Market trends and analysis strategies of the Fortune 500 companies provide crucial insight about the current condition of the market and your business. Tracking their strategies and analyzing their moves is a great way to keep up-to-date with the leaders of the marketplaces and strive for success in the right direction. Business owners and researchers of the Fortune 500 have a great responsibility of delivering fresh insights about customers and controlling the expenses at the same time. Leading business in various industries follow similar suits that helps them in cost cutting and creating better business research reports for their businesses.
Market Trends and Strategies Popular with Fortune 500
Following are the most popular trends in the businesses in Fortune 500.
Basic Research Using In-House Team
Many business owners neglect the internal strength that their businesses have. Companies often rely on third-party panels as a sample source for survey research. Third-party panels offer appealing convenience and predictability. Still, if your research requires focusing on your own customer base or special screening criteria, third party panels may not be the most cost-effective choice. As a result, some companies have invested in building their own in-house panels. For certain target markets and populations of interest, an in-house panel can reduce data collection costs and pay for itself quickly.
Include Social Media Insights
Many market researchers now accept social media-gleaned insights as a way to inform market research projects. By monitoring social media conversations using various tools can discover trends in brand sentiment and even gather product feedback without going out and asking for it. While in many cases, this type of research is viewed as “qualitative” and directional, as opposed to “quantitative,” it does have value. The large amount of social media content that is generated worldwide every day is a rich source of data that can be analyzed using cool new technologies in the form of text analytics and sentiment analysis tools.
Considering Forecasting Analysis
Some Fortune 500 researchers are starting to test prediction markets as a market research method. A prediction market is simply a web-based platform to generate, prioritize, and assess predictions. You want to know what behaviors will be more common in your target market by 2015. Find out brand perceptions by asking which of your top four competitors will have the most revenue growth next year. Ask the crowd, whether a broad or narrow one, by hosting a fantasy stock market or “poker chip” game. New technologies are allowing corporate researchers to gain customer insights quickly.
Just because they are bigger companies, does not mean they spend a lot of money on industry analysis. They make wise decisions based on their requirements.
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