Market analysis to support data-driven strategies

Objective

Our client, a US-based global management consulting firm, was tasked with devising strategies for growing its customers business in the automotive tool market. To get a granular view of the market environment and develop data-driven strategies, it sought reliable insights into the US automotive tool market. This included identifying tools that are high in demand, key tool purchase requisites, consumer brand preferences, and major competitors and their product offerings.

Solution

Netscribes conducted an in-depth market analysis, which involved the following steps:
1. Background research:

We leveraged various paid and non-paid databases, and other secondary sources of information to study the overall US automotive tool market and identify the various direct competitors of the end-customer’s product.

2. Respondent identification and screening:

We then identified a sample group of executives based in the US and involved in the selection and purchase of automotive tools for their company. This step also involved calling up the respondents and asking them some screener questions before scheduling appointments for the survey.

3. Primary research:

Leveraging the information collected in the previous stages, we conducted a web-based survey using CATI with qualified respondents to understand their purchase intent, frequency of usage of different auto tools, such as hand tools, power tools, pneumatic tools, handheld diagnostic tools etc., and their preferred purchase channel.
Furthermore, we identified the preferred brands for each segment of automotive tools based on the respondents’ selection of primary, secondary and tertiary brands.
The project had an incidence rate of 80% as, of a pool of every 100 respondents, around 95 successfully completed the screeners and 80 completed the remaining survey.

4. Quality check:

All completed surveys were put through a stringent quality check process. First, the transcript submitted by the analyst is reviewed. On clearing that, the call recordings are sent through the QA team which then calls the respondents to verify their responses.

Netscribes completed the project in a turnaround time of three weeks.