In all of our market research projects, we follow the same methodology to compile, cross-check, and confirm our research findings. We have used the approach for years and it continues to prove its value over and over again for research into different markets around the world.
Our methodology allows for a great degree of flexibility, making it feasible for more demanding projects, where the specific research focus must be put on different variables.
The full methodology is available in each report we create. The approach we use is proprietary and combines quantitative and qualitative analysis. It contains six steps:
- Analysis of official statistical information;
- Analysis of information received from the main market participants;
- Analysis of secondary information from official sources;
- Semi-structured interviews with market experts;
- Semi-structured interviews with corporate clients;
- WMStrategy’s analysis.
Analysis of Official Statistical Information
We collect and analyze official statistical information from different public and private sources. We use them for initial analysis of the volume, value and dynamics of all significant quantitative indicators. It is also used as the basis for building forecasts for the next few years. The exact list of sources is available in each report.
Analysis of Information Received From the Main Market Participants
We collect and analyze data from the main market participants to understand their competitive position on the market. The information helps us to define and assess how different companies utilize pricing and promotional strategies, and what competitive advantage they provide.
The information also assists us to analyze the product assortment and brand presence on the market. The information from the main market participants includes but is not limited to:
- Company presentations;
- Annual reports;
- Price lists;
- Promotional materials;
Any other information found to hold value to the specific research focus is also included.
Analysis of Secondary Information from Official Sources
The analysis of secondary information from official sources completes the bigger picture of the market. The data verifies the quantitative analysis and enriches the qualitative one. Information can come from:
- Industry portals and publications;
- Trade associations;
- Media agencies;
- Articles and reviews;
- Marketing agencies;
- Commercial databases;
- WMStrategy’s archives.
Any other information source that can contribute to the project is also considered for use but only after verification of its value.
Semi-structured Interviews with Market Experts
Collection and analysis of qualitative information explains different trends, growth drivers, threats and opportunities of the market. Another source of qualitative information are semi-structured interviews with market experts.
Market experts are representatives of the main market participants who interact with the particular marked on a daily basis. Those can be:
- Wholesalers and retailers;
- Importers and exporters;
- Professional associations;
- Industry publications, and others.
The semi-structured interviews allow us to answer the main questions to complete our understanding of the market. Often, they also provide new insights and allow new ideas and factors to come into the picture. The exact list of interviewed experts is available in each report.
Semi-structured Interviews with Market Clients
Another way of looking into the specific market is through the point of view of the corporate clients as they play a crucial role in its development. In this phase of the research, we use semi-structured interviews to understand the perspective of the high-volume clients on the market. It allows for extraordinary broad and deep industry understanding.
Our analysis takes part in every step of preparation of our market research projects — from collection and analysis of information to drawing actionable conclusions for you to make profitable decisions.
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If you require an entirely personalized research project, you can also request custom research.