Not having a good overview of your own market is one of the most common reasons for companies to fail. Continuous market monitoring helps you to recognize changes and trends in the market at an early stage and to react to them proactively.
How do you succeed in winning new customers and retaining them in the long term?
Since markets are constantly changing, it is particularly important to know where one’s own market is currently located and what the future prospects look like. Similar to products, markets are also subject to a life cycle. In order not to lose sight of these market changes, but also of your own competition and customers, you should continuously monitor your market.The aim of such market observation is to identify relevant changes as well as opportunities and risks in good time through regular monitoring in order to be able to act proactively.
Market observation thus provides important and fundamental prerequisites for many entrepreneurial decisions, such as product development, expansion of a company or the marketing approach of a product.
With continuous market monitoring and tracking, you stay up to date with the current developments in your market and make trends visible for yourself. The resulting findings provide you with a basis for strategic corporate planning and set impulses for innovation. Market monitoring is also useful if you want to check the effectiveness of existing strategies and measures.
If desired, the focus of the monitoring, in addition to markets, can also be placed on products or services, in order to be able to track changes in supply and demand, for example.
In any case, we provide you with detailed information for theto facilitate the greatest possible certainty in your decisions.
Since markets are constantly changing, it is particularly important to know where one’s own market is currently located and what the future prospects look like. Similar to products, markets are also subject to a life cycle. In order not to lose sight of these market changes, but also of your own competition and customers, you should continuously monitor your market.The aim of such market observation is to identify relevant changes as well as opportunities and risks in good time through regular monitoring in order to be able to act proactively.
Market observation thus provides important and fundamental prerequisites for many entrepreneurial decisions, such as product development, expansion of a company or the marketing approach of a product.
With continuous market monitoring and tracking, you stay up to date with the current developments in your market and make trends visible for yourself. The resulting findings provide you with a basis for strategic corporate planning and set impulses for innovation. Market monitoring is also useful if you want to check the effectiveness of existing strategies and measures.
If desired, the focus of the monitoring, in addition to markets, can also be placed on products or services, in order to be able to track changes in supply and demand, for example.
In any case, we provide you with detailed information for theto facilitate the greatest possible certainty in your decisions.
At the beginning of market monitoring or tracking, it is recommended to identify usage habits, attitudes or preferences of consumers within the framework of small group discussions or individual interviews. Particularly in rapidly changing markets, this approach offers insights into trends or needs that may not yet be known. The (newly) gained insights and hypotheses serve as a basis or as a supplement for the content of the actual market monitoring and tracking.
At the beginning of market monitoring or tracking, it is recommended to identify usage habits, attitudes or preferences of consumers within the framework of small group discussions or individual interviews. Particularly in rapidly changing markets, this approach offers insights into trends or needs that may not yet be known. The (newly) gained insights and hypotheses serve as a basis or as a supplement for the content of the actual market monitoring and tracking.
To quantify the findings from qualitative market research, it is suitable to conduct a survey with a sufficiently high number of respondents, e.g. a population survey. You can already gain initial insights into the current usage habits, attitudes, preferences of different subgroups (e.g. by gender, age category) from the first wave of monitoring of tracking, through the possibility of cross-sectional analyses. This allows you not only to identify differences and commonalities of these subgroups but also to use them proactively for your strategic decisions.
From the second wave onwards, so called longitudinal analyses are possible, which show changes with regard to usage habits, attitudes and consumer preferences over time, i.e. compared to the previous waves. In order to reliably detect longterm trends, we recommend continuous market monitoring and tracking over a longer period of time, be it quarterly, semi-annually or annually.
To quantify the findings from qualitative market research, it is suitable to conduct a survey with a sufficiently high number of respondents, e.g. a population survey. You can already gain initial insights into the current usage habits, attitudes, preferences of different subgroups (e.g. by gender, age category) from the first wave of monitoring of tracking, through the possibility of cross-sectional analyses. This allows you not only to identify differences and commonalities of these subgroups but also to use them proactively for your strategic decisions.
From the second wave onwards, so called longitudinal analyses are possible, which show changes with regard to usage habits, attitudes and consumer preferences over time, i.e. compared to the previous waves. In order to reliably detect longterm trends, we recommend continuous market monitoring and tracking over a longer period of time, be it quarterly, semi-annually or annually.
With the Statista Customer Cloud®, our interactive cloud-based DIY evaluation tool, you have the opportunity to carry out your own individual analyses of your study results. You can quickly and easily create your own data evaluations online with just one click to identify trends and changes.
The tool also offers the possibility to carry out re-contact and tracking studies on the basis of a large-scale initial survey with further ad-hoc surveys of the same target persons in an uncomplicated way in order to evaluate relevant questions with individual target groups – in your own panel.
With the Statista Customer Cloud®, our interactive cloud-based DIY evaluation tool, you have the opportunity to carry out your own individual analyses of your study results. You can quickly and easily create your own data evaluations online with just one click to identify trends and changes.
The tool also offers the possibility to carry out re-contact and tracking studies on the basis of a large-scale initial survey with further ad-hoc surveys of the same target persons in an uncomplicated way in order to evaluate relevant questions with individual target groups – in your own panel.
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