Industry Studies

Client Dilemma

A nationally-known manufacturing client of BDD’s was preparing for their upcoming strategic planning sessions and wanted to address the issue of growth. They were looking for a new place to market their products – something that was, as of yet, untapped. At the same time, they wanted to take a “snapshot of the industries” they currently served. Taking a business into uncharted territory was a risky proposition even with all the necessary issues resolved. The client placed this quandary before the Business Development Directives’ consulting team. “What is out there? What markets are up and coming? What are the trends? What industries might be a good match for our product line? Who is our competition in these markets? What are the biggest issues facing our existing industry? How do those issues compare to the new markets being explored? So many questions needed answers before they could even think about strategic planning and creating a growth plan. Where would they get the information they needed?

BDD’s Action Plan

The BDD consulting team jumped into action, knowing exactly what had to be done to acquire the necessary market details. Before the client could say “strategic plan” or “growth opportunity” the consultants were busy conducting an industry study to gain specifics on current market issues, growth projections, industry nuances, emerging competition, demographics and industry trends. Significant effort went into exploring new industries and updating information on the current industries served. The consultants scanned their six super powerful proprietary databases, explored trade publications, trade shows, conferences, news releases, speeches, business publications, Internet sources and a variety of other tools. Next, a series of in-depth phone and face-to-face interviews were completed with industry experts, leaders in the targeted industries, competition and major trade associations. Once the information was gathered, a detailed report was drafted, providing the best markets for the client’s products. An interactive planning exercise followed, which included matching existing client products to the new markets examined, which revealed significant promise and opportunity.

End Result

Based on BDD’s comprehensive industry study, the client found not one, but two possible new markets. In addition, the research helped the client identify critical messages to use with these new markets, the strongest and most effective marketing vehicles to penetrate the market (which were significantly different than their existing marketing vehicles) and the most effective way to introduce a new product to these new target audiences. As a bonus, supplying the client information on the changes in their existing industry not only identified an emerging competitor, but it gave the client information they could use to better position themselves as the industry leader. Best of all, with the thorough BDD industry study right at their fingertips, their growth plan just seemed to write itself! And, in a matter of speaking, they all lived happily ever after.