The Value of Market Research
Data-driven business reports, such as market research reports, support business decisions by providing clarity on trends and opportunities. In essence, market research studies are business intelligence tools – as long as they address the right questions with good data.
Good business decisions require good data because as the familiar adage goes: “garbage in, garbage out”. This is particularly important when large data sets are needed to inform decisions. Business investments could be at stake. In some industries where competitive advantage is critical, business survival could be on-the-line.
Credible Market Research Process
At BDR, we approach every market research project systematically, with focus on credible input and output. We take the time to understand the study objective, ask the right research questions, develop a credible information-gathering strategy, and maintain integrity in the study report.
We recognize that no two studies are the same, which is why customization is often necessary. Here are key steps we consider important to beneficial market research:
- Develop a clear statement of the business problem at hand. In old research lingo, this was referred to as the research question (a.k.a. the problematique). It is what drives every aspect of the study.
- Define the components of the problem. This typically involves creating a list of questions to be addressed and decisions to be made.
- Create a detailed study plan, which includes specific tasks and timeline of implementation and budget.
- Develop an appropriate survey design, including sampling and data collection instrument (formal or informal questionnaire).
- Collect necessary primary and secondary data from reliable/verifiable sources.
- Use appropriate statistical/analytical tools to analyze the data and interpret the results.
- Prepare a report on the research process, findings, and recommendations in a format that meets the needs of the intended audience
The Role of Data Mining
Everyone appreciates the importance of good data. However, in an era of exploding data from internal and external sources, many businesses are struggling with how to benefit from big data. Questions of what to collect, how to store, retrieve and interpret the deluge of information are begging for answers.
In a competitive environment, it is not smart business choice to simply ignore big data. To varying degrees, every business (large or small) would benefit if it can turn data into insights about its customers, rivals, market trends and emerging opportunities.
Data mining is one way businesses can dig through big data and extract hidden meaning to inform decisions. While some data digging can be done “manually”, the trend is now for tech-based data mining tools that expedite the process. Data mining software makes relatively quick work of data modeling and authentication, and automates prediction of trends and customer behavior.
Across diverse industries, such as retail, healthcare, finance, and manufacturing, data mining tools can help businesses with better understanding of:
- Trend analyses;
- Marketing campaigns;
- Market segmentation;
- Assessment of customer satisfaction and loyalty, and much more.
CONTACT US to discuss how we may help you clarify your data needs and deploy tools to turn your data into insights.