An international electronics company, known for its consumer and professional products, initiated Leading Edge to perform a market research project to explore the heating, ventilation, and air conditioning (HVAC) services sector. This venture aimed to enhance their understanding and presence in this specific area of building services.
Research Objectives: Unravelling the Complexities of the HVAC Market
The primary objective was to acquire in-depth knowledge of key manufacturers, brands, products, suppliers, and installers within the HVAC segment of the building services sector. Additionally, the study aimed to identify the procurement process and key influencers in the market.
Research Methodology: A Comprehensive Multi-Phased Approach
The research adopted a multi-phased approach, starting with extensive telephone research involving a variety of industry participants such as contractors, specifiers, engineers, end-users, and installers. This method provided practical market insights. Complementing this phase was thorough desk research aimed at assessing the current market size, understanding industry trends, and developing a forecast model for future market developments.
Strategic Business Restructuring and Remarkable Results
Based on the gathered insights, the company underwent a significant restructuring of its business strategy in the UK, realigning its resources and efforts with the identified market opportunities and trends. A new marketing strategy was formulated specifically for the HVAC sector, encompassing product development, distribution, pricing, and customer engagement strategies, all informed by the detailed market research. This strategic overhaul led to a substantial increase in market share within the HVAC sector, underlining the effectiveness of the research-informed approach.
Conclusion: The Power of Market Research in Shaping Business Strategy
This research highlighted the transformative impact of comprehensive market research in the HVAC sector for the electronics company. The strategic changes and significant market share growth achieved post-strategy implementation underscore the crucial role that thorough market understanding plays in navigating and succeeding in a competitive market.
