Market Research in Construction Industry is the process of gathering information about your customers, competitors, markets, trends, and related information. There are several options for gathering information about customers and their buying preferences and purchase intentions. It is increasingly important in the construction industry where economic trends influence the outlook for the industry as a whole and poor decisions are costly. Alhadiint guide Always Guide you about Market Research and provide you valuable guideline about Construction services.
Types of Market Research
Alhadiint Brief you about types, often categorized as primary vs. secondary research, quantitative or qualitative research, and syndicated research.
Secondary research is the most common, defined as published, publicly available and free information from websites, magazines and publications, trade associations, government, census data, and of course search engine results.
Primary research is information collected directly from the source, often custom to the project and typically includes surveys, interviews, and focus groups. Surveys are more convenient than ever with the ability to utilize online surveys.
Qualitative research use open-ended responses typically with interviews or focus groups. On the other hand, quantitative research employs statistically significant sampling and closed-end questions typically with surveys.
Alhadiint provided some great tips for conducting market research in the construction Company
Research what’s Already Been Done
Survey Construction Market Trends & More
Analyze Construction Market Data
Why is Market Researching so Important?
Alhadiint provided some great tips why it is so important for conducting it in the construction Company
- research is used to support planning and budgeting and decision-making for new products, market-entry, marketing communications, customer initiatives and more.
- Marketing without research, customer or market insight is guesswork, with high risk of failure.
- With new product failure rates in excess of 90%, insights from its promises to reduce the risk of failure.
- Niche markets within the construction industry likely do not have available secondary research, thus requiring primary research.