What are the best ways to research your client's industry?

1 Identify the key players

One of the first steps to research your client's industry is to identify the key players, such as competitors, customers, suppliers, regulators, and influencers. You can use online databases, trade associations, industry reports, and news sources to find out who they are, what they do, and how they affect your client. This will help you map out the industry structure, trends, opportunities, and challenges.

2 Analyze the industry forces

Another way to research your client's industry is to analyze the industry forces that shape its profitability and attractiveness. You can use frameworks such as Porter's Five Forces, PESTEL, or SWOT to evaluate the impact of factors such as rivalry, bargaining power, threats of entry or substitution, political, economic, social, technological, environmental, and legal aspects, and strengths, weaknesses, opportunities, and threats. This will help you identify the key drivers, risks, and gaps in the industry.

3 Benchmark the industry performance

A third way to research your client's industry is to benchmark the industry performance against relevant metrics and standards. You can use financial statements, annual reports, industry surveys, and market research to compare the industry's revenue, growth, profitability, market share, customer satisfaction, innovation, and quality. This will help you assess the industry's current and potential value, as well as the areas of improvement or differentiation.

4 Understand the industry dynamics

A fourth way to research your client's industry is to understand the industry dynamics that influence its evolution and transformation. You can use scenarios, forecasts, models, and case studies to explore the possible future outcomes and implications of changes in the industry environment, customer behavior, technology, regulation, and competition. This will help you anticipate the industry's opportunities and threats, as well as the strategic options and actions for your client.

5 Validate the industry insights

A fifth way to research your client's industry is to validate the industry insights that you have gathered and synthesized. You can use interviews, surveys, focus groups, and experiments to test your assumptions, hypotheses, and recommendations with relevant stakeholders, such as industry experts, customers, competitors, or partners. This will help you confirm the accuracy, relevance, and feasibility of your industry analysis, as well as the value proposition and solution for your client.

6 Present the industry research

A sixth way to research your client's industry is to present the industry research in a clear, concise, and compelling way. You can use charts, graphs, tables, diagrams, and stories to communicate your findings, insights, and recommendations to your client. You should also tailor your presentation to your client's needs, expectations, and preferences, as well as address any questions or objections they may have. This will help you demonstrate your expertise, credibility, and value as a consultant.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?