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.
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
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