Market Research Analysis
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
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
-
![Blog: Statistical Significance in Market Research [Types & Examples]](/media/5578/analyzing-statistics.jpg)
Statistical Significance in Market Research [Types & Examples]
Posted at: 7/10/2023 12:30 PM
If you have ever encountered market research data, chances are you have heard the phrase, “statistically significant.” It sounds great, but what does it actually mean? Statistical significance in market research refers to the likelihood that observed differences or relationships between variables are not due to random chance but are meaningful and reliable. By applying significance testing in market research, researchers can gain insights into the effectiveness of different marketing approac
-
![Blog: Explaining Key Driver Analysis [Calculation, Uses, Examples]](/media/5549/business-development-analysis-typing-on-computer-1.png)
Explaining Key Driver Analysis [Definition, Uses, & Examples]
Posted at: 6/20/2023 12:30 PM
Understanding the factors that drive consumer behavior is vital for any organization aiming to gain a competitive edge. And market research, as a powerful tool, plays a crucial role in deciphering the intricate dynamics of consumer preferences and decision-making processes. Within the realm of market research, one approach that holds immense value is key driver analysis. By delving into the underlying motivations behind consumer choices, key driver analysis unveils the crucial factors that
-
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
-
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