A Sector Creating Knowledge
Data Science and Market Research
Market researchers are qualified not only in detecting sources of data but also in evaluating them with regard to quality, relevance, and validity. Market research studies are important drivers for the design and development of products.
These studies provide companies with valuable data about the appropriateness of new products to customer behavior and needs. Based on the insights provided by market research, the success ratio of business decisions can be increased significantly.
Time and Cost Pressure
Time and cost pressure as well as complex customer demands are omnipresent challenges for market researchers that require the ability to adapt to this environment more effectively.
Market researchers have to take individual customer needs into consideration and at the same time generate research results which meet high requirements regarding validity, reliability and objectivity.
Demand for Innovation
In order to maintain competitiveness they constantly have to adapt their methodological set to the state of the art.
Market research activities often are subject to very strict budget constraints in companies that underline the value of efficient workflows including automated processes.
Big Data and Market Research
The findings from data analysis can be useful for the market research industry in various ways.
The term "market research 2.0" generally stands for using big data, and in particular information from social media, for market analysis. User generated content such as information provided by surveys or online media like social networks, blogs, or search engines allows analysts to gain a deeper understanding of the individual customer level.
To obtain meaningful samples, deeper insights into the big data stocks are required. Intelligent analysis methods then allow for more specific statements, which would not be possible with conventional surveys. Therefore, online researchers employ a great variety of methods for data exploration to identify subjective reactions of your customers as well as unconscious meanings and beliefs.
Case Study - This is already possible with data analysis
The retail store chain “target” experienced how useful market analysis can be. In this case, the researchers have specialized on detecting pregnancies and therefore often knew about the pregnancy of a customer before she herself knew about it. With the help of this method, it was possible to distribute different advertisings to specific customer groups. The data had been acquired from customer cards, credit cards and receipts.
We support you
We can help you transform your big data volume into reliable insights and concrete solutions so that you can benefit from a great advantage. We can support you by applying our broad analytical methodologies that can be adjusted individually to your requirements and provide added value to you.
We will gladly advise you about predictive analytics (predictive maintenance), data mining and optimization procedures providing you with a sound basis for your corporate planning and simplifying your occupational schemes. This will also enable you to optimize your general process and plan them more efficiently.
With results as a service we offer a scalable framework for individual solutions based on available modules. Immediately available, target-aimed, integrated and easy to handle.
In our approved trainings on the powerful programming language R, we share our knowledge with you enabling you to convert big data into smart data on your own.