A cursory glance at today's market research news makes it immediately clear that big data and advanced analytics are hot topics So why all the hoopla? What is big data in the context of market research and what are some working examples? What is the real promise of big data market research (Big Data MR)? And most importantly, what immediate next steps can you take to harvest some near-term Big Data MR benefits?
What it is An Exploratory Data Analysis, or EDA, is an exhaustive look at existing data from current and historical surveys conducted by a company.
We often use SPSS or R tables to conduct hypothesis testing—also known as testing for statistical significance—between means. These outputs generally provide t-test results, and in SPSS at least, produce a little alphabetical footnote when a difference is statistically significant. It’s quick and easy, but the problem is that it’s wrong. Even using the Bonferroni adjustment (which compensates for the fact that there are more than 2 groups being compared), it will commit Type II errors (it says something is not significant when it is) as well as the more common Type I errors (saying something is significant when it’s not). So what do we do?
There are many ways to predict which of several concepts will “win” in a retail environment. In another blog, I describe some of the methods we employ to conduct a best-practice experimental design for testing concepts, packaging options, advertising copy, or anything else where several discrete choices exist.
The relationship between your business, your research, and your consumers is like an Oreo cookie. Your business is the face of the Oreo, with the logo that makes it distinct and recognizable as a top-notch snack. Your consumers are the bottom cookie, supporting your business, making the whole package sweeter and easier to handle.
In the first 2 installments of this 3-part series, we made the case that market research return on invest (MR ROI) can be boosted by asking 5 key questions at the outset of a project and using action standards and benchmarks.
FGI Research’s Customer Loyalty Impact Simulator™ takes key drivers analysis to the next level. Typical key drivers measurement assesses the correlation between respondents’ overall satisfaction with that of specific performance attributes.
As we discussed in part 1 in this blog series (Market Research ROI: 5 Questions to Make Your MR Pay Off), market research, like any investment in information, should demonstrate a clear return on investment (ROI).
To the intrepid brand or product manager, the retail line review evokes the specter of sleepless nights, tense negotiations, detailed forecasts, and 90-minute presentations that make or break the financial future of the product. Today's retail line review is an exhaustive, high-stakes, and sometimes fruitless struggle for prime shelf space.