Market Research and Consumer Analytics


Yashicavashishtha1065

Uploaded on Oct 12, 2023

Dive into the realm of market research and consumer analytics, where data-driven insights drive strategic decisions and shape the future of businesses.

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Market Research and Consumer Analytics

MARKET RESEARCH AND CONSUMER ANALYTICS MARKET RESEARCH  Market Research is the practice of collecting and analyzing data to answer discrete business questions. It is an all-purpose term that people will use when referring to research, consumer insights, data, and analytics. Source: www.greenbook.org CONSUMER INSIGHTS  Consumer Insights is the practice of using available data to derive broader business insights for effective business decision-making. It’s an industry term used to refer to data and analytics as they are used in business decision- making. Source: www.greenbook.org WHAT CONSUMER INSIGHTS PROFESSIONALS DO?  Make multi-disciplinary recommendations  Find the story in the data  Benchmark against other organizations  Participate in client staff meetings  Use multiple data streams  Focus on future growth  Give access to dashboards Source: www.greenbook.org WHAT MARKET RESEARCHER PROFESSIONALS DO?  Make recommendations for specific questions  Analyze the cold, hard, facts  Benchmark against previous periods in time  Present data to marketing (without necessarily getting involved in client meetings)  Analyze data from each stream individually  Focus on the original question/research goal  Build the research database Source: www.greenbook.org DATA FORMATTING  Market Research: Delivers data that can be summarized and forms the basis of a recommendation  Consumer Insights: Delivers data as a narrative, focuses on storytelling Source: www.greenbook.org PURPOSE OF DATA  Market Research: Delivers on research objectives; used to answer specific questions  Consumer Insights: Delivers on research objectives and knowledge needs; strives to recommend actions for effective decision making Source: www.greenbook.org GEOGRAPHIC POPULARITY  Market Research: More popular in economies heavily reliant on manufacturing (e.g., China, Germany, Japan, Taiwan, Indonesia, Poland, and South Korea)  Consumer Insights: More commonly used in service-based economies (e.g., United States, Brazil, Bermuda, UK, Greece, Australia, and Singapore) Source: www.greenbook.org RELATIONSHIP TO MARKETING  Market Research: Delivers data to marketing  Consumer Insights: Marketing is a business partner. When marketing and consumer insights are well aligned, they work together seamlessly. Source: www.greenbook.org THANK YOU