Data analysis as part of market research
Data analysis is one of the essential areas of market research. In every part of market research, whether it is customer analysis, strategy or procurement research, large amounts of data are gathered. In order to analyze these data great expertise is required on both the content and formal levels. This means that staff engaged in the analysis of the gathered data have to be well acquainted with the issues and topics of market research as well as with statistical analysis.
But this is not always the case and training your employees in both of these areas would be a time-consuming and complex task. It would be much easier to outsource both market research and data analysis as a special part of the former to a professional market research provider. Market Researchers, for example, is able to support you with the analysis, structuring and interpretation of your data. The data analyses you receive from Market Researchers are customized to the specific requirements of your company.
Data analysis is comprised of a number of different analyses, among them statistical analysis. The highly specialized research teams of a professional provider like Market Researchers usually have years of experience with statistical analyses and are able to develop complex forecasting and data analyses models for you. A further area is Excel data analysis. Since Excel is the standard program used by most companies, Excel data analyses are usually preferred by clients. Moreover, Excel files are easy to understand without prior knowledge and can be adapted to your individual needs.
How is a statistical analysis carried out? On the one hand, a statistical analysis is performed in order to compile descriptive statistics which contain calculating means or standard deviations. On the other hand, statistics provided by market research companies can also be inferential, i. e. include correlations, forecasts, hypothesis testing and regression analyses. These point to future trends and long-term implications so they may serve your company as an important decision making aid.
Which services does an Excel data analysis contain? The Excel research experts at Market Researchers are able to support you with the development of Excel-based models, for instance. These are used for different areas of data analysis like cash-flow valuation or supplier assessment. But Market Researchers can also provide you with customer data analysis models and further customized models which record and analyze your data flexibly. If requested, the Excel data analysis experts at Market Researchers cannot only develop customized Excel tools for you but also maintain them according to your briefing and requirements.
