We live in a highly digitalized economy today. The pandemic accelerated the pace of the digital revolution forcing companies to adopt new business models to sustain as well as thrive. These newly emerged business models are targeted to cater to changing customer needs, focus on delivering maximized customer value, minimize customers’ pain areas, and have a huge impact on consumers’ life.
These game-changing business models exist in a highly competitive economy. While the businesses have access to large amounts of data, accurate and actionable insights remain elusive.
Opportunities & challenges faced by businesses in the digital age
Developing business models due to digital disruption requires insights to launch, grow, and evolve. At the same time, meeting changing customer demands can turn to be a continual opportunity as well as a challenge. Market research helps businesses to build and sustain competitive advantage.
Across the globe, businesses are adopting digital technology to serve their consumers better. From mobile payments to fintech, in-store pickups, to contactless commerce, new opportunities have emerged. Effective integration of technology with sound business practices improves customer experience. Further, it drives better and quality customer service and saving on operating costs. Market research allows companies to identify, learn and gain mileage from new and emerging trends. The digitally connected world today has several challenges. Desk Research provides a thorough understanding of a market’s size, opportunities and risks.
- Important trends such as pricing controls and discounts due to competition, subscription-based revenue models, and tier-based pricing models impact overall profitability.
- Product/service positioning, competitive landscape research, market segmentation and customer segmentation are crucial for developing a business strategy. Gaining insights into keywords, website usability, SEO, sales insights, and digital strategy can be a challenge.
- Bridging the supply and demand. While serving the demands of existing customers, it is also important to acquire and engage new customers for the overall rise in demand. Adopting ways to meet the timely supplies for varied demand cycles
- The rise of omnichannel, contact-less commerce and more
Desk Research Services to Win in Digital Economy
Secondary market research and desk research helps business address challenges and open doors to strategic opportunities. Desk Research is the systematic collection, study and analysis of secondary market information obtained from publicly available sources. It is consolidated into a comprehensive report that reflects the prevailing market situation.
Here are the business areas that can be addressed by desk research:
- Market conditions, market consumption capacity (demand), risks and opportunities to help identify trends and possibilities for market development
- Analysis of competition, number of active players, their strengths and weaknesses, determine niche areas to help study the competitive landscape
- Determination of the primary and secondary sales channels and strategize promotion of products
- Comparative analysis of the pricing policy
- Evaluation of the commodity policy
- Review of media activities and publications
- Study of trends and technological advancements
- And many more…
Desk research should be conducted before a product launch in a new market, before expanding an existing product range, launch of a new advertising campaign or launch of a new product in an existing market. Desk research should be conducted regularly to gauge change in market conditions, tracking change in demand and activity of competitors.
Advantages of Desk Research
- Most information in desk research is easily available from public sources from which relevant data can be collected and analyzed. It does not necessitate data collection from scratch.
- Desk research is a less expensive and less time-consuming process
- It forms a basis of preliminary data analysis that helps formulating tasks needed for conducting further field research if required
- Desk research is quicker and can be completed within a few weeks depending on the business objective OR businesses challenge that is being addressed
TransForm Solutions has worked for many of the world’s leading companies to deliver business-building insights. Our qualified and experienced researchers provide desk research, secondary research, data solutions, and competitive analysis to give you a picture of your target market, your business, as well as your competitors.