Researching your market is key to successfully predicting industry shifts. But, what research is actually beneficial for your business? Check out our step by step process on analyzing market data and what tools you can use to obtain all the information you need to make an informed decision. 

What is Market Analysis?

Market analysis allows you to learn everything you can about a specific market in your industry. Whether your business is in healthcare, tech, hospitality, retail, etc. It is important to have access to information about workforce analytics, global micro and macroeconomic indicators, compensation analytics, and hiring and pay behaviors. All of which can be researched with access to WageScape’s comprehensive labor market data.

What is the Purpose of your Analysis?

When conducting market research it is important to know what exactly it is that you need to research and why. Are you looking to hire more people? Adjust compensation for employees? Re-evaluate your benefits package? No matter the purpose, working toward a goal to better understand your industry will allow you to conduct productive market research.

Know your Market in its Entireity  

Knowing your current market and where you stand is an important starting place. Now that you know what it is you’re researching you can see your market’s landscape using general data analysis tools such as WageScape’s Market Intelligence Dashboard. The market intelligence dashboard allows you to get a comprehensive snapshot of the labor market or an individual job. You can filter the entire dataset to suit your needs with easy-to-use selection dropdowns allowing you to quickly see data that is relevant to your business. Select specific job titles, job families or locations to get a quick comprehensive view of the emerging market pay trends and hiring organizations.

Analyze the Competition

Studying your competitors is key to executing proper market research. The Company Intelligence Dashboard module can help you quickly assess your competitors individually or your industry overall. Simply select a company and then drill down into specific details by job family or job listing to see the median salary and company hiring trends over a specified date range.

Gain Deeper Insights 

To achieve your company’s goal in better understanding the labor market industry shifts, gain deeper insights into data that matters. Compensation, benefits, geographic intelligence, and industry trends are crucial to gaining deeper insights to make informed decisions moving forward. WageScape has extensive data on all the above and more.

When conducting market research to anticipate industry shifts, WageScape shows you what’s happening with wages, benefits, and your competition right now – for any job, in any location. This information is critical for attracting and retaining talent and for setting strategies for recruiting, pay, and growth. We are here to help you achieve your goals. Learn more about how WageScape can help you with future market research now!