Conducting primary market research is a necessity within a competitive market such as management consultancies. Firms that conduct frequent research (at least quarterly) grow almost 12 times faster and are nearly twice as profitable as firms that don’t (Source: Hinge Marketing, 2017).
Clients are, without a doubt, the ideal resource for better understanding a company’s progress. But effectively capturing and translating their pain points and priorities into new services, and growing relationships, is an ongoing challenge. Regular primary market research leads to a wider knowledge of your target audience, highlights client problems and helps pinpoint competitors. It’s one of the simplest ways for firms to keep up with market trends and maintain a competitive edge.
When it comes to primary market research, there are two specific routes to go down. You can focus on finding out qualitative data, which is a collection of opinions from the market you’re surveying, or quantitative data, which focuses on large sets of raw numbers.
A good example of using both qualitative and quantitative primary market research is our 2018 State of the Industry report, which reports on the state of management consultancies, law firms, accountancy and financial firms and IT firms within the UK. Download a 15-page sample here.
The top three benefits of primary market research
1. Increased accuracy
Annual reports on the state of your industry are goldmines for market information. Quantitative primary market research is aimed specifically to find out what you want to know about your target audience. It gathers large data sets which give a much more accurate, broader view on what you’re trying to find out. When it comes to gathering the most relevant data, no other method comes close to how useful primary market research is.
There’s also the added fact that as it’s your own data, you can be sure that the information you’re using is completely correct. Instead of trawling through search engines attempting to find recent, verified and relevant statistics, everything you need is all in one place and 100% accurate.
2. Deeper insight
An entire report dedicated to your industry gleans deeper insight. As an example, our 2018 state of the industry report directly records primary qualitative data from over 300 respondents working in the UK professional services industry. From this, we discovered information such as the fact that over half of management consultancy firms don’t allocate a marketing budget—and they are the lowest performing industry when it comes to the volume of business enquiries they receive.
We were also able to find out that over half of all UK based professional services firms surveyed are unhappy with the amount of new business enquiries they receive each month.
From our primary research report we’re able to build up a bank of knowledge through research to discover information that can’t be found anywhere else.
Primary research is a tried and tested method of effective research, meaning that the information gathered can be relied on. You are able to create strategies and solve problems based on the knowledge you accrue—knowledge that your competitors don’t posses.
As well as providing valuable information for your firm, primary market research reports can position your firm as a thought-leader within your sector. If you choose to publish your findings, you’re demonstrating to your clients, target audience and competitors that you are leaders within your specific field.
Within the management consulting arena, primary market research is a real asset to your firm.
It fuels educated conversations with your clients, gathers intelligence around your target audience and solves industry/specific growth problems.
If you want to conduct your own market research, but don’t know how to go about it or don’t have the time, speak to us. Our own state of the industry report is a testament to what we can do for your firm.
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