How to Better Understand Your Market and Improve Your Business Using Market Research

How can I understand my market better?You don’t know what you don’t know. One of the reasons a business seeks out market research is to help stakeholders identify those unknowns — about the markets in which the company participates, about how its competitors operate, and about its own position in the industry — in order to make strategic adjustments that will grow the business.

Market research can uncover information about a variety of factors that have direct impact on the success of your business, including:

Industry characteristics — What broader issues are affecting the industry at large? Learn about:

  • Macroeconomic trends
  • Emerging technologies
  • New governmental or industry-level regulations

Market potential — How large is the market and what are the best opportunities for growth? Discover insights related to:

  • The most promising products, markets or regions
  • Shifting end-user preferences that will impact demand
  • Adjacent opportunities

Competitive landscape — Who competes in the market and how does your business compare? Understand:

  • Levels of industry concentration or fragmentation
  • Market share and ranking
  • Competitive strategy and positioning

Industry participant perceptions — What do your customers, your distributors and your competitors really think? Get unfiltered responses to questions about:

  • Purchasing criteria
  • Unmet needs or pain points
  • Brand image

Targeted, in-depth market research can vastly expand your knowledge of the market and your company’s place within it, allowing you and your team to make strategic decisions that will have the greatest possible impact on your bottom line.  

Accessing the Market Data You Need

To gain valuable market insights, many companies rely on published market research reports available on, but sometimes a more tailored approach is needed for strategic decision making. If you are researching tough-to-size markets or very specific market segments with little published data available, you may choose to commission a custom research study developed for your precise needs and goals. The research results are for your exclusive use and kept confidential.

With more than 20 years of experience conducting primary and secondary market research, Freedonia Custom Research is a leading industrial research firm that collaborates closely with clients across the world to deliver customized, targeted and impartial industry research. If you’d like to learn more about how Freedonia Custom Research can help you fill in the gaps in your knowledge, contact us at 440-684-9600 or request more information on our website.

Ann Steiner market research analystAbout the Author: Ann Steiner is a Senior Research Analyst at Freedonia Custom Research, where she performs client-directed research in business-to-business markets, supporting strategic planning for new product introductions, and market and geographic expansion. She holds a master’s degree in English from John Carroll University.


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