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6 min

Benefits of IT market research for your business

In this post, we'll go over some ways that IT market research can benefit your business

GrapeData
Sep 26, 2022
IT/Software
B2B market research
B2C market research

Introduction to IT market research

It's no secret that IT is a competitive space. New technologies are on the rise every day. Some examples include AI, VR, and IoT. Not only are technologies evolving, but the way that they are being deployed is also changing. Companies have to do what they can to stay ahead of the curve and win customers from their competitors. 

One way to do this is by doing your own market research, which can help you learn about new technologies, find out which key performance indicators (KPIs) matter in your industry, and strategise better for the long term—among other things. For example, Nest is a popular tech company that is focused on reinventing home appliances. They use market research to enhance the customer experience for their company. For a guide on Nest’s business model, check out this case study that explains it in depth. Similarly, market research can be used in any sphere of the IT industry. 

Learn about new technologies

As you conduct your market research, you'll want to learn about new technologies. This means that you'll need to know what new technologies are available, how they work, and what they can do for your business.

In addition to learning about the benefits of new tech, also consider how to use it in your company. For example:

  • Are there any existing systems that can be integrated into the new technology?
  • What kind of training will be required for employees?

Find out how your competitors are doing

You can use IT market research to learn how your competitors are doing, and see how they're using their own IT. You can use this information to learn more about what works and doesn't work for them, and whether you need to change any of your strategies.

For example, if a competitor's website is slow or difficult to use, but they still get 1 million visitors per month, then maybe you can focus on building an easy-to-use site instead of trying to attract more visitors.

Plan better for the long term using IT market research

The more you know about your customers, the better you can serve them. By using IT market research, you’re able to plan for all different kinds of events. These can be long-term trends like an increase in mobile phone use or shorter-term events like a new product launch.

You don’t need to wait until something happens to start planning for it. For example, if there are indicators that a company is developing a smartwatch and they haven’t released any information yet, then you can prepare yourself now. In the case they do release one later down the road, you'll have market research. If they do release one and it has features similar to yours (or even better than yours), then being prepared could help you keep your customers happy.

Get a leg up in global mergers and acquisitions (M&A)

When it comes to mergers and acquisitions (M&As), there are many ways that IT market research can help. The first step is understanding what challenges are common in your industry, and which key performance indicators (KPIs) matter most.

When an M&A goes through, management teams often don't take into account all the changes that will occur in the IT department because they don't have enough information on how their company's sales compare with others. However, an accurate picture of how your organization compares against its competitors is crucial when making decisions about growth goals or whether to pursue an acquisition opportunity.

IT market research gives you insight into where you need to improve as well as highlights areas where you're doing well—and should continue doing so—to stay competitive over time.

Know what IT challenges are common to businesses like yours

You want to know what challenges are common to your industry and the businesses that operate within it.

IT market research can help you do this by providing insights into the problems and needs of IT decision-makers. You'll be able to see what issues they face and how they resolve them, which will give you a deeper understanding of their buying habits. You'll also gain an insight into how these companies use technology, allowing you to tailor your own offerings accordingly. Understanding challenges is key to having your business succeed. You can do this through business frameworks and theories. Let’s discuss one such theory in detail. SWOT Analysis is an analytical tool used to identify opportunities and threats. It is a way to make strategic decisions by considering the strengths and weaknesses of the organisation, as well as those of its competitors and other relevant external factors.

The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is important that strengths and weaknesses are internal factors relating to your organisation. Opportunities are external factors that can be taken advantage of, such as new technology. Threats are also external factors that could negatively affect your business, such as competition from another company or economic downturns.

The goal of SWOT analysis is not simply to identify strengths and weaknesses. It is to use this information to identify opportunities for growth and potential threats. This is so you can take action to achieve your goals. Thus, this framework is one way to identify challenges in the IT space.

Find out which key performance indicators (KPIs) matter in your industry

Key performance indicators (KPIs) are the measures of success for a business. They help you understand what's important to your business and track how well you're doing in achieving those goals. These can be financial, operational, or customer-based KPIs. For example:

  • A financial KPI would be profit margin or revenue growth
  • An operational KPI might be website traffic, efficiency, or employee turnover rate
  • A customer-based KPI could be an NPS score, online reviews, or the number of complaints

Better understand your customers through IT market research

It's important to understand the needs of your customers. If you want to create a product that will solve a problem, it is vital to know what problems they are having. Additionally, if you want to see which questions to ask for a software evaluation survey, we’ve got you covered. We recently published an article on which software product evaluation survey questions to ask.

It's also important to understand their pain points and expectations. For example, if you're making an app for iPhone users, they will expect certain features that Android users won't expect.

Finally, it's important to understand their preferences: do they like using mobile devices more than desktop computers? What brand of smartphone do they use? How much data do they want on their phone plan? These questions can help you decide which type of mobile device would be best for them (iPhone vs Android).

Using IT market research helps you make better business decisions

In a nutshell, IT market research helps you make better business decisions. It helps you plan for the future, understand your customers and competitors, and it helps you understand what technologies are available.

The value of using IT market research is hard to overstate. The more information you have about the market in which your business operates, the better prepared you will be to succeed in that industry. Especially, the IT landscape is ever-changing and it’s important to stay ahead of your competitors. SWOT analysis or the PESTEL analysis are some frameworks that help you get ahead. Business strategies can be developed using these to forecast threats or opportunities. Ultimately, IT market research will lead you to better decision-making. 

Conclusion

Using IT market research is a great way to learn more about the technology industry, your competitors, and your customers. With this information, you can better understand what’s happening in the market and make data informed decisions about how you should invest your time and resources. You can plan for the future growth of your business and have some answers in mind! 

GrapeData is a tech-enabled survey solution focused on niche B2B and B2C survey respondents. We use a combination of technologies such as AI and geolocation to ensure the highest possible quality of survey data. With 300k+ contributors, we’re sure to find the IT market research that you need.

What’s more? Our dedicated team of professionals is here to guide you throughout your project. We work across all industries and most geographies, getting you the data that you need. With our matched data quality, you are sure to find the perfect project. How do we do this? We focus on finding only the right set of respondents for your project. Our processes ensure that you get high-quality surveys in a variety of formats. Additionally, we aim to deliver results in a matter of days. So, you can get your market research done quickly and efficiently.

Email us at sales@grape-data.com to know more about IT market research!