The global automotive industry consisted of 85.32 million units in 2020 and is expected to grow to 122.83 million units by 2030. In a highly competitive market, automotive companies always seek information that helps them better understand customers and their needs.
Market research is an essential tool for automotive companies as it helps them determine trends and where their focus should be. Some of the benefits of market research include:
- Understanding customer expectations
- Insights for marketing and brand management
- Strategies for new product development
- Predicting potential revenues
Automotive companies that base their decisions on data can often gain a competitive advantage and are able to generate sustainable revenue.
Decision Point Research provides comprehensive market research for the automotive industry, encompassing the full range of quantitative and qualitative capabilities in data collection. Here are 5 areas that an automotive company should focus on when conducting market research.
Clearly Defined Objectives
When conducting market research, the objectives need to be clearly defined, and the study should be focused on specific questions and how getting answers would benefit the automotive company. With a clear direction, market research can be a great investment that yields positive results.
Using Quantitative and Qualitative Research
Automotive companies require both quantitative and qualitative research. Quantitative research provides great numerical data such as statistics on sales. Qualitative research is equally important as it focuses on consumer behaviour.
Understanding the Report
After the research concludes, the data must be understood by all stakeholders of the automotive company. Depending on the study, there needs to be a defined next step and a course of action that will impact the company.
Committed to Action
Market research may point to a direction that differs from the automotive company’s assumptions about the market. Based on findings, the company needs to be committed to taking action and realigning its strategies.
Automotive companies should approach market research as an ongoing process that is central to the decision-making process. The automotive market is evolving, and companies need to constantly lookout for new trends, technologies, and customer feedback.
Automotive Research with Decision Point
Decision Point can help automotive companies conduct market research that will help them respond to emerging market trends and changing consumer behaviour. Our database has its members profiled by the make and model of the vehicle they primarily own. This helps with targeting efforts when conducting research studies for the automotive industries.
Contact us today and learn more about the services we offer.
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