Custom research provides businesses with tailored reports that help them position themselves differently from competitors. Unlike general market surveys, custom research reports provide a more in-depth look at the market and are tailored specifically to the company’s unique needs. Custom research focuses on niche sections or trends in the market, helping companies further hone in on their area of focus.
The focus of custom market research reports can stretch from technological advancements to consumer behavior shifts and everything in between. These reports can help businesses identify new opportunities, mitigate risks, or discover gaps in supply. Below we take a look at how businesses can source custom research reports to keep up with market trends and innovations.
Technological Advancements
Custom research reports can help businesses keep track of technological integration in industry. With the onset of AI, IoT, blockchain and other transformative technologies, it is imperative for businesses to gain knowledge of how these technologies can help businesses thrive.
Through custom research reports, businesses can keep an eye on emerging technologies and innovations. Further, dedicated research reports can also help companies learn what technologies are being leveraged by competitors.
Consumer Behavior Shifts
Businesses are tied down to consumers’ whims and preferences. In industries where trends play a significant role, prominently in the fashion industry, stakeholders have no choice but to stay up-to-date with trends. This allows them to forecast consumption patterns and predict shifts in consumer behavior.
Custom research reports help users study consumer behavior minutely, helping them make observations based on shifts in the past. These reports also help businesses pick up trends in one region that could become significant in another region in the future.
Sustainability
With sustainability playing such an important role in policies, businesses have to invest in research regarding sustainable innovations and trends. Whether it’s eco-friendly raw material, new ESG policies, or bans on environment-harming products, businesses have to be on their toes in regard to sustainability.
Custom research helps businesses become sustainable from top to bottom. Through custom research reports, businesses can identify sustainable sourcing options and eco-friendly manufacturing innovations. They can also learn ways through which their distribution becomes more sustainable.
Competitor Policies
One of the prime factors in companies seeking market research is competitor analysis. Businesses on guard make sure to not be left behind by innovations by competitors.
Custom research reports expound on innovations made by competitors, whether it be new products or sales policies. These reports also highlight the area of focus for competitors as well as their supply sources. Custom market research can help companies to set competitor benchmarks and KPIs.
Crisis Solving
In times of crisis like supply chain disruptions, production losses, or falling sales, companies can take the help of custom research. Custom market research helps in diversifying the supplier base, helping companies to seek out alternative procurement avenues in times of supply chain disruptions.
Similarly, custom research reports can point out innovations in production techniques to combat losses. A variety of factors can lead to falling sales and custom research can aid companies in pinpointing the factor (or factors) responsible.
Pricing Innovations
To make services more customizable and convenient, companies are introducing non-traditional pricing models. These include fremium services, tier-based subscriptions, packages with delivery benefits, and more.
To craft these untraditional pricing plans, businesses need to study consumer preferences and their economic diversity. Custom research reports help companies understand their consumers more deeply. Using these reports, companies can decide pricing strategies that are best suited to their consumers and adhere to current market reality.
Other Benefits
Apart from the above-mentioned, custom research reports have a myriad of other benefits for businesses, including:
- Regulatory Changes: Identifying new laws or policies that could impact the market.
- Emerging Geographical Areas: Searching regions or countries that show potential for the company’s products or services.
- Cultural Trends: Identifying emerging trends due to shifts in societal perceptions
- Fluctuating Market Size: Helping companies gauge reasons for the increase or decrease in market size as well as the number of competitors.
- Innovations in Customer Experience: Expounding on technology like chatbots in dealing with customers.
- Packaging and Delivery Innovations: Introducing companies to new packaging materials or techniques, especially sustainable ones.
Conclusion
Businesses need to be cognizant about the constant upheaval in their industries. To formulate new policies after considering trends and innovations, stakeholders need to study the market deeply. Custom research reports help companies to focus on an area, or areas, of the industry for better thoroughfare in the future.
Fibre2Fashion provides custom market research services that help businesses with strategic decisions. Housing a host of experts in the research field, Fibre2Fashion’s services provide data that helps companies make data-driven decisions. Textile and apparel businesses especially can stand to benefit from the deep pool of research that is unearthed by Fiber2Fashion’s research teams.