The true value of market research is not what it tells you about the decisions you are making today. Its potential lies in how it helps shape your organization’s strategies, action plans and success over time.
Given that critical decisions for companies, economic development organizations, real estate service providers and investors depend on knowledge of market drivers and trends, market research and analysis is not the icing on the cake; it is an important foundation of growing and well-led companies.
Here are three benefits your organization will realize from your investment in strategic market research:
You will Identify Higher-Return Opportunities
Even a slight shift in strategic direction today can have profound effects down the road. Robust market research not only helps you avoid pitfalls and blind spots, but also gives you the tools to identify opportunities that, years from now, can provide a significantly higher ROI.
The right research and intelligence help decision makers easily understand trends that are unique to the market that is being evaluated. This enables the creation of dynamic strategies and plans that capitalize on the best opportunities in the subject market.
For example: an economic development organization will be able to identify and then support the maturation of a rapidly growing emerging industry, contributing high-impact benefits (i.e. strong wages, advanced skills, additional downstream development, etc.) to their community.
You will Optimize the Use of Your Resources
It is not just substantial changes that impact your businesses projections; local economic shifts can affect certain industries more than others. When planning it is important to focus your organization’s finite resources where they will generate the best return.
This is particularly important when an organization’s performance varies amongst different markets. Deeper data and analysis and market-specific segmentation will yield strategies and initiatives that leverage local market dynamics, helping you stay flexible and resilient as markets shift around you.
For example: corporate sales and/or marketing leaders can direct their sales team and marketing efforts towards industries which offer the best growth prospects now and in the future. These high-potential industries can vary by market, so a dynamic deployment of these resources that adjusts by market can help maximize organizational performance.
You will Make Better Long-Term Decisions
No decision is made in a silo. Each move your company makes is inherently subject to a myriad of outside factors. Micro- and local-level market data helps support decision making to maximize your organization’s potential and manage risk.
For example: a company can use data and analysis to compare multiple markets for a corporate relocation or expansion. Critical information such as local talent availability, supply chain prominence and target industry presence will help you identify the best market option for your location.
Or: a real estate investor may value industry employment trends to support investment, disposition or redevelopment decisions for specific markets and property types.
Sidecar Industry Insights is a new offer that can help you realize these benefits.
Available at the state, metro and county market levels, these comprehensive yet easy-to-navigate reports incorporate economic base and shift-share analysis with industry employment data to the 6-digit NAICS code, supported by economist-led reporting that segments data into three categories:
- Industries of Strength
- Industries in Decline
- Emerging Industries
Sidecar Industry Insights’ economist-led interpretation and reporting ensures that you have expert-perspective when making crucial decisions. Consulting services are available to support your unique requirements.
As the saying goes, well-begun is halfway done. Start your journey with Sidecar Industry Insights Market Reports, Data Files and Consulting Services at https://insights.sidecarcre.com/.