Market Research Glossary
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![Blog: What is Churn? [Formula + Examples]](/media/6260/expert-guide-to-book-market-research-3.jpg)
What is Churn? [Formula + Examples]
Posted at: 7/18/2024 12:21 PM
Understanding and measuring customer retention is crucial. One key metric that businesses track to gauge customer loyalty is churn. But what exactly is churn, and why is it so important? In this blog post, we'll delve into the concept of churn, explain the formula used to calculate it, and provide practical examples. What Does Churn Mean in Business? Churn is a term used to quantify a percentage of people who leave a group, organization, or company within a given time period. It most comm
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What is Secondary Research? (Our Definition, Examples, and Types)
Posted at: 7/12/2024 12:30 PM
Organizations, brands, and researchers are constantly seeking ways to collect and explore more data that helps them understand the vast array of subjects. One invaluable tool at their disposal is secondary research also, known as desk research. Essentially secondary research means it’s data and research collected by someone else. This includes analyzing data prepared by other industry experts or syndicated databases. While primary research involves collecting data firsthand, secondary resea
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Difference Between Qualitative and Quantitative Market Research
Posted at: 6/28/2024 5:40 PM
Market research comes in many shapes and sizes. With most organizations having limited resources to approach research, it is more important than ever to make sure that you make the correct decision when it comes to the type of research you conduct. Before you dive into responses and analysis you have to answer one simple question before everything else: qualitative or quantitative? There are a few key differences between these two approaches in the industry. Ultimately, the direction you ch
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What is a Loaded Question in Surveys? (With Examples)
Posted at: 6/26/2024 12:30 PM
Have you ever participated in a survey or questionnaire and felt like the questions were designed to sway your answers in a certain direction? You're not alone. Loaded questions are one of the common errors of surveys that we always have clients avoid. These questions not only skew data but ultimately hurt your business when you try to make important decisions based off of the now, inaccurate data. In this article, our market research company explores what loaded questions are, how they dif
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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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Conducting Corporate Image Studies in 2023
Posted at: 5/6/2024 12:30 PM
A corporate image study, similar to a brand equity study, measures the perception of an organization among its specific target audience. The goal is to better understand the thoughts, feelings, and expectations of the brand among that group of targeted consumers or clients. For this reason, defining the target audience is a critical factor in the success of a corporate image study. In this guide, our market research company will discuss: Defining Corporate Image Studies Benefits of a Corporat
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What is Competitive Benchmarking? (& How You Can Do It)
Posted at: 4/24/2024 12:30 PM
Businesses stand to gain incredible amounts of useful data from competitor analyses. Gathering this type of data about key rivals in the industry gives businesses a unique edge against relevant companies. A common way to measure this edge is in the form of benchmarking. Benchmarking this data over time will show businesses how they stack up against competitors, allowing them to keep track of this each year. Doing this on a yearly basis is important, as businesses can look back on benchmarki
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Syndicated vs. Custom Market Research: Which Is Best For You?
Posted at: 4/15/2024 12:30 PM
When conducting market research for your business whether it’s for an idea, current service/product, or for testing hypotheses it’s ideal to start off with options that let you gather data quickly to use for decision making. Two high level options to choose from are syndicated market research and custom market research. Both will allow you to get answers to questions you might have using real data from the market or industry. While both are effective, there are differences between syndicated
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In-Depth Interviews (IDIs) in Market Research [2024 Guide]
Posted at: 3/22/2024 7:11 PM
Wish you could have a detailed conversation with key customers or target prospects to gather feedback about your brand, products, or services? In-depth interviews (IDIs) are an excellent type of market research to accomplish this goal as they are often used to gather detailed and comprehensive information from individuals or small groups. In this guide, our market research company explores the advantages and disadvantages of using in-depth interviews in market research, how they differ from ph
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What Are Ad Recall Surveys? [+Example Questions]
Posted at: 11/7/2023 1:30 PM
Spend. Spend. Spend. The world of advertising is all about spending money to reach targeted geographies, targeted users, and generate revenue. Although the days of digital marketing have made advertising easier to track and measure, an enormous gap still exists in the industry between market research and advertising. This is where ad recall surveys enter the fold. Keep reading to learn more about ad recall surveys, or skip ahead to a section you are most interested in. Article Contents 📝
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Customer Journey Mapping: Plotting Paths to Purchase
Posted at: 10/11/2023 11:30 AM
Identifying and measuring the intricacies of customer interactions is necessary for any business. This is where customer journey mapping steps into the spotlight. It's more than just a visual representation; it's a strategic compass that guides businesses toward a deeper understanding of their customer's experiences. In this blog post, our market research company defines journey mapping, the importance of journey maps, and the process of creating a data-driven journey map. What is Customer