Market Research Analysis
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Factor Analysis In Research: Types & Examples
Posted at: 7/1/2024 12:30 PM
Factor analysis in market research 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. Factor analysis can be best used for complex situations where there are many data sets and potentially many variables to summarize. In this blog, we will explore the different ty
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MaxDiff vs. Conjoint Analysis: Uses and Examples
Posted at: 6/17/2024 12:30 PM
If you have ever considered market research that asks respondents to make trade-off decisions, there is a good chance you have heard of MaxDiff or conjoint research. These are two powerful and advanced research techniques that go a step beyond direct question-and-answer analysis. Both of these research methods have one thing in common: they each allow businesses to understand which features directly impact their target audience. However, these techniques have distinct applications that shou
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What is Correlation Analysis? [How to Measure + Pros & Cons]
Posted at: 6/14/2024 12:30 PM
Correlation analysis is a tremendous tool to use in understanding how one variable affects another. It can also be used to find out how much they affect each other. 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. Correlations can be misunderstood or misused, which is why it’s important to have experience or be using expert insights in order to get things correct. In this blog post, our on
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What is TURF Analysis? [+ When & How You Should Use It]
Posted at: 5/31/2024 12:30 PM
It's not feasible for a business to offer every product, service, and feature that its customers want. Knowing this is a limitation, organizations need to carefully pick and choose which products, services, or features to offer to customers. TURF analysis provides valuable insights for businesses looking to optimize and/or expand product portfolios by identifying the market reach and potential for each combination of products they might offer. What is TURF Analysis? TURF analysis is a commo
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Best Qualtrics Alternatives For Market Research & Surveys
Posted at: 4/4/2024 6:31 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’ll talk about our favorite alternatives that are still great for
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eCommerce Market Research: Types + Trends
Posted at: 2/29/2024 1:30 PM
eCommerce market research plays a pivotal role in understanding the rapidly evolving landscape of online shopping. An analysis of the market is essential for companies to make informed business decisions, from identifying consumer trends to assessing the competitive environment. It empowers businesses to tailor their strategies, optimize their operations, and ultimately enhance their market presence. With the boom of online presence for most consumers, the eCommerce boom has been reinventin
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![Blog: Conducting a Conjoint Survey [2023 Ultimate Guide]](/media/5539/sorted-chaos-order-category-division-concept.jpg)
Conducting a Conjoint Analysis [2024 Ultimate Guide]
Posted at: 2/22/2024 1:30 PM
A conjoint analysis 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
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Conducting a Gap Analysis: Tools & Techniques for Market Research
Posted at: 2/13/2024 1:30 PM
Competition is everywhere in business - and staying ahead is crucial. You are likely aware of who your competition is, what they are doing, and how you are different. But, conducting a gap analysis using market research is valuable to identify your strengths, weaknesses, opportunities, and threats (SWOT) for your business and your key competitors. If you can qualify and detail these gaps, even with your organization (differences between expected performance and actual performance), you crea
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8 Restaurant Market Research Options for the Dining Industry
Posted at: 11/6/2023 1:30 PM
Whether your restaurant is well-established or merely a concept, market research can be extremely beneficial to its success. In this article, we'll explore a range of effective restaurant market research options tailored specifically for the dining industry. From customer surveys to competitor analysis, we'll delve into essential strategies that empower restaurants to make informed decisions and create exceptional dining experiences. How Restaurants Can Benefit from Market Research As wi
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Why Market Research Should be in Your 2024 Budget
Posted at: 10/12/2023 12:30 PM
Believe it or not, the new year is right around the corner - and that means it's time to start planning your 2024 budget (if you haven’t already). With every new year comes new objectives, goals, and challenges. How will you choose the right tools to assist your organization in breaking new ground and making it the best year yet? By adding market research to your 2024 budget. In doing so, businesses can be assured they are taking a step in the right direction. Types of market research metho
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What is Multivariate Analysis? [+Types & Examples]
Posted at: 10/2/2023 12:30 PM
Multivariate analysis is like a powerful magnifying glass for data enthusiasts. It's a set of techniques that helps us make sense of complex information by examining multiple variables at once. Imagine you have a basket of fruits with various characteristics like weight, color, and sweetness. Multivariate analysis allows us to unravel how these traits relate to each other, revealing hidden patterns and insights. In this blog post, we'll dive deeper into multivariate analysis, exploring its typ
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What is RIM Weighting? [+ Benefits of Weighing Survey Data]
Posted at: 8/7/2023 12:31 PM
RIM weighting stands for Random Iterative Method. RIM weighting is a form of survey weighting the data supplied by market research respondents. It is a technique commonly used to weigh market research data to certain demographics such as age, gender, geography, income, etc. RIM weighting becomes more challenging and complex when weighing several different demographics, rather than just one. This blog post will cover why market research analysts use RIM weighting, the benefits of this type of