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Market research executive: job description.

Olivia Rowland

1 Aug 2024, 14:09

Market research executives collect and analyse data for market research projects.

What does a market research executive do? Graduate salaries | Typical employers | Qualifications and training | Key skills

Market research executives gather and analyse data about customers’ needs, behaviour, beliefs and preferences – essential information for teams launching new products or refining existing ones.

Typical duties include:

• consulting clients about project requirements and objectives
• designing research methods such as interviews and questionnaires
• carrying out qualitative or quantitative research
• agreeing timescales and budgets
• supervising staff
• briefing interviewers
• keeping detailed records of progress to ensure the research process is not compromised
• writing reports, and interpreting and presenting findings
• making recommendations to clients and/or colleagues.

It’s common for market research executives to work either for an agency (known as ‘supply side’), where you work on different clients’ projects, or in-house (known as ‘client side’), where you work on projects within your own organisation.

Whether you work for an agency or in-house, you’re likely to work standard ‘office’ hours (9.00am–5.00pm) although you may not work in an office full time. You may need to work longer hours when deadlines are approaching, and you may need to travel to meet clients or colleagues in other locations from time to time.

Graduate salaries

Salaries for market research executives start at around £20,000, according to The Market Research Society. Your earnings will increase as you gain experience, which is likely to happen quickly in this role.

Typical employers of market research executives

• Market research agencies
• Management consultancies
• Government departments
• Advertising agencies
• Commercial organisations
• Manufacturers
• Large charities.

Vacancies are advertised by careers services and specialist jobs boards such as researchjobfinder.com, campaignlive.co.uk and jobs.marketingweek.com.

Not all jobs are widely advertised, so be prepared to network and make speculative applications.

Qualifications and training required

There are routes into this profession for university graduates and school leavers.

Most employers seek graduates with experience of developing research projects and carrying out data analysis, so a degree in social sciences, business, maths, geography or economics will be an advantage. You could also consider a specialist postgraduate marketing qualification to build or boost your skills.

Competition for jobs in this field is tough so work experience will help your job applications stand out. Look for internships, vacation work and volunteering opportunities that will help you build the skills recruiters look for. Experience of canvassing or market research interviewing is particularly useful.

School leavers can take a marketing apprenticeship, which involves working towards a qualification while working in a relevant job.

Key skills for market research executives

Employers in this sector will be seeking these skills:

• commercial awareness
• excellent analytical skills
• organisational skills
• interpersonal skills
• numerical skills
• excellent communication skills, both written and spoken
• attention to detail
• experience using specialist statistical software
• problem-solving skills.

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Market Research Analyst job description

A Market Research Analyst collects and analyzes data on consumers, competitors, and the marketplace. They provide insights and recommendations to support decision-making, identify market trends, and improve competitiveness. Strong analytical skills, knowledge of statistical packages, and excellent communication are essential.

Eleni, ex-People Ops Manager at Workable, excelled in recruitment, lifecycle management, and employer branding.

Refreshed on

June 1, 2023

Reviewed by

Eftychia Karavelaki

Senior Recruitment Manager

This Market Research Analyst job description template is optimized for posting on online job boards or careers pages and easy to customize for your company.

What is a Market Research Analyst?

A Market Research Analyst is a professional who collects and analyzes data on consumers, competitors, and the marketplace. They interpret the findings to provide valuable insights and recommendations to businesses for informed decision-making and to identify market trends and opportunities.

What does a Market Research Analyst do?

A Market Research Analyst conducts research and gathers data using various methods such as surveys, interviews, and data analysis tools. They analyze the collected data, interpret trends, and provide reports and presentations to clients or internal stakeholders. They play a crucial role in helping businesses understand consumer preferences, market dynamics, and competitive landscape to drive strategic decision-making and improve overall business performance.

Market Research Analyst responsibilities include:

• Collecting data on consumers, competitors and market place and consolidating information into actionable items, reports and presentations
• Understanding business objectives and designing surveys to discover prospective customers’ preferences
• Compiling and analyzing statistical data using modern and traditional methods to collect it

Want to generate a unique job description?

Looking for a job.

We are seeking a detail-oriented Market Research Analyst to conduct surveys and analyze customer preferences and statistical data.

Your role will involve providing valuable insights to support customers in their decision-making processes related to product designs, pricing, and promotions.

As a successful Market Research Analyst, you will have the ability to independently analyze qualitative data, identify trends, assess strategies, and evaluate competition, with the ultimate goal of enhancing competitiveness.

Your responsibilities will include gathering and interpreting market research data, generating reports, and presenting findings to stakeholders.

We are looking for a self-motivated professional with strong analytical skills and a deep understanding of market dynamics.

Join our team and contribute to our company’s success by helping us make data-driven decisions to optimize our products and strategies.

Responsibilities

• Collect data on consumers, competitors and market place and consolidate information into actionable items, reports and presentations
• Understand business objectives and design surveys to discover prospective customers’ preferences
• Compile and analyze statistical data using modern and traditional methods to collect it
• Perform valid and reliable market research SWOT analysis
• Interpret data, formulate reports and make recommendations
• Use online market research and catalogue findings to databases
• Provide competitive analysis on various companies’ market offerings, identify market trends, pricing/business models, sales and methods of operation
• Evaluate program methodology and key data to ensure that data on the releases are accurate and the angle of the release is correct
• Remain fully informed on market trends, other parties researches and implement best practices

Requirements and skills

• Proven Market Research Analysis experience
• Ability to interpret large amounts of data and to multi-task
• Strong communication and presentation skills
• Excellent knowledge of statistical packages (SPSS, SAS or similar), databases and MS Office
• Search engines, web analytics and business research tools acumen
• Familiarity with CRM programs
• Adequate knowledge of data collection methods (polls, focus groups, surveys etc)
• Working knowledge of data warehousing, modelling and mining
• Strong analytical and critical thinking
• BS degree in Statistics, Marketing or related field

Post this Market Research Analyst job to over 200 job boards at once.

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How to Be Market Research Executive - Job Description, Skills, and Interview Questions

• How to Become
• Job Descriptions
• Skill & Competencies
• Common Tools
• Professional Organizations

The increasing demand for Market Research Executives is a direct result of the growing importance of data analysis and market research in the modern business world. Companies are increasingly recognizing the need for market research in order to gain a competitive edge, as well as to better understand their target audiences and develop more effective marketing and product strategies. As a result, Market Research Executives are in high demand, with a need for their expertise in data collection and analysis, market trends, customer segmentation, and more.

The job requires strong analytical skills, as well as the ability to effectively communicate findings to clients. Furthermore, the job is often cross-functional, requiring Market Research Executives to collaborate with other departments such as marketing, sales, and operations.

Steps How to Become

• Earn a Bachelor’s Degree. The first important step towards becoming a Market Research Executive is to obtain a bachelor’s degree in marketing, business, economics, or a related field.
• Gain Experience. Potential employers will want to see that you have relevant experience in market research. You can gain experience through internships or entry-level jobs, such as research assistant.
• Get Certified. Obtaining a professional certification can help you stand out as a market research professional. The Professional Researcher Certification (PRC) is an internationally recognized credential available through the Marketing Research Association.
• Find a Job. Once you have the necessary experience and certifications, you can begin searching for a job as a Market Research Executive. You can find job postings online or through networking.
• Continue to Develop Your Skills. Once you have secured a job as a Market Research Executive, it’s important to continue to develop your knowledge and skills in the field. Consider taking additional courses or attending seminars to stay up-to-date on trends and best practices.

Keeping up to date and competent as a Market Research Executive requires staying informed on the latest industry trends and best practices. This can be done by reading industry publications and blogs, attending conferences and seminars, networking with peers, and participating in professional groups and forums. Keeping abreast of new developments and technologies in the market research field is also essential, as these can be used to create more effective strategies for gathering and analyzing data.

staying current on regulations and laws that govern the industry helps to ensure compliance and protect the organization from any legal issues. Finally, continually engaging in professional development activities helps keep Market Research Executives competent in their field by honing their skills, expanding their knowledge, and increasing their understanding of the industry.

You may want to check Market Data Analyst , Market Access Manager , and Market Account Manager for alternative.

Job Description

• Develop research plans, surveys, and data collection methods to meet project objectives.
• Analyze and interpret customer data and market trends to identify potential opportunities.
• Develop market segmentation strategies that effectively target key customer groups.
• Monitor industry trends and competitors to identify potential market opportunities.
• Prepare detailed reports and present findings to senior management.
• Develop customer profiles and analyze customer feedback to inform product and marketing decisions.
• Conduct quantitative and qualitative research to gain an understanding of customer needs and preferences.
• Provide recommendations to optimize marketing efforts and maximize customer engagement.
• Create effective questionnaires, focus group discussions, and other research tools.
• Utilize various software programs to collect, analyze, and interpret data.

Skills and Competencies to Have

• Analytical and Problem-Solving Skills
• Communication Skills
• Research Skills
• Time Management Skills
• Interpersonal Skills
• Attention to Detail
• Organizational Skills
• Computer Proficiency
• Data Analysis and Interpretation Skills
• Knowledge of Market Research Methodologies and Techniques
• Critical Thinking Skills
• Creativity and Innovation
• Project Management Skills
• Presentation Skills
• Negotiation Skills

Market research executives need to have a wide array of skills in order to be successful. Chief among these is the ability to think strategically and analytically. This means being able to look at the big picture, identify trends, and develop solutions.

market research executives must be highly adept at data gathering and analysis, as well as the ability to interpret and present data in meaningful ways. They must also be able to effectively communicate their findings across a variety of platforms, from presentations to reports. Lastly, they must be comfortable working with stakeholders from all levels of an organization, from top executives to individual customers.

By honing these skills, market research executives can do their job more efficiently and help their organizations make better decisions.

Market Research Director , Market Intelligence Specialist , and Market Pricing Analyst are related jobs you may like.

Frequent Interview Questions

• Describe your experience in the field of market research.
• How have you used data and analytics to develop insights and drive strategic decisions?
• Describe a challenging project you have completed in the field of market research.
• What techniques do you use to gather customer feedback?
• How do you ensure the accuracy and reliability of the data you collect?
• What challenges have you encountered while conducting market research?
• How do you ensure that the results of your research are actionable?
• What do you think are the most important skills for a market research executive?
• Describe a time when your research made an impact on a business decision.
• How do you stay up to date with advances in market research methods?

Common Tools in Industry

• SurveyMonkey. An online survey tool for quickly creating surveys and gathering feedback from respondents (eg: example survey: “What is the most important factor when choosing a mobile phone?”).
• Google Analytics. A web-based analytics tool for tracking website visitor behavior (eg: example report: “Daily visits to the website by region”).
• Qualtrics. A survey platform for creating, managing, and analyzing survey data (eg: example survey: “What are your thoughts on the company's customer service?”).
• Tableau. A data visualization tool for creating charts and graphs from data sets (eg: example chart: “Monthly sales by product”).
• SPSS. A statistical analysis software package used for data mining and predictive analytics (eg: example analysis: “What factors influence customer loyalty?”).
• MarketSight. A market research platform for creating and analyzing surveys and reports (eg: example report: “Consumer sentiment on new product launch”).
• FocusVision. A market research platform for conducting online focus groups, interviews, and web surveys (eg: example survey: “What do you think about our new marketing campaign?”).

Professional Organizations to Know

• American Marketing Association (AMA)
• Market Research Society (MRS)
• European Society for Opinion and Market Research (ESOMAR)
• International Association for Market Research (IAMR)
• Insights Association
• International Research Association (IRA)
• UK Market Research Society (UK MRS)
• International Marketing Research Association (IMRA)
• Market Research in Practice (MRIP)
• World Association for Public Opinion Research (WAPOR)

We also have Market Strategy Manager , Market Intelligence Analyst , and Market Research Intern jobs reports.

Common Important Terms

• Competitive Analysis. Examining competitors’ products, pricing, marketing strategies and customer base to better understand the market and inform marketing and business decisions.
• Focus Groups. A small group of people who are asked questions about their opinions on a product or service. The responses are used to gain insights into customer attitudes and behaviors.
• Surveys. A research technique used to collect data by asking questions of a group of people. The responses can be used to gain insights into customer attitudes and behaviors.
• Interviews. A research technique used to collect data by asking questions of individuals or small groups of people. The responses can be used to gain insights into customer attitudes and behaviors.
• Qualitative Research. A research technique used to obtain detailed information about customer attitudes, behaviors and motivations. This type of research is used to gain deeper insights into customer needs and preferences.
• Quantitative Research. A research technique used to obtain numerical data about customer attitudes, behaviors and motivations. This type of research is used to measure customer sentiment and make informed decisions.
• Data Collection. The process of collecting data from various sources such as surveys, interviews, focus groups, and online resources. This data is then analyzed to gain insights into customer attitudes and behaviors.
• Data Analysis. The process of analyzing data to gain insights into customer attitudes and behaviors. This can be done using various techniques such as statistical analysis, predictive modeling, and text mining.

Frequently Asked Questions

What are jobs related with market research executive.

• Market Insights Manager
• Market Research Manager
• Market Research Supervisor
• Market Research Consultant
• Market Planning Analyst
• Market Development Manager
• Market Research Scientist
• Market Resource Manager
• Market Research Associate
• Market Risk Analyst

Web Resources

• Marketing Research, MS | Michigan State University online.msu.edu
• Market Research & Market Analysis Training Course ecornell.cornell.edu
• Market Research | Ohio University www.ohio.edu

Top Market Research Executive

United States

Netherlands

Top Market Research Executive directs and oversees an organization's market research function. Evaluates current sales, industry, and consumer data and predicts future trends. Being a Top Market Research Executive ensures that marketing efforts are focused on markets with high potential. Uses testing to gather data on market potential for new product concepts. Additionally, Top Market Research Executive typically reports to top management. The Top Market Research Executive manages a departmental function within a broader corporate function. Develops major goals to support broad functional objectives. Approves policies developed within various sub-functions and departments. To be a Top Market Research Executive typically requires 8+ years of managerial experience. Comprehensive knowledge of the overall departmental function.

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Market Research Executive Search

Find the pioneering market research executive you need to bring your company’s growth forward!

Partner with us at MarketPro as our proven market research executive recruiters locate talent that has mastered their digital and marketing skills for your business. Our proficient market research executive  search will only produce top innovative and ground-breaking marketing executive leaders. Therefore, we have exactly what you need to successfully guide the future of your business to new heights.

A Market Research Executive Search Experience That Leads to Profitable Outcomes

• Speed Should Never Sacrifice Quality : We understand how fast-paced the world of marketing can be within your company, no matter the size, to be able to stay ahead. In order to do so efficiently, partner with MarketPro, a market research executive search firm that trains reputable marketers to recruit and groom candidates. We swiftly bring you the leadership you need to stay up to date and ahead. Our superb executive search time is second to none. Our partnership allows you to resourcefully compete with your competitors and build a stronger brand.
• Surveying Top Talent: More than ever, experienced market research executives are in high demand. More often than not, they’re already employed by a competitor which leaves them too busy to encounter your opportunity organically. At any rate, you can leave the hard work up to us. After 20+ years of recruiting top talent we have gained quality access to those marketing experts for our clients. Our marketers-turned relentless market research executive recruiters know how to pinpoint and attract these passive candidates, even in uncharted territory. We simply find the best and bring them directly to you to build up your business.
• Culture Fit Is the Core of Customer Experience: The recipe for a lasting brand begins with your leaders and the team they build. Unfortunately, companies of all sizes tend to struggle to create a unique atmosphere and configure ideas. The solution is finding leaders that fit the culture of your company. A highly skilled market research executive who fits well with your company is not only strategic, but necessary. Their fluency in current challenges of marketing as a proven visionary leader will shape your company’s growth and longevity. As marketers, our marketing research recruiters know how to incorporate culture fit into our process of vetting senior market research executives. Our placement stick rate is now north of 98% and counting.

Market Research Executive Search That Brings ROI Increase and More

Monitoring the success of your team’s recent marketing campaign gives a track record of successes and potential failures. A market research executive delicately balances progress within your company with data-driven evidence. The lack of proper leadership in market research would have you fall behind your competition and in innovation in the year of the customer. Building and preserving a brand is hard work which is why we provide a solution with a market research executive search.

Our 20th anniversary reflects our history as former marketers that understand these challenges, providing a unique perspective our clients appreciate throughout this delicate process. Our team of extraordinary market research executive recruiters set the bar high for success. Although many companies have described their previous experiences as difficult, resource-intensive and unfamiliar, we make it easy.

The number one mission of our team is to recruit the best market research executive that will best serve your company with respect to your time. We find the best, for the best.

A Payment Model and Mutual Partnership That Benefit You

As a retained market research executive search firm that has established mutually beneficial partnerships over the past 20 years due to this model, we’re more than capable of providing timely solutions to your company’s market research leadership needs.

The ultimate goal of this partnership is to expand the parameters of your business to produce phenomenal results.

Read more about the MarketPro marketing executive search methodology

Market Research Executive Recruiters Get The Numbers Right

Market research is the behind the scenes work of a company’s market share. The various ways a company approaches this goal determines a lot on your customers and your brand. The more specific your data is on your customers the better the outcome would be for marketing campaigns and your product sales. This is why market research is more than a strategy, but an essential part of your business. Market research is a collective effort that spells out what the market is looking like and its demands.

Remain competitive with market research in your arsenal to map out the customers’ journey and your business plan. Ways to accomplish your research goals include case studies, surveys, and focus groups just to name a few. This analytics data is the backbone of your company, even down to the budget to know how much needs to be spent where, all to maximize your ROI. Segmentation is also derived from this discipline as each customer is looked at to understand how they interact with your brand, which changes how they’re marketed to. In partnering with MarketPro to locate such talent, we can situate your company as a proficient and more reputable brand.

Need More than Marketing Leaders on Your Team? Try Our Market Research Staffing Services

MarketPro is proud to be a top of the line market research staffing firm. Our team of marketers that are groomed in multiple disciplines are also the recruiters for your future team of market research specialists. We have found that the past 20+ years of finding top marketing talent at all levels for our clients has been a fulfilling portion of our firm’s function.

Find the pioneering market research talent you need to bring your company’s growth forward!

914.589.1662       

Market Research Advisory Group

Executive Recruitment & Strategic Consulting for the

Market Research & Consumer Insights Sector

Market Research Advisory Group, with almost a half century of cumulative experience, provides finely-honed executive search services to the Market Research & Consumer Insights industry. This includes our "C-Suite Vetting Process," a customized level of service utilized for all recruitment engagements assigned to us, regardless of title or compensation. 

Our knowledge of today’s job markets and hiring trends allows us to work with a diverse population of industry specialists. With a reputation of deep-sourcing best-in-class prospective candidates for our clients, you can rest assured that working with us as your trusted talent acquisition partner will pay dividends for years to come.

The Bottom Line

We help companies to make 

better hiring decisions, improve retention, and reduce hiring  costs over time.

Our Core Services

Our nationwide and EMEA searches are focused exclusively on the Market Research & Consumer Insights space for clients that include F500s, brands & cpg, management consulting, and  of course market research and consumer insights firms, consultancies and third party vendors. Services include:

* Contingency & Retained Search/Executive Level Recruitment 

* Staff Build-Outs & Corporate Transition Planning

* HR & Talent Engagement Consulting Services

Areas of expertise include :

* Business development & sales professionals * Data scientists - research & market analytics  * MR & insights consultants & analysts

* Qual & quant research managers & team leads * User experience/customer experience professionals * C-suite leadership * Directors/supervisors/account managers * New product development professionals * Full staff build-outs for start-ups * B2B research & category management * Brand/advertising research professionals

* Healthcare & pharma consumer insights * Competition & market intelligence

* General Counsel/Compliance

Let's talk about...

Market Research Advisory Group understands that you have options when considering how to secure top-shelf talent. We feel strongly about our abilities to be a cost-effective talent acquisition partner for you and your company.  From proven business development professionals to research social scientists to C-Suite caliber leaders...we are passionate about our tested & proven processes to fill critical roles, and along with our deep networks, to help our clients grow.  

We will get the job done. We guarantee it.

We Want to Hear From You.

Hiring Managers :

Our team of dedicated executive search professionals and account managers stand ready to assist you with filling critical roles at your company. Please reach out directly to our managing partners to discuss your requirements!

Scott Bandremer

914.589.1662

[email protected]

Prospective Candidates :

Please submit your resumes and cover letter to Scott @MarketResearchAdvisoryGroup.com

A Market Researcher's Guide to a Post-Pandemic World

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Keep checking back for additional posts!

Executive recruitment with a flair, scott bandremer  has been an executive search professional focused on  marketing, business development and technology for almost 30 years, as well as a director of marketing for leading organizations. scott's insights and expertise on sourcing best-in-class talent for the market research and consumer insights space has positioned him to flourish in this innovative partnership, and he looks forward to closely working with you and your team as your company's talent requirements dictate., our firm continues to help shape the talent pool and resource requirements of leading market research, consumer insights, and f500 companies. with a relentless drive that is focused on quality, integrity and timeliness, you will be in solid hands when engaging our services to assist your company in its search for top shelf talent. .

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Government Contracting Bids: How to Compete and Win Contracts

If you are looking to expand your business, government contracting bids present a massive opportunity, with billions of dollars up for grabs. 

Doing business with the government through contracting can be a game-changer in terms of credibility and prospects. However, the road to success is far from easy, as only less than 5% of U.S. businesses engage with the government. 

Table of Contents

What are government contract bids?

A government contract bid is like a job application for a specific project or to provide goods and services for the government. 

The bid is a public request from the government—a competitive process public entities use to procure goods and services from private suppliers. To make a bid, you must follow a reasonable price based on the government’s regulations. 

While some new companies offer lower prices to get started with government contracting, the government actually looks beyond the price; it prefers those who can guarantee good quality work on time and within budget.

Three types of government contracting bids

Here are some of the most effective formal methods of competitive bidding. 

Request for information (RFI)

A request for information is a formal process to get information from potential suppliers. It starts with a table of contents that outlines what the buyer needs. The RFI is typically used early in the buying process to learn about supplier capabilities and gather data for future decisions. 

For example, the Department of Defense used an RFI to ask for ideas on sharing spectrum for better 5G deployment.

Request for proposal (RFP)

A request for proposal is a comprehensive document that asks potential suppliers to submit their ideas and prices for a project. It’s used across public and private sectors to find the best solutions at the best prices. 

RFPs are often used for construction, where subcontractors, materials, machinery, and project timelines need to be specified. They include a section explaining the scope of work and deadlines. 

For example, the State Department used an RFP to find IT services for a $10 billion project, EVOLVE .

Request for quote (RFQ)

A request for quote is the first step in getting a price quote for a project. It’s similar to an RFP but focuses more on getting a comprehensive pricing quote. RFQs are often used for standard products where the quantity is known, while RFPs are for niche projects where details aren’t as clear. 

For example, the General Services Administration used an RFQ to get price quotes for janitorial and sanitation supplies to support federal agencies.

Steps on how to win government contracting bids

Companies new to contracting can easily become confused during the bidding process. Here are detailed steps to help beginners successfully bid on government contracts.

1. Complete the requirements

Businesses must complete several foundational requirements to establish credibility and eligibility before starting with government contracting bids. 

The first thing to obtain is the Unique Entity ID . It is an identifier that standardizes entities conducting business with the federal government. The UEID is unique to the business and is used for all transactions with the federal government. It does not expire but must be renewed on SAM.gov annually.

The second requirement is to update SAM registration . The business must renew and validate its registration every 12 months. To avoid inconvenience, start the renewal process at least 60 days before your registration expires.

The third is to look for the business’ NAICS codes . The North American Industry Classification System codes analyze industries, follow regulations, and find potential suppliers in the procurement process. Each NAICS code is a six-digit number that describes a business’s main industry based on its products or services. If the business is involved in multiple types of work, use more than one NAICS code.

2. Conduct market research to win contract bid from the government

Contractors should conduct market research to understand the federal government. Knowing the needs of government agencies can help businesses tailor their offerings to meet these needs effectively.

Market research also helps develop competitive strategies and reduce risks. Contractors can study their competition, find gaps in the market, and create unique selling points to stand out in the government contracting bidding process.  

There are several websites and tools that contractors can use for market research. 

• The Federal Procurement Data System (FPDS) provides detailed information on government contract actions, such as spending patterns and legacy data
• SAM.gov provides access to various government procurement systems where contractors can search for existing entity registration records or exclusion records. It also offers contract data reports and access to publicly available data

3. Carefully select the government contracts to bid on

A common mistake for beginner contractors is bidding on every contract opportunity, spreading their resources too thin and resulting in subpar proposals. Only bid on projects that align with your company’s core competencies and meet the necessary resources to execute the projects effectively.

Another mistake is underestimating the competition, leading to unrealistic bids. Contractors should pay attention to their past performance to determine their strengths and expertise, which can impact their chances of winning new contracts.

For example, if a company excels in environmental engineering, its proposal for a government project should focus on environmental restoration and should be backed by its previous successful projects and portfolio.

Lastly, forming strategic subcontracting partnerships with industry-specific firms can enhance a proposal’s attractiveness, especially when dealing with specialized knowledge or capabilities that primary contractors lack.

4. Prepare a winning proposal

Preparing a winning proposal requires attention to detail, strategic planning, and a deep understanding of the government’s needs. Some of the key elements your proposal must include are:

• Cover page : Clearly state the RFP title, solicitation number, due date, and contracting agency
• Executive summary : Summarize why your company is the best fit for the contract
• Technical approach : Detail your methodology, staffing plan, and schedule
• Past performance : Highlight your experience and success in similar contracts
• Management plan : Outline your project management and risk management strategies
• Pricing schedule : Provide a detailed breakdown of costs aligned with the scope of work
• Quality assurance plan : Explain how you can ensure the quality of deliverables

Submit your proposal on time and in the required format. Engage in follow-up communications to clarify doubts and demonstrate your commitment to the project.

Read more: How to Write a Proposal for a Government Contract

5. Keep your pricing competitive

Before setting prices for a government contract, conduct a thorough cost analysis for all direct and indirect costs associated with the contract, such as labor, materials, overhead, and petty cash. 

Perform market research to determine the pricing range for similar contracts. Analyze past contracts awarded by the government agency and prices offered by competitors. The Federal Procurement Data System and online government contracting news sources can provide insights into current market rates and competitive pricing strategies.

Consider value-based pricing , where the price is set based on the perceived or estimated value of the services to the government. It is applicable to highly valued government services, such as advanced cybersecurity measures or innovative, eco-friendly materials for construction projects.

Lastly, leverage economies of scale to reduce per-unit costs. It is achievable by bidding on multiple or larger contracts where the cost of production decreases as the quantity increases. 

Four stages of the bidding process

Here are the four stages of the bidding process, from preparation to contract awarding.

1. Preparation and planning

This planning and preparation stage occurs when the federal buyer creates a detailed Project Procurement Management Plan (PPMP) based on the project’s budget. It outlines the procurement needs and schedules, ensuring all activities align with the project’s goals. 

For example, the Department of Defense uses a Capability Development Document (CDD) to outline requirements. If the DOD decides to procure a new aircraft system, this stage assesses the current fleet’s capabilities, identifies gaps, and determines how the new system can address these gaps.

2. Solicitation of bids

After the planning phase, the federal agency releases a document asking for bids or proposals. This document outlines all the project details, including specifications, terms and conditions, and evaluation criteria.

Bidders need to understand this document to ensure their bids meet requirements. They can also ask questions in the Q&A section of the procurement website for clarifications on specific requirements.

3. Submission of bids

During this stage, vendors submit their bids based on the rules in the bid request. They detail proposals on how to fulfill the requirements, how long it takes, how much it costs, and how to ensure overall compliance.

Here are a few important things to consider when preparing a bid:

• Cost estimation : Vendors must accurately estimate all project costs, including materials, labor, equipment, overhead, and other potential expenses. 
• Project plan and timeline : Vendors need to include a detailed plan for their approach to the project, methods to use, and deadlines for timely delivery.
• Compliance with specifications : The bid must show the vendor can meet all project specifications, including quality standards, performance requirements, and regulations.
• Unique selling proposition : Vendors must highlight their unique selling points, like special expertise in innovative solutions or a strong track record.

Most importantly, vendors must follow the submission guidelines carefully:

• Format and documentation: Bids must follow the specified format, forms, certifications, and documents. Failure to do so can result in disqualification.
• Deadline: Bids must be submitted on or before the deadline. Only on-time bids are accepted by the government.
• Bid security: Some projects require vendors to submit a bid bond or security to show their dedication to commit to the project if they win financially.

4. Evaluation of bids

In the final stage of the bidding process, bids are evaluated based on the criteria in the bid request. The contract is awarded to the bidder who best meets the criteria and provides the best value.

The evaluation focuses on specific criteria:

• Price/financial evaluation : It’s not just about the lowest price but the value each bid offers. Offerors should have reasonable prices based on independent estimates, prices of other contracts, or commercial price lists.
• Technical capabilitie s: Assess if the bid meets the project’s specifications and quality needs for technology, compliance, and innovation.
• Bidder experience and past performance : Review the bidder’s history with similar projects, including their completion timeline, budget planning, and compliance.  
• Compliance with procurement requirements : Check that the bid meets all legal, regulatory, and policy requirements.

The government may conduct a pre-award survey to ensure the proposed award winner meets the solicitation requirements. Upon completion of the evaluation, the contract is awarded to the bidder who best meets the evaluation criteria. 

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Mobile App Development Market Size, Share, Competitive Landscape and Trend Analysis Report, by Platform, by Store Type, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032

IC : Software and Services

✷  Report Code: A323724

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Mobile App Development Market Research, 2032

The global mobile app development market was valued at $195.7 billion in 2023, and is projected to reach $606.1 billion by 2032, growing at a CAGR of 13.1% from 2024 to 2032. The market is experiencing robust growth, driven by increasing smartphone penetration and the rising demand for personalized digital experiences across various industries. Advancements in technologies like AI, AR/VR, and IoT are further fueling innovation, enhancing app capabilities, and expanding market opportunities. Additionally, the surge in mobile commerce and remote work trends post-pandemic has accelerated the adoption of mobile applications globally.

Market Introduction and Definition 

The mobile application development market refers to the industry focused on creating software applications specifically designed for use on mobile devices such as smartphones and tablets. This market encompasses a wide range of activities, including designing, developing, testing, and deploying mobile applications across various platforms such as iOS, Android, and Windows. With the increasing popularity and widespread adoption of mobile devices, the demand for innovative and user-friendly mobile applications has surged, driving the growth of this market. One key aspect of the mobile application development market is the constant evolution of technology and consumer preferences. To create apps that adapt to customers' shifting needs, developers must maintain to create the most recent developments and trends in mobile technology.  The market's flexibility offers developers significant opportunities as well as challenges when they aim to provide innovative solutions that are unique. Furthermore, the mobile application development market is competitive, with many developers and companies vying for a share of the market.  

Key Takeaways 

The mobile application developments market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Million) for the projected mobile app development market forecast period 2024-2032. 

More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major mobile application development industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights and mobile app development market size.

The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives and mobile app development market share.

Key Market Dynamics 

The mobile application development market is driven by several key factors that contribute to its growth. One of the primary drivers is the increasing penetration of smartphones and tablets worldwide. As more people rely on mobile devices for communication, entertainment, and productivity, the demand for innovative and user-friendly mobile applications continues to rise. This widespread adoption of mobile technology creates a vast market for developers to create and distribute their applications, driving the growth of the industry. However, the mobile application development market also faces certain restraints that can impact its growth. The significant restraint is the fragmentation of mobile platforms and devices. Developers must create applications that are compatible with multiple operating systems and screen sizes, which can increase development time and costs. Additionally, the competitive nature of the market poses a challenge for developers to differentiate their applications and attract users in a crowded marketplace. Developers can capitalize the trend by creating unique and targeted solutions that provide to specific market segments. The rise of mobile commerce and the increase in integration of mobile applications into everyday life present opportunities for developers to create innovative solutions that streamline processes and enhance user convenience. 

Mobile Phone Usage

Mobile phone usage has become ubiquitous on a global scale, with an estimated 5.27 billion unique mobile users worldwide. This widespread adoption of mobile devices has transformed the way people communicate, access information, and conduct business. From making calls and sending messages to browsing the internet and using mobile applications, mobile phones have become essential tools for everyday life. The convenience and portability of mobile devices have contributed to their popularity, enabling users to stay connected and productive. With the continuous evolution of technology and the increasing availability of affordable smartphones, mobile phone usage is expected to continue to grow in the coming years. 

Market Segmentation 

The mobile application development market is segmented into platform, store type, application, and region. On the basis of platform, the market is divided into IOS, android, and Windows. On the basis of store type, the market is divided into Google Store, Apple Store, and others. On the basis of application, the market is divided into gaming, BFSI, retail, airlines, media & entertainment, education, transport, hotels & restaurants, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Regional/Country Market Outlook 

The mobile application development markets in the U.S, and the UK are both dynamic and competitive landscapes driven by similar trends and factors. In the U.S., the market is characterized by a large and diverse user base, with approximately 277.5 million smartphone users as of 2021. This vast market size presents significant opportunities for developers to create innovative applications that cater to a wide range of consumer needs and preferences. The U.S. market is also known for its robust ecosystem of technology companies, venture capital firms, and tech-savvy consumers, which fosters a culture of innovation and entrepreneurship in the mobile app development sector. Similarly, the mobile application development market in the UK is characterized by a tech-savvy population and a high smartphone penetration rate, with approximately 82% of the population owning a smartphone. The UK market is known for its strong emphasis on design and user experience, with a focus on creating visually appealing and intuitive applications that resonate with consumers. The UK's startup ecosystem and supportive government initiatives also contribute to the growth of the mobile app development sector, providing developers with access to funding, mentorship, and networking opportunities. 

In May 2023, CodeBuzzers, a leading software development company, announced the launch of its new mobile app development services. The company has been providing top-notch software development services to businesses worldwide for years and is now expanding its offerings to include mobile app development. 

In April 2023, SaaS startup that specializes in no-code mobile app development, Apptile, raised $2.5 million in seed funding led by Mankekar Family Office and Livspace founder Ramakant Sharma. The startup uses the funds to launch its innovative platform, allowing Shopify businesses to create customized, high-performance mobile apps without the need for coding or design experience. 

In May 2023, BuildFire, a frontrunner in mobile app development platforms, acquired Bizness Apps, one of its major competitors in the market. This strategic acquisition highlights BuildFire's unwavering commitment towards continuous innovation and growth in the mobile app development industry. The merger promises to improve the customer experience by offering the most extensive and user-friendly app development platform in the market, supported by its easy-to-use interface and abundant feature set. 

Industry Trends 

In November 2023, Kyndryl, the world’s largest IT infrastructure services provider, and Microsoft Corp., announced their partnership that combined their market-leading capabilities in service of enterprise customers. The deal with Microsoft is Kyndryl’s first since recently becoming an independent public company and provides multi-billion revenue opportunities for the two companies. 

For instance, in September 2023, Microsoft Corp. and Mercy forged a long-term collaboration using generative AI and other digital technologies to give physicians, advance practice providers and nurses more time to care for patients and improve the patient experience. Mercy will apply generative AI when taking patient calls for actions like scheduling appointments. Beyond the initial call, the AI solution will provide recommendations for additional follow-up actions to make sure all the patient’s needs are met during a single interaction, limiting the need for follow-up calls. 

In March 2022, Microsoft recently announced it completed the acquisition of Nuance Communication, a speech recognition company and leading provider of conversational artificial intelligence to enhance healthcare artificial intelligence. Completion of this significant and strategic acquisition brings together Nuance’s best-in-class conversational AI and ambient intelligence with Microsoft’s secure and trusted industry cloud offerings. 

Competitive Landscape 

The major players operating in the mobile app development industry include Apple Inc, CA Technologies, China Mobile Limited, Cognizant, Google LLC, Hewlett Packard Enterprise Development LP, Intellectsoft, International Business Machines Corporation, Microsoft Corporation, Verbat Technologies, Amazon and so on. 

Recent Key Strategies and Developments 

In May 2024, iQOO officially confirmed the launch of the iQOO Neo9S Pro, following teasers hinting at its inclusion of the new MediaTek Dimensity 9300+ chipset. The phone is expected to arrive on May 20th, 2024. For comparison, the iQOO Neo9 Pro boasts a sleek design with options for a glass front and back, or a silicone polymer back. It offers dual SIM capability for added convenience. The phone features a stunning LTPO AMOLED display with a 144Hz refresh rate, HDR10+ support, and impressive brightness levels. Its large 6.78-inch screen provides an immersive viewing experience. 

In October 2023, Japanese video game developer Capcom, who developed Resident Evil Village, is officially available on Apple iPhone 15 Pro variants and iPads powered with M1 and M2 chips. This game is available on the Apple App Store for iOS and iPadOS. It is a high-end survival AAA title which requires iOS 17 or later and Apple’s latest A17 Pro chip on iPhones and iPadOS 17 or later with M1 or M2 chip on iPads. 

In August 2023, the Karnataka government planned to launch its own mobile app to aggregate autorickshaws and taxis on the lines of Ola and Uber. The announcement was made by Transport Minister, R Ramalinga Reddy, following a series of meetings with representatives from various transportation sectors, including autos, taxis, contract and stage carriage vehicle owners, tourist operators, and private bus operators. 

In August 2020, Microsoft recently announced it completed the acquisition of Nuance Communication, a speech recognition company and leading provider of conversational artificial intelligence to enhance healthcare artificial intelligence. 

Key Sources Referred 

kritikalsolutions.com 

truepush.com 

appdevelopermagazine.com 

ripenapps.com 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile app development market analysis from 2024 to 2032 to identify the prevailing mobile app development market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities and mobile app development market share.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the mobile app development market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global mobile app development market size.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global mobile app development market trends, key players, market segments, application areas, and mobile app development market growth strategies.

  Mobile App Development Market Report Highlights

• Mobile Application

The mobile application development market was valued at $195.7 billion in 2023 and is estimated to reach $606.1 billion by 2032, exhibiting a CAGR of 13.1% from 2024 to 2032.

Increase in smartphone penetration and technological advancements are the upcoming trends of Mobile App Development Market in the globe.

Rise in Industry-specific applications is the leading application of Mobile App Development Market.

North America is the largest regional market for Mobile App Development.

Apple Inc, CA Technologies, China Mobile Limited, Cognizant, Google LLC, Hewlett Packard Enterprise Development LP, Intellectsoft, International Business Machines Corporation, Microsoft Corporation, Verbat Technologies, Amazon are the top companies to hold the market share in Mobile App Development.

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Mobile App Development Market

Global Opportunity Analysis and Industry Forecast, 2024-2032

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New leaders aim to bring AI solutions for health and climate to society

Two executive directors have recently joined UC Berkeley’s College of Computing, Data Science, and Society (CDSS) to lead pioneering centers that actualize AI solutions for healthcare and climate change.

Sarah Jones, executive director for the Bakar Institute of Digital Materials for the Planet and Ted Robertson, executive director for the Center for Healthcare Marketplace Innovation , were drawn to the university’s interdisciplinary excellence and real-world impact.

“Berkeley is a great home and is already doing tremendous work shaping how we can integrate artificial intelligence into healthcare,” said Robertson, whose center is shared by the Haas School of Business and CDSS. “There's a lot of people who want this to happen or are thinking about it, and Berkeley has a particular leadership role it can play.”

As artificial intelligence rapidly advances, CDSS is among those leading institutional efforts dedicated to ensuring the latest research and technological discoveries benefit the public. By bringing together experts from disparate fields, industry partners and others, collaborators can apply these techniques to society’s most intractable problems and bring solutions to the market.

These latest hires illustrate the burgeoning startup culture at Berkeley’s first new college in more than 50 years. Approved in May 2023 by the UC Board of Regents, the College of Computing, Data Science, and Society is fostering research centers and collaborations with leading experts and institutions to address climate, health and social justice challenges.

The UC San Francisco-UC Berkeley Joint Program in Computational Precision Health and the Eric and Wendy Schmidt Center on Data Science and Environment , shared with Berkeley’s Rausser College of Natural Resources, also show this trend.

“I'm thrilled to be at Berkeley,” said Jones. “Being in the Bay Area with the entrepreneurial focus, there's a palpable excitement about growing successful companies that can translate scientific discovery into positive outcomes for the world.”

Transforming the physical sciences, unlocking climate solutions

Jones comes to Berkeley with extensive experience in academia and industry. For 17 years, she worked at Arizona State University leading institutes and cultivating interdisciplinary campus and international partnerships. She later served as a vice president at Serva Energy for nuclear medicine technology development.

Now, she’s joined the Bakar Institute of Digital Materials for the Planet (BIDMaP), which is harnessing chemistry and AI to develop materials that transform carbon dioxide into clean energy, turn the air’s moisture into drinking water and accelerate discovery more broadly in the physical sciences. Jones looks forward to combining her favorite parts of industry and academia in the role – turning groundbreaking research into real-world impacts.

“That blending of research, development and commercialization through industry engagement is what attracted me to BIDMaP,” said Jones. “This is going to be transformative.”

Jones was quick to highlight that the institute already has affiliations to best-in-class faculty and stellar postdoctoral students, is producing groundbreaking research, and has successfully run climate and chemistry seminars.

“By bringing together faculty with expertise in computer science, data science and AI with the physical sciences, we are creating a new, powerful methodology that will allow BIDMaP to address the intractable grand challenges associated with climate change,” said Jones. “Many people here engaging with us, whether they’re postdocs or faculty, are motivated and want to be involved in the commercialization of these technologies. We want to continue to support the scientific discovery process and build pathways to give people an opportunity to translate that work.”

In the coming year, Jones plans to work with BIDMaP faculty and college leaders to build on this strong foundation. She’ll work towards hosting a climate symposium in the spring with other groups on campus and begin establishing networks and programming to engage with industry.

Designing effective, trustworthy AI for healthcare

Robertson joins the university from ideas42, the nation’s largest behavioral design firm, where he launched the first behavioral science design teams in government and healthcare. He also recently co-founded the Coalition for Healthcare AI, which sets standards in healthcare for effectively using trustworthy AI.

He’s excited to build on these efforts at the Center for Healthcare Marketplace Innovation (CHMI), which aims to shape the future of AI in healthcare . This is a pivotal moment for this space, Robertson said. Computational techniques have advanced enough for experts to produce useful tools that enhance and act as a partner in human decision-making for healthcare.

“My belief is that artificial intelligence will be at the core of most healthcare processes over the next decade,” said Robertson. “I think we have the ability and also the responsibility to think about how we do that, and to actually make it work for real people.”

Robertson looks forward to the center’s continued progress in the production of high-impact applied economic research and to upcoming opportunities to translate that work into real-world solutions and businesses. CHMI will also begin developing platforms to share its extensive clinical datasets with researchers at Berkeley and elsewhere.

Some of the center’s work will focus on machine learning and generative AI’s abilities to help understand and solve healthcare problems, Roberston said. It will also help lead national conversations shaping the policies, standards and use of effective and trustworthy AI.

“​​One of the core things that we need to understand and build into all our organizations, is that actually algorithms and computers do what we tell them to do,” Robertson said. “That gives us an enormous amount of agency in designing and building the mix of human and algorithmic decision-making, and the responsibility to ensure that algorithms protect people's privacy, they are effective, and they are fair.”

Meet the Expert

Sarah Jones is the executive director for the Bakar Institute of Digital Materials for the Planet. (Photo courtesy of Sarah Jones)

Ted Robertson is the executive director for the Center for Healthcare Marketplace Innovation . (Photo courtesy of Ted Robertson)

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How to Use Social Media to Grow Your Business

Social media platforms, consistent posting, customer engagement, lead generation, paid advertising, the bottom line.

• Small Business

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

You can leverage social media marketing to grow your business in many ways, from building your brand to engaging with customers. But no matter your business goal, you’ll want to be sure you’re using the right social media tool for your needs.

Choosing the best social media marketing tool and learning how to use it effectively can give you a consistent online presence that can help you grow your business with an affordable strategy. Learn how to leverage social media to help you meet revenue targets, attract new customers, and more.

Key Takeaways

• Effectively using social media can help you establish an online brand presence that embodies your brand’s mission, values, and offerings.
• Social media metrics can help you gain valuable insights into your customer base to help further inform your marketing and business development strategies.
• Before committing to a social media platform (or several), research how much the business tools cost (many are free), and which platforms your target audience use most.
• Consistency is key when it comes to leveraging social media for your business, so consider how you will leverage a content calendar to engage with your customers, generate leads, and promote your products or services.

Social media marketing , also called digital marketing or e-marketing, leverages various online social media platforms to connect business owners and brands with their existing or target audiences. Social media also generates purpose-built data analytics that provide excellent, detailed metrics to help you understand whether certain products, services, or approaches are really in demand with customers.

Online, you can easily share information with customers, learn about competitors, build brand awareness, accept online sales, and drive long-term business growth. Some social media platforms even pay for catchy content that keeps users on their platforms and off competitor sites. So, developing a strong online presence could pay off in more ways than one.

Social media metrics can be used to gain valuable data, such as customer data (email addresses, phone numbers, etc.), audience engagement (likes, comments, shares, clicks), referrals, and conversions. This feedback can help businesses improve products and social marketing strategies. Also, you can compare your brand’s online performance and adjust in real time.

Social media is a low-cost beta-testing opportunity and marketing tool that can turn into its own revenue source.

Business Branding

Social media platforms are capable of reaching a very wide audience, so they are great vehicles to showcase your products, services, and brand personality. Brand identity incorporates the visual elements that translate the mission, vision, and values of your business. This can include the symbols, colors, and unique designs that a business will use consistently over time. The most visible element of brand identity is the company logo, which should be distinctive from competitors and easily recognizable by customers.

Your slogan or mission statement is the written or spoken elements that share what the company stands for and its values. While many small business owners may think brand identity is only about packaging, it is so much more. Identity helps customers feel connected with the people behind the company—its founders, employees, designers, and/or key spokespeople—and the company’s main mission.

There were 5.17 billion social media users in the world, or roughly 63.7% of the global population, as of July 2024, according to global statistics from DataReportal. This total is spread out across multiple popular platforms that target different audiences and can be used for different marketing strategies.

Here are some of the most prominent platforms in the United States (although there are many global options as well):

• Facebook : Facebook is the most popular global platform, with a cross-generational demographic of 3.27 billion monthly active users. A wide range of businesses can benefit by creating business pages that automatically cross-posts content on Instagram, which can act as an online store, too. Facebook groups also build a sense of community, allowing for moderated or unmoderated conversations between like-minded people.
• X (formerly known as Twitter): X is useful for real-time updates, customer engagement, and businesses looking to share concise information. This character-limited text platform has recently undergone a rebrand under its new ownership. Some users have closed their accounts, while others have upgraded to X Premium, a fee-based subscription that allows for greater visibility.
• TikTok : While TikTok started off as a place to do silly voiceover videos, it is fast superseding Instagram as the place for visual content. Despite concerns over data security, many content creators continue to find it easy to create and monetize viral TikTok content that builds brand awareness and audience popularity. Many businesses that create TikToks cross-post them on Instagram as well.
• Instagram : Instagram is a photo-sharing platform owned by Meta, which also owns Facebook. Instagram is designed for visual content, like photos or videos of travel, food, or lifestyle brands.
• LinkedIn : LinkedIn is a more professional and business-oriented platform, originally created to connect employees with recruiters and hiring companies. Companies often find success advertising jobs on the platform or creating newsletters that gain media attention.
• Pinterest : Pinterest is a photo-focused search engine site. It has a strong, predominantly female demographic who uses the platform to create visual shopping lists for arts, crafts, events, and design projects.
• YouTube : YouTube includes longer-form video content that is too lengthy for TikTok and Instagram’s normal 30-second snippets. Here, business owners can offer password-protected or publicly available content, ideal for tours, tutorials, staff introductions, industry explainers, and webinars, as well as unique content that can attract viewers and customers.

Before committing to a platform, understand how they work, how much they cost (many are free), and which platform your target audience uses most.

Consistent posting is key to making the most of your online presence. Develop a content calendar to regularly schedule messages for your audience. The algorithms behind each platform change all the time, but the more content you produce, the more the platforms boost your content to ever-larger audiences. This often means posting daily for at least 30 days at a time.

When in doubt, look at competitors’ social media pages to learn from their successes and failures, to adapt your content toward industry trends and audience interest. Solo entrepreneurs may find this cadence of content production and competitor listening overwhelming. Hiring project-based freelancers can help. Community managers, copywriters, graphic designers, filmmakers, and editors can be hired at varying prices to do this work.

Social media aggregators like Hootsuite and Sprout Social manage all your accounts on one dashboard. They can save you the time of posting multiple times a day and provide statistics to help you measure your  return on investment (ROI) .

Engaging with your customers goes beyond posting content. You can interact with your audience directly through comments, likes, shares, and messages. Marketing strategies such as hosting live videos, Q&A sessions, and giveaways can help you foster a personal connection with your audience, which can ultimately lead to sales. Be responsive to online interest by responding promptly to comments and messages.

Many business owners add a chatbot to their Facebook accounts to simulate a customer service exchange and field frequently asked questions. This is just one way to keep users on the platform, out of your email inbox, and off your customer service line. Remember, social media is often about two-way communication, and you should have a strategy in your social media plan to respond to comments and queries.

Social media is an ideal way to search for potential customers who may be interested in your product. You can attract them with unique or informative content and eventually convert them into clients. Social media allows you to test concepts with audiences even before you invest any money in developing new products or services.

Try putting up images of a prototype to gauge interest or accept presales. Create surveys to ask existing customers what you should develop next and how much they would be willing to pay for the new offering. Social media is one of the best ways for businesses of all sizes to reach new customers and design products and services that people are willing to buy.

While organic reach is valuable, many small businesses can benefit by paying a small fee to advertise to new audiences. Each platform has a different set of paid advertising options, but most entail a campaign that puts your video or visual content in front of your target demographic. This can drive traffic to your business’s website or store, leading to increased sales. It can also eliminate the need for an expensive PR company or marketing consultant.

For just a few dollars per day, your business could advertise its services to hundreds if not thousands of potential clients. Often, you can specify desired age group, gender, and location, and the platform will put your content in front of the right audience. Budgets for paid ads can vary in price (typically $1 to $50 a day, depending on how many people you want to reach) and minimum time periods to run campaigns (typically around 30 days).  

Paid ads on social media are not a “set it and forget it” kind of marketing tool. Instead, you can change keywords, demographics, images, and even wording throughout the campaign. Unlike with radio and TV, you have control over changing your ads.

How Can Social Media Help a Business to Grow?

Social media platforms can play a significant role in helping a business grow in several ways. They can help you increase brand visibility, improve audience engagement, and generate leads. Social media platforms can also provide a way to leverage targeted advertising and garner customer insights. Finally, it can help with content distribution, sales, and conversions.

What Is the Best Social Media Platform for Businesses?

Each business will have different target audiences and goals, and different ideal social media platforms. However, some of the most popular platforms for businesses include Facebook, Instagram, LinkedIn, Pinterest, TikTok, X, and YouTube.

How Often Should a Business Post on Social Media?

Each business has to define its specific goals and audience to determine how frequently to post on social media. Also, the algorithms that govern each social media site differ slightly in how they reward frequent posters or paid accounts. Consistency and engagement with the target audience matter more than just the number of posts. According to Hootsuite research, some ideal target ranges are:

• Pinterest : 1 post per week.
• X (formerly Twitter) : 2–3 posts per day; pay attention to hashtags.
• Instagram : 3–5 posts per week, including stories, lives, reels, and posts.
• Meta (Facebook) : 1–2 posts per day, including posts, lives, etc.
• TikTok : 3–5 posts per week.
• LinkedIn : 1–2 posts per day.

Can You Promote Your Business on Social Media for Free?

You can promote your business on social media for free. Many social media platforms allow businesses to create free profiles and post content without any cost. Organic reach can help you connect with your existing audience, but it might not reach as many prospective customers as you’d like. Over time, you might want to consider paying for a modest amount of targeted advertising to reach a broader audience.

Using the right social media platforms in the best way can help your business grow significantly. As you review all your options for leveraging social media, keep your main business goals and budget in mind. Marketing via social media can help you reach a wide audience to generate leads, build your brand, engage audiences, and target advertising, among many other benefits.

DataReportal. “ Global Social Media Statistics .”

Meta Investor Relations. “ Meta Reports Second Quarter 2024 Results .”

X. “ About X Premium .”

WebFX. “ How Much Does Social Media Advertising Cost in 2024? ”

Hootsuite Blog. “ How Often to Post to Social Media in 2024 .”

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Boeing to Expand Facility in Mississippi & Support Aerosystem Demand

The Boeing Company’s ( BA Quick Quote BA - Free Report ) business unit, Aurora Flight Sciences, commenced a major expansion of its manufacturing plant in Columbus, MS, next to the Golden Triangle Regional Airport. The unit specializes in producing cutting-edge composite assemblies and parts for both military and commercial aircraft. The unit also collaborates with Mississippi State University and East Mississippi Community College to enhance workforce development, higher education and research in advanced manufacturing. Under the project, Aurora's expanding aerosystem business will be supported by the addition of new automation, robotics and non-destructive inspection technologies, as well as a 50,000-square-foot expansion and renovation of 40,000 square feet of existing space. The expansion of the facility will support the manufacture of MQ-25 Stingray composite skins for Boeing, and an expanded amount of composite components for executive aircraft will be supported. The plant will also produce components for NASA's X-66 sustainable flying demonstration aircraft, among other things.

Rising Demand for Boeing’s Products  

Countries worldwide increasing their defense budgets in response to modernization needs, geopolitical tensions and regional conflicts have led to higher demand for advanced military aircraft components. Per a report by Econ Market Research, the Global Aerospace and Defense Materials market is projected to reach nearly $30.01 billion by 2032, with a CAGR of 4.8% between 2024 and 2032. Such growth opportunities offered by the aforementioned market should bode well for Boeing in the coming years. Boeing's Everett, WA, manufacturing plant is a major facility for assembling military and commercial aircraft. It has the largest manufacturing building in the world, producing the 747, 767, 777 and 787 airplanes. The Auburn, WA-based Machine Fabrication Manufacturing Business Unit manufactures a range of Boeing airplane parts, including fuselage, landing gear and wings. It manufactures 22,000 components on average every month and more than 1,000 distinct products.

Opportunities for BA’s Peers  

Aerospace companies that are likely to reap the benefits of the growing Aerospace and Defense Materials market are as follows:   Airbus Group ( EADSY Quick Quote EADSY - Free Report ) : Its production center in Columbus, MS, produces the H125 commercial helicopter and the U.S. Army's UH-72A Lakota Light Utility Helicopter. The plant handles the assembly and customization of other Airbus Helicopters models and manufactures components for use on new-production helicopters. Airbus has a long-term (three to five years) earnings growth rate of 13.9%. The Zacks Consensus Estimate for EADSY’s 2024 sales calls for an improvement of 7.2% from the prior-year reported figure. Hexcel Corporation ( HXL Quick Quote HXL - Free Report ) : Its West Valley City is home to the largest carbon fiber and matrix manufacturing plant located at Salt Lake City, UT, which is a leading worldwide supplier of carbon fiber and prepregs, which are used in aircraft components and structures. Hexcel boasts a long-term earnings growth rate of 21.9%. The Zacks Consensus Estimate for HXL’s 2024 sales implies an improvement of 7.6% from the prior-year reported figure. Lockheed Martin Corp. ( LMT Quick Quote LMT - Free Report ) : Its Greenville site in South Carolina is the home of the F-16 Fighting Falcon production line and provides nose-to-tail aircraft modification, maintenance, repair and overhaul services for both military and civil aircraft.   Lockheed Martin boasts a long-term earnings growth rate of 4.7%. The Zacks Consensus Estimate for LMT’s 2024 sales suggests an improvement of 5.3% from the prior-year reported figure.

BA Stock Price Movement

In the past month, shares of Boeing have risen 2.2% compared with the industry ’s growth of 4.4%.

Boeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .

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