To survive and grow in the fast-evolving textile world, it is vital to stay relevant and competitive. And to satisfy the evolving demands of the industry and consumers, apparel and textile businesses often need new ideas. But too often, new ideas fail because of inadequate market research.
Therefore, market research is vital for every textile and apparel business to match the market. For business, it's highly important to optimize their offerings to connect with the right consumers in the right way. And to connect with the right consumers – you need the right data!
“Without data, you’re just another person with an opinion.” – W.Edwards Deming
Now, the biggest challenge for today’s textile world is DATA. Businesses are collecting data from every possible source. But the concern of authenticity of data remains the same.
Here we’ll discuss the types of data and how to get it right.
Primary and Secondary Research
Primary Research: The process of gathering information by yourself is primary research. Where you focus on potential customers through the following:
- In-depth interviews
- Focus group
- Social media monitoring
Primary research gathers two types of information – Exploratory and Specific. Exploratory research is open-ended and qualitative, which helps textile and apparel businesses to identify trends and opportunities.
Secondary Research: The process of gathering data collected by others. It is the information that has already been published by other groups:
- Government statistics
- Industry associations
- Trade publications
- Other businesses
The research process involves the following steps:
- Identifying the subject domain
- Collecting existing data
- Comparing data from different sources
- Analyzing the data
Secondary research can save your time and can provide larger and high-quality data.
Click here to Dive Deep into Market Research!
Research Drives Business
For any textile business, both Primary and Secondary research has its role to play. Combined data from both the researches help decision-makers to understand the past and current market scenario.
Businesses need to analyze the data and update their current marketing strategy to meet market demands. And decision-makers needs to prioritize their organization’s goals and objectives to build and test plans, capitalizing on emerging consumer needs.
The apparel and textile business need a surefire plan and strategy to trap and track the evolving market. Regularly, they need to update their data and strategy to stay competitive in the market. Business needs to be ready with their short-term and long-term strategic planning. And equally open to modify their strategy timely.
Establish a Strategic Partnership
Regardless of how effective market researches can be for your business, you cannot deny that its time, energy, and source consuming at the same point. From gathering data to analyzing information and coming up with an unbeatable strategy is a bigger task than it seems.
For all textile and apparel businesses, we have a data-driven market intelligent tool- TexPro. The tool has all the data to drive your textile and apparel business. One can find the below data on TexPro.
- Raw Material Prices
- Export-import Data
- Analysis of Brands & Retailers
- Country Profiles
- Tariff Rates & Non-Tariff Regulations
- Market Size Statistics
- Government stats and notifications
All these data can assist you to make your research easier than ever before. You can gather, compare, and analyze the data within the tool.
Moreover, TexPro offers you advance features like:
- Unlimited Downloads
- Tabular Representations
- Pictorial Representation
- Talk to Analyst