Market Research Glossary
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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 Corpora
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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
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What is Customer Effort Score? [+ How to Calculate CES]
Posted at: 8/11/2023 12:30 PM
In today's digital world, customers are interacting with your brand and product around the clock through apps, websites, 24-7 customer service, and e-commerce. They demand frictionless journeys, minimal hurdles, and effortless resolutions. This shift in customer expectations has led to the ascent of Customer Effort Score (CES) as a fundamental measurement, offering businesses a comprehensive insight into the quality of their customer support, product design, and overall user experience. In t
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What is Syndicated Data? [Examples + Pros, & Cons]
Posted at: 8/8/2023 12:30 PM
If you find yourself in a situation where you don’t have the funds or time to complete a custom market research study, syndicated data is a great alternative. It is a form of secondary research that allows organizations to find insights into products, services, industries, competitors, and markets through existing information and sources. In this article, we’re going to explain what syndicated data is, how it works, and share some examples of it in practice. Syndicated Research: Definition
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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