How do you balance the need for industry research with the constraints of time, budget, and resources?

1 Identify your research objectives and scope

Before you start collecting and reviewing industry data, you need to have a clear idea of what you want to achieve with your research. What are the key questions you want to answer? What are the specific aspects of the industry you want to focus on? How will you use the research findings to support your goals and strategies? Having a well-defined research objective and scope will help you narrow down your search, avoid irrelevant or outdated information, and prioritize the most relevant and reliable sources.

2 Use a variety of sources and methods

Industry research can involve different types of data and information, such as market size, growth rate, segmentation, competition, customer behavior, regulations, trends, and forecasts. To get a comprehensive and accurate picture of the industry, you need to use a variety of sources and methods, such as industry reports, trade journals, surveys, interviews, case studies, online databases, and social media. However, you also need to be critical and selective of the sources and methods you use, and check their credibility, validity, and timeliness. For example, you can compare and contrast different sources and methods, look for corroborating or conflicting evidence, and evaluate the assumptions and limitations of each source and method.

3 Analyze the growth drivers and barriers

Once you have collected and reviewed the relevant industry data and information, you need to analyze them to identify the growth drivers and barriers in the industry. Growth drivers are the factors that contribute to the expansion and success of the industry, such as innovation, demand, differentiation, or competitive advantage. Barriers are the factors that hinder or limit the growth and performance of the industry, such as competition, regulation, saturation, or substitution. To analyze the growth drivers and barriers, you can use various tools and frameworks, such as SWOT analysis, Porter's five forces analysis, PESTEL analysis, or value chain analysis. These tools and frameworks will help you assess the strengths, weaknesses, opportunities, and threats of the industry, as well as the external and internal forces that affect it.

4 Apply the research findings to your business decisions

The final step of industry research is to apply the research findings to your business decisions. How do the growth drivers and barriers affect your current and future position in the industry? How can you leverage the growth drivers and overcome or mitigate the barriers? How can you differentiate yourself from your competitors and create value for your customers? How can you anticipate and adapt to the changing industry dynamics and trends? By applying the research findings to your business decisions, you can improve your strategic planning, marketing, product development, and risk management.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?