to get in on the ground floor of any major industry trends that could waiting just around the corner.

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