While market research is valuable — and frankly, necessary — in all sectors and industries, it is particularly vital in the manufacturing space, where the costs and consequences of making misinformed decisions can be severe; and in some cases such as when it comes to major new product launches, entering new markets, acquiring businesses and so on, it can be nothing short of catastrophic.
Below, we highlight 4 key reasons how market research benefits the manufacturing industry:
Market research helps manufacturers stay top-of-mind during long B2B sales cycles.
B2B sales cycles in the manufacturing industry can take anywhere from a few months, to well over a year. Market research helps manufacturers identify methods and content (e.g. ebooks, videos, demos, etc.) that will engage prospects, and keep them top-of-mind across the buyer’s journey.
Market research helps manufacturers identify buyer personas.
According to research by Gartner Group, in a typical organization of 100-500 employees an average of 7 people are involved in a single buying decision. Market research helps manufacturers identify each of the buyer personas they may encounter — such as procurement managers, heads of production and engineering, production line workers, quality managers, health and safety managers, technicians, field engineers, etc. — and build strategies that engage and impress each of them accordingly.
Market research helps manufacturers get primary insights that are unavailable from secondary sources.
While secondary sources such as analyst reports can be useful, there are many cases where customized primary market research is the only way that manufacturers can get the insights required to make informed business decisions regarding aspects like differentiation, customer experience, new products, product evolution, segmentation, channels, market opportunities, market sizing, and so on.
Market research helps manufacturers reduce risk.
Success and failure in the manufacturing industry is often a question or risk mitigation: compared to their competitors, companies that replace more unknowns with knowns put themselves in a position to reap substantial and sustainable gains, including class-leading and first-mover advantages. While market research is not a crystal ball, it replaces speculation and assumptions with hard data and reliable evidence — which, in both the short run and long term, can make all the difference between thriving and struggling.
At Communications For Research, we have in-depth experience empowering manufacturers with market research-based business intelligence, so they can make smarter, better and more profitable decisions. To learn more, contact us today and schedule a chat with our co-CEO Colson Steber to determine how CFR’s market research can benefit your manufacturing business.
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