Market Research Analysis
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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
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![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
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![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
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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
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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
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What is a Good Net Promoter Score (NPS)?
Posted at: 3/13/2023 12:30 PM
The value of calculating your organization's net promoter score is important to measuring, benchmarking, and improving customer satisfaction. Though, creating strategies to improve customer retention can only happen if you have a better idea of what a good net promoter score is. While we dive more into how to know if your NPS is good, average, or bad below, I'll start by saying this: average net promoter scores vary based on industry and business type. Keep reading as we explore this custom
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![Blog: What is Response Bias? + [Examples & Ways to Minimize It]](/media/5166/bias-word-from-wooden-block.png)
What is Response Bias? + [Examples & Ways to Minimize It]
Posted at: 2/21/2023 1:30 PM
Bias exists everywhere and it can affect anything and anyone. It impacts many things such as, how we view others, make decisions, or live our lives. It's why response bias is extremely common in market research. The researcher and respondent each have a role to play to ensure honest data collection. Let’s discuss what response bias is, different types of bias in market research, and how it can be avoided. Article Contents What is response bias? Types of response bias Response bias exam
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Examples of Bad Market Research: Where It Goes Wrong
Posted at: 2/16/2023 1:30 PM
As our Vice President of Strategy recently stated on social media, market research is easy if you know what you're doing, but there's a good chance you have no idea what you're doing. Or something along those lines. He stated you could mow your lawn, replace your roof, or paint your house, but if you use a professional, chances are they'll get it done better in less time and it will last longer. Unfortunately, there are far too many examples of bad market research that come to mind. Here’s
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![Blog: Explaining Conjoint Analysis [With Examples]](/media/5073/three-different-colored-doors-1.png)
Explaining Choice-Based Conjoint Analysis [With Examples]
Posted at: 2/7/2023 1:30 PM
If you have ever explored advanced market research techniques, there is a good chance you have come across choice-based conjoint analysis (CBC) studies. Although it may be more involved than a simple project, a well-designed conjoint survey has the potential to generate key insights about optimizing your product or service. This post dives into what choice-based conjoint analysis is, how to conduct them, when to use them, and real-world examples. Explaining Choice-Based Conjoint Analysis
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Ad Concept Testing Analysis Methods [Examples & Best Practices]
Posted at: 12/20/2022 1:30 PM
Ad concept testing is a critical part of any serious marketing campaign. If you’re going to make a big investment to run new ads, consider a much smaller investment in marketing and advertising research first. Doing so ensures confidence in your marketing strategy. While conducting marketing research is important, the ad concept testing analysis is just as critical to ensuring you are relying on quality data. In this post, I’ll cover five excellent methods for ad concept testing analysis. E
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How Has Market Research Changed Over the Years?
Posted at: 11/17/2022 1:30 PM
At its core, market research is a simple concept to grasp– if you’re going to try to sell a product or service to as many people as possible, it makes sense to research the wants and needs of your customer base. Surprisingly, this wasn’t always the standard. In the past 100 years, market research has changed and revolutionized how companies use these methods to gather crucial insights. Even in the past few decades, technology has changed exponentially. As a result, common types of market re
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Using a Conjoint Choice-Based Model to Determine Product Cost
Posted at: 10/19/2022 12:30 PM
Nailing the pricing of a product or service is not easy. Therefore, when businesses use market research, asking how to best price their product or service is always a common request. Feedback on pricing through market research can help a business feel more confident that they are providing an optimal price point for their customers. Unfortunately, there is no easy way to tackle price in a survey. A pricing market research project will present several sophisticated models and approaches to