How to improve your market research data analysis
Posted: Tue Jan 07, 2025 5:51 am
As a trend watcher in the research technology space, I’ve noticed a consistent pattern over the past few years: CEO interest in data analytics and business intelligence is steady and growing.
This makes a lot of sense as companies have begun to realize that they need to leverage data sources, both internal and external, in order to compete in rapidly changing markets. Analytics, including web data analytics, is a critical element in both the consumer and business environments.
Where exactly is the dividing line between data analytics and business intelligence?
It's all about perspective: Most analytics include a forward-looking component on how different events might be modeled or played out, while business intelligence (BI) takes a look back through examining historical trends.
Where does market research fit into this mix? In my experience, it fits somewhere between behavioral data and the attitudes that drive those behaviors. Prime examples are behavioral analytics and business intelligence, monthly financial data, and weekly sales transactions. These techniques help answer questions about how customers and prospects relate to what your company offers. However, they don't provide us with information about why things happened.
That being said, market research , or in this case, surveys ( quantitative data ) and qualitative nigeria phone number research (focus groups, in-depth interviews, ethnography, etc.) place a heavy emphasis on answering why our current and potential customers are interested in our products and services.
If you want to get a complete view of the market, you need to use both approaches .
If you focus solely on how and when a customer decides to do business with your company, then you are leaving out a key piece of the equation. We can learn from consumer behavior analysis that behavior is preceded by attitude formation and behavioral intentions. These components are best identified through survey research and qualitative study.
Transactional analysis (the foundation of data analytics and business intelligence (BI)) combined with a greater understanding of the attitudes that lead to these behaviors through a market research program will equip your company to compete in today's marketplace.
This makes a lot of sense as companies have begun to realize that they need to leverage data sources, both internal and external, in order to compete in rapidly changing markets. Analytics, including web data analytics, is a critical element in both the consumer and business environments.
Where exactly is the dividing line between data analytics and business intelligence?
It's all about perspective: Most analytics include a forward-looking component on how different events might be modeled or played out, while business intelligence (BI) takes a look back through examining historical trends.
Where does market research fit into this mix? In my experience, it fits somewhere between behavioral data and the attitudes that drive those behaviors. Prime examples are behavioral analytics and business intelligence, monthly financial data, and weekly sales transactions. These techniques help answer questions about how customers and prospects relate to what your company offers. However, they don't provide us with information about why things happened.
That being said, market research , or in this case, surveys ( quantitative data ) and qualitative nigeria phone number research (focus groups, in-depth interviews, ethnography, etc.) place a heavy emphasis on answering why our current and potential customers are interested in our products and services.
If you want to get a complete view of the market, you need to use both approaches .
If you focus solely on how and when a customer decides to do business with your company, then you are leaving out a key piece of the equation. We can learn from consumer behavior analysis that behavior is preceded by attitude formation and behavioral intentions. These components are best identified through survey research and qualitative study.
Transactional analysis (the foundation of data analytics and business intelligence (BI)) combined with a greater understanding of the attitudes that lead to these behaviors through a market research program will equip your company to compete in today's marketplace.