Market research
Use market research to decide your next move.
A new region, product or customer group raises questions a contact database cannot answer. Define the decision first, gather the evidence it needs and keep the remaining unknowns visible. The result should tell your team what to investigate, change or leave alone.
In this guide
Start with the decision the review must support
Market intelligence brings together evidence about a market so someone can make a commercial decision. That might be whether to investigate a new region, change an offer, prepare different material or keep the present approach. “Keep us informed about the industry” is too broad to determine what belongs in the review.
Write the question, decision owner and date by which the evidence is useful. For example: “Should we investigate maintenance demand among water-treatment plants in the neighbouring region before extending our delivery coverage?” The immediate decision is whether to research further, not whether every plant is already a suitable prospect.
Define the market by the customer work, product or service, geography and period. A national manufacturing statistic may provide context while saying little about a particular plant type in one region. Keep those levels distinct.
The Netherlands Chamber of Commerce (KVK) publishes market-research guidance that connects a research question, available information and the decisions a business wants to make. Use the question to limit this review’s scope, including what evidence would make you keep the current approach.
Choose evidence for each part of the question
Use different sources for different claims. Official industry statistics can describe a defined population and period. Company publications can establish what a firm announces. Permitted customer records can show the questions and orders your team has seen. None automatically substitutes for the others.
Write an evidence plan before collecting updates. For the regional question, it might cover the number and type of relevant sites, the work they need, access to those buyers, current service constraints and open technical questions. The account-list guide helps turn a market boundary into named companies and sites.
The market-research guidance from the US Small Business Administration (SBA) distinguishes existing sources from direct customer research. Broad data can establish context; specific buyer questions may require direct investigation. Choose the smallest set of sources that can answer the question behind the current decision.
Keep a list of material gaps. An unavailable source, an outdated directory and a sample dominated by existing customers each create different limits. Record those limits with the evidence, rather than burying them in a general confidence score.
Check the date, population and meaning
Every material observation needs its original source, publication date, period described and date reviewed. A page updated this week may reproduce a study from several years ago. A recent announcement may describe a decision made earlier or a project that has not started.
Read the definitions behind a figure. Does it describe orders, output, revenue or the number of businesses? Is the geography relevant? Are closed firms included? A change in classification or survey coverage can alter a total without the underlying customer work changing in the same way.
Avoid counting repeated reporting as independent evidence. Three newsletters may repeat one press release. Preserve the original source and mark the other reports as repetitions; they do not establish three separate market developments.
For a technical or regulatory development, check the originating publication and ask the appropriate specialist to assess status, timing and applicability. A consultation, a proposed requirement and an applicable requirement should not appear as the same kind of evidence. This review does not itself determine a client’s legal obligations.
Review a possible regional expansion
An industrial supplier is deciding whether to investigate water-treatment plants in a neighbouring region. The review brings together industry information, site records, buyer questions and delivery constraints. Each source answers a different part of the decision.
Industry release checked 1 September
- What the record can establish
- The published series covers a broader industry and an earlier period than the target group
- Consequence for this decision
- Keep it as background; do not infer demand at individual plants
Site directory checked 2 September
- What the record can establish
- Several entries appear relevant, but operating status and process details are incomplete
- Consequence for this decision
- Verify the buying units before estimating the serviceable market
Permitted buyer notes reviewed 3 September
- What the record can establish
- Two enquiries raised a maintenance-supply question in this region
- Consequence for this decision
- Investigate the need; two enquiries do not establish its prevalence
Technical publication checked 4 September
- What the record can establish
- A possible requirement is mentioned, but its status and product scope need specialist review
- Consequence for this decision
- Hold this proposition change until a specialist has assessed whether the requirement applies.
Channel catalogue checked 5 September
- What the record can establish
- A distributor lists relevant products, without evidence of local coverage or availability
- Consequence for this decision
- Research the route to market instead of assuming buyers can already be reached
Delivery plan reviewed 6 September
- What the record can establish
- Current routes do not confirm that the proposed service commitment can be met
- Consequence for this decision
- Ask operations to assess coverage before approving an expansion campaign
The immediate decision is to check whether the sites are suitable and whether delivery is feasible. Demand across the wider region remains unconfirmed. The team has a reason for two specific research tasks; it does not yet have a reason to promise regional coverage or launch a campaign to every directory entry.
If those checks later rule out the region, retain the reasons and the review date. A useful market review can prevent an unsuitable expansion just as it can support a next step. It can also justify doing no further work.
Check whether the development changes a buyer’s task
Ask what would have to be true for an observation to matter. A production change could affect maintenance work, purchasing frequency or technical requirements, but those implications need checking. Write the chain from observed change to possible customer need, with uncertainty at each step.
Separate existing customers from an unfamiliar market. Your team may be able to ask a current account owner about a relevant concern through an appropriate relationship. A public market observation does not give permission to contact every person at an apparently related company.
Use segmentation where different buying conditions would require a different commercial approach. Use territory coverage for the serviceability, ownership and capacity decision. Both are more specific than a general statement that the market looks attractive.
A named competitor’s changed service or proposition belongs in a competitor evidence review. Keep it connected to the market question, while distinguishing one firm’s behaviour from a market-wide change.
Present the options and the evidence for each
End the review with the decision question, relevant observations, limits and available actions. For each action, state what evidence supports it and what would have to be checked next. “Investigate delivery feasibility” is more reviewable than “accelerate growth in the region”.
Make assumptions visible in the recommendation itself. If a proposed campaign depends on an unverified service boundary, do not leave that condition in an appendix. The person approving the work needs to see the dependency before agreeing to it.
Record the owner, decision date and rationale. The decision may be no change, a bounded research assignment, a revised message or an operational assessment. Include the next review trigger so a deferred question does not return as if it were new every month.
The buying-signals guide applies similar evidence discipline at account level. A market review should also allow uncertainty and no action; the difference is the population and decision it addresses.
Choose a review frequency that fits the decision
Review evidence often enough for the work it affects. A slow-moving market question may need a periodic briefing; a dated procurement window may justify more frequent checks of a specific source. The frequency should follow the decision and source behaviour, not the amount of content available to collect.
Keep unchanged observations, missing checks and failed retrievals distinguishable. “No update found in the sources checked” is narrower than “nothing changed in the market”. Preserve the coverage record so a reader knows which statement is justified.
If the same sources and events need repeated attention, define an account-monitoring watchlist with a recipient and review rule. Monitoring mechanics and market interpretation are different responsibilities; an alert still needs someone to decide what it means.
Review whether earlier findings were useful. Did they change a decision, prompt a necessary check or answer an open question? Remove recurring material that nobody uses, while preserving the evidence needed to explain past decisions.
Commission the question that matters now
Write one market question and list three observations that could change its answer. For each, name the source, relevant population or account group, uncertainty and person who can assess it. Then write what you would do if the evidence remained inconclusive.
Plan can cover a defined market-research assignment and give your team the evidence or target accounts it needs. If you also want outreach, agree who handles the account research, contact approach and campaign operation through Build. A recurring review or monitoring tool is a separate scope choice. The research approach shows how we investigate missing account information.
Which market question is holding up a decision?
We can investigate a new market, test the fit for a new product or research accounts in a segment you already know. Agree a useful deliverable for your team, with campaign support where you need it.
Discuss your market questionA Fit Call is a free 30-minute video conversation. No preparation needed.