Web Scraping For Market Research
Market research is a crucial part of maintaining a competitive business. With web data extraction, market researchers can incorporate insightful data streams such as market trend analysis, pricing analysis, R&D, and competitor monitoring into their workflows to ensure their clients and businesses always have an edge on the market.
However, manually acquiring data for market research is a mundane, arduous task. Fortunately, we can now easily automate market research by using intelligently designed web crawlers.
In this guide, we’ll give you a sneak peek into five of the most common and impactful use cases that businesses use to produce actionable insights and keep a watchful eye over the health and competitiveness of their industry.
- Market trend analysis
- Price monitoring
- Optimizing point of entry
- Research & Development
- Competitor monitoring
Market trend analysis
When performing a market trend analysis, web scraped data is perfectly suited to complement and enhance the productivity and accuracy of your research methods. Acquiring insights into any particular market scenario and the larger industry environment requires a great deal of data, and web scraping provides this data with a guaranteed level of reliability and accuracy.
Rigorous quality assurance standards are critical for this type of information, as subtle trends and market behaviors have been demonstrated as key indicators for market movement, and being a first-mover unlocks tremendous opportunities for any organization.
To make profitable pricing decisions, having access to a timely, reliable source of high-quality data is crucial. By scraping pricing data, market research teams are empowered to confidently consult their organizations and clients on how to best position products and services.
In an online world where prices change as rapidly as new products appear, automating a healthy stream of pricing data into your market research team is essential for ensuring you have an up-to-date, reliable benchmark against which you can either compete within the market or enter it.
Optimizing point of entry
Where you position yourself and how you price your goods is as important as your product or service itself. By using web scraping to fuel market research into your industry and location you can enter the market with confidence and a competitive upper-hand.
With web scraping, a huge variety of relevant, essential information about a market can be aggregated extremely quickly, capable of fueling aggressive startup growth as well as new product launches into competitive industries.
Research and development
Precautions are taken to ensure a healthy, thoughtful R&D cycle can dramatically reduce post-launch headaches. Whether your company produces enterprise software, video games, canned beverages, or electric cars, spending more time in R&D can be the difference between catastrophic failure and success.
Web scraped data is to R&D what buttresses are to ancient structures - it supports the entire process while preventing misguidedness and disaster. Since the scope and capability of big data is truly driving an epochal change in research - of any kind - using web scraping to generate data for R&D teams unlocks tremendous insight across every aspect of the cycle.
The traditional non-data-driven competitor monitoring processes employed by many businesses put them at real risk for disruption, creating blind spots and pain points for competitors to exploit.
By integrating web scraped data into a systematic competitor monitoring process, market researchers provide businesses with a powerful advantage and can act quickly on competitor insights to maximize revenue, market share, and growth opportunities.
Investors, startups, and Fortune 500 businesses alike can utilize the sheer power of web scrape data to realize their fullest potential and endow their operations with the most effective, world-class solutions currently available.
As the internet continues to grow, the amount of data it generates grows with it, opening new opportunities for all types of organizations to improve their processes and make more informed decisions. Therefore, we firmly believe that now is the best time to act and that by incorporating such data streams into your organizational processes you can ensure your organization is disruption-proofed and fully prepared for the world of tomorrow.
Learn more about web scraping for market research data
Here at Zyte , we have been in the web scraping industry for 12 years. We have helped extract web data for more than 1,000 clients ranging from Government agencies and Fortune 100 companies to early-stage startups and individuals. During this time we gained a tremendous amount of experience and expertise in web data extraction.
Here are some of our best resources if you want to deepen your web scraping knowledge: