Methodology

Assess the market before entering into it and reduce the risk

PRIMARY DATA COLLECTION                                                                                                

We give upmost emphasis on primary research as by conducting these interviews, we capture highly reliable first-hand data. For the following report, our data team interacted with various prospects, playing a vital role in the industry, which includes top-level management, decision-makers/ influencers, and trade (dealer/distributors) personals.

We have prepared distinct questionnaires and took qualitative interviews in the case of top-level management and decision-makers while we conducted quantitative interviews with channel sales personals to understand consumer demand. It helped our team to understand the market better, most of the time we draw trends, dynamics, and recommendations by combined responses of all the groups. Analyzing this data, we are able to provide accurately evaluated results that would allow you to conclude on strategic decisions.

SECONDARY DATA COLLECTION

We source secondary data from published articles, company websites, magazines, associations, trade journals, annual reports, government official websites, and other paid database sources. For some of the small evolving organizations where annual reports are not available, we purchase their financials. Once the data is collected, we combine & validate it with primary inputs to ensure the authenticity of the data. We reiterate the process if we feel that the data collected is insufficient to answer the client's needs.  The details of secondary sources are mentioned below:

  • Government – Has a wide availability of open data such as census, economic, trade geographic information, along with whitepapers and reports.

  • Annual Reports – Company reports, financial analyses, press releases, and websites can give much useful information.

  • Associations and trade unions – Every other organization conducts their own research within the sector and publishes the insights, growth prospects, challenges faced by current trends, and future scope within the industry.

  • General media – Journals, newspaper, and magazine articles often report surveys and findings, especially on issues such as consumer confidence, trends, and spending patterns.

  • Paid database sources – We have access to some of the big databases like Bloomberg Quint, Hoovers, Thomson Reuters, Factiva, Captial IQ, LexisNexis etc. that further helps us to extract the crucial data.

methodology

DATA EVALUATION:

  • Forecasting Through Statistical Models: While everyone can collect data through primary and secondary sources, what holds importance is how the data is interpreted. We at Bonafide Research use accurate data to answer your business questions. Data analysis involves the critical step of interpretation of the figures and finding a conclusion about the forth comings in the market. We do not only study the numbers, but also provide you an in-depth study of the effects of the market drivers, trends, competitions, and other factors on market dynamics. We assure quality data analysis, modeling, and interpretation & thus providing credible results.   

  • Market Formulation: We use various recommended statistical methods to derive market estimates for the forecast. Apart from the numerical figures, information about the market dynamics, trends, barriers, and pricing strategies are also taken into consideration while forecasting the data. Post the primary analyzes, we crosscheck the same via a combination of economic tools and industry experts to validate our findings. This becomes very crucial to minimize the possibility of errors as well as to support our findings. We do not only document information, but also recommend the course of action for our clients.

ANALYZING THE COLLECTED DATA

Once we have all the data we utilize a combination of bottom-up and top-down approaches for market sizing, segmenting, and estimating. The final values have been derived from the cross-linking of the gathered primary and secondary information. Through this, we ensure that the data we formed reflects the best possible accuracy. We use multiple recognized statistical methods to extract market estimates and forecasts. Along with numerical figures, information about the market dynamics, trends, barriers, and pricing strategies are also taken into consideration while forecasting the data. We do not the only forecast through models we crosscheck the findings via a combination of economic tools and ask our industry experts panel to validate our findings. This essentially minimizes the possibility of errors as well as supports our findings. We are experienced enough, to address any questions regarding the target market as we have completed many studies in those regions and we can use our cross-industry, cross country data. Our multidisciplinary team of experts would help you understand the industry scenario better and point out the emerging market patterns. We prepare the data analysis and help our client by recommending a course of action, which proves beneficial for the client.