Market Research Analysis
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7 Components of a Market Research Proposal
Posted at: 5/9/2023 12:30 PM
A market research proposal is the first and most critical step in your project or choosing a market research consultant. It gives you all of the information you need on the process, approach, and most importantly: the cost 💸💸. You can also tell a lot about a market research company from the interactions you have before signing on the dotted line. In this article, our market research company shares everything you need to know about market research requests for proposals. It will teach you
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Factor Analysis: Definition, Types, and Examples
Posted at: 5/5/2023 7:30 PM
Factor analysis is a statistical method used to uncover underlying dimensions, or factors, in a dataset. By examining patterns of correlation between variables, factor analysis helps to identify groups of variables that are highly interrelated and can be used to explain a common underlying theme. In this blog, we will explore the different types of factor analysis, their benefits, and examples of when to use them. What is Factor Analysis? Factor analysis is a commonly used data reduction s
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Pros and Cons of Online Market Research Panels
Posted at: 5/2/2023 12:26 PM
In order to recruit participants or respondents for a market research study, researchers often turn to online panels. An online research panel includes a group of pre-recruited participants who have signed up to participate in future market research studies such as online surveys, focus groups, and in-depth interviews. Before choosing a panel vendor as a sampling source, learn more about the advantages and disadvantages below! What is an Online Research Panel? Online research panels are
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What is Correlation Analysis? [Examples & How to Measure It]
Posted at: 3/26/2023 12:30 PM
Correlation analysis is a tremendous tool to use in understanding how one variable affects another. By providing a distinct perspective on which factors impact your business the most, you can feel more confident in the actions you take after the report. Take customer experience, for example. Let's say you have the overall customer satisfaction score you need. But then, you want to know how that correlates with other aspects of the customer experience such as product price, shipping time, or
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What is a Good Net Promoter Score (NPS)?
Posted at: 3/13/2023 12:30 PM
The value of calculating your organization's net promoter score is important to measuring, benchmarking, and improving customer satisfaction. Though, creating strategies to improve customer retention can only happen if you have a better idea of what a good net promoter score is. While we dive more into how to know if your NPS is good, average, or bad below, I'll start by saying this: average net promoter scores vary based on industry and business type. Keep reading as we explore this custom
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![Blog: What is Response Bias? + [Examples & Ways to Minimize It]](/media/5166/bias-word-from-wooden-block.png)
What is Response Bias? + [Examples & Ways to Minimize It]
Posted at: 2/21/2023 1:30 PM
Bias exists everywhere and it can affect anything and anyone. It impacts many things such as, how we view others, make decisions, or live our lives. It's why response bias is extremely common in market research. The researcher and respondent each have a role to play to ensure honest data collection. Let’s discuss what response bias is, different types of bias in market research, and how it can be avoided. Article Contents What is response bias? Types of response bias Response bias exam
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Examples of Bad Market Research: Where It Goes Wrong
Posted at: 2/16/2023 1:30 PM
As our Vice President of Strategy recently stated on social media, market research is easy if you know what you're doing, but there's a good chance you have no idea what you're doing. Or something along those lines. He stated you could mow your lawn, replace your roof, or paint your house, but if you use a professional, chances are they'll get it done better in less time and it will last longer. Unfortunately, there are far too many examples of bad market research that come to mind. Here’s
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![Blog: Explaining Conjoint Analysis [With Examples]](/media/5073/three-different-colored-doors-1.png)
Explaining Choice-Based Conjoint Analysis [With Examples]
Posted at: 2/7/2023 1:30 PM
If you have ever explored advanced market research techniques, there is a good chance you have come across choice-based conjoint analysis (CBC) studies. Although it may be more involved than a simple project, a well-designed conjoint survey has the potential to generate key insights about optimizing your product or service. This post dives into what choice-based conjoint analysis is, how to conduct them, when to use them, and real-world examples. Explaining Choice-Based Conjoint Analysis
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![Blog: Conducting a Conjoint Survey [2023 Ultimate Guide]](/media/4959/sorted-chaos-order-category-division-concept.png)
Conducting a Conjoint Survey [2023 Ultimate Guide]
Posted at: 1/21/2023 1:30 PM
A conjoint survey is one of the most effective ways to help a brand determine the best product features, benefits, and price combinations. When measuring the appeal of a new product concept, it can prove challenging to assess the relative value of each benefit properly. Trying to tackle this through a series of closed-ended questions (select one, select all that apply, ranking) coupled with open-ended questions for context can create a muddy story – one that is hard to apply when deciding on
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Ad Concept Testing Analysis Methods [Examples & Best Practices]
Posted at: 12/20/2022 1:30 PM
Ad concept testing is a critical part of any serious marketing campaign. If you’re going to make a big investment to run new ads, consider a much smaller investment in marketing and advertising research first. Doing so ensures confidence in your marketing strategy. While conducting marketing research is important, the ad concept testing analysis is just as critical to ensuring you are relying on quality data. In this post, I’ll cover five excellent methods for ad concept testing analysis. E
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How Has Market Research Changed Over the Years?
Posted at: 11/17/2022 1:30 PM
At its core, market research is a simple concept to grasp– if you’re going to try to sell a product or service to as many people as possible, it makes sense to research the wants and needs of your customer base. Surprisingly, this wasn’t always the standard. In the past 100 years, market research has changed and revolutionized how companies use these methods to gather crucial insights. Even in the past few decades, technology has changed exponentially. As a result, common types of market re
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Best Qualtrics Alternatives to Help Achieve Market Research Goals
Posted at: 11/2/2022 2:43 PM
Running an online survey seems easy, right? Many free market research resources offer simple ways to write your survey questions, create a link to share them, or invite respondents via email. However, you may or may not realize that you could be biting off more than you can chew. Seeking alternatives to Qualtrics can be trickier than you think. That said, if you’re still dead set on running the survey in-house by yourself, we provide five of those alternatives later in this blog post. But…t