CEDIA: The importance of market research
The home technology industry is thriving, meaning that we all have our heads down, working hard on residential installs, developing new products and marketing company successes to customers. But are you reaching the right audience? Are you focusing on the right area of your business? What does the future hold for your company? Is there anything more you should be doing?
It is hard to know the answer to all these questions. One way to ensure that you are on the right track is having market research to refer to.
But what exactly is market research?
According to ESOMAR, the global research trade organisation, market research is ‘the systematic gathering and interpretation of information about individuals or organisations. It uses the statistical and analytical methods and techniques of the applied social, behavioural and data sciences to generate insights or support decision making’.¹
As the above explanation suggests, the reason for conducting market research is to gain valuable insight that can support business decisions, but it also allows you to -
- Drive your communication with current customers and target potential new clients
- See where the opportunities are
- Lower any potential risks
Why am I giving you a lesson in market research, I hear you say. Well the reason is simple, we are taking the time, effort and cost away from you by commissioning futuresource to conduct a Size and Scope survey for the UK home technology industry.
The purpose of our research is to understand the bigger picture of the growth of residential sales and installations of AV, entertainment, security, networking, control, and other related systems that have changed over the last 12 months and how they are likely to develop over the coming year. It will also detail the estimated number of companies installing industry products, the size of the workforce and the areas that are most important for their businesses.
In order to report on vital market trends and produce an accurate report of the UK home technology industry, participation from as many companies as possible is crucial, so we are encouraging all professionals to take part in the survey.
The process will take around 30 minutes, but by doing so, CEDIA will provide you with a free copy of the report *. As well as this, you will also be entered into a prize draw to win an ISE Training & Travel Package to Amsterdam, worth over £500 or an Apple HomePod**, so visit www.cedia.co.uk/research to take part.
Matt Nimmons is managing director of CEDIA EMEA
* Members will receive a full copy of the survey, while non-members will receive an abridged report.
** Prize draw includes flight and hotel contributions, plus an ISE CEDIA training pass. Apple HomePod available from December. See survey for full terms and conditions.
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