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Stop guessing at what Buyers want. The biggest disconnects between Suppliers and Buyers come from these unmet needs.
by Leonard Murphy
Chief Advisor for Insights and Development at Greenbook
In past editions of the GRIT Business & Innovation Report , we saw contradictory responses in participants’ views toward the greatest opportunities and challenges in the market research industry. What one segment considered to be a marketing research challenge, the other thought was an opportunity for innovation, and vice versa. There was no clarity on what the Opportunities and Challenges section hoped to achieve.
In this latest edition, we wanted a way to compare gaps between the actual and perceived needs of clients and suppliers. Our questions had to be cleaner if suppliers were to deliver on the needs of buyers. Thus the Opportunities and Challenges section evolved into Unmet Needs .
For the first time, we asked insights, Buyers, to describe their unmet needs, in particular, needs that could be filled by external Suppliers:
What, if anything, is the biggest need you have that could be filled by an external supplier, but currently is not?
We also asked Suppliers to articulate the needs that they think insights Buyers have that could be filled by external Suppliers:
What, if anything, do you think is the biggest need that insights buyers have that could be filled by an external supplier but currently is not?
The goals were to identify potential areas for innovation, as well as any areas of disconnect between Buyers and Suppliers. Areas of disconnect could indicate that Suppliers don’t understand what Buyers need, or it could mean that Suppliers have keen insights into the Buyer’s challenges that Buyers cannot see on their own.
Suppliers, for example, may have expertise that is quite different from a Buyer’s. They may have the objectivity of a participant-observer, and, most importantly, they likely have experience with a variety of Buyers and exposure to different ways that Buyers have addressed common insights challenges. Finally, if a Supplier has a different view of a Client’s market research challenges and the potential ways to address it than a client has….isn’t that why Clients hire them in the first place?
These were verbatim questions, and responses were coded and then further aggregated into categories. We have grouped the top ten topics in the accompanying chart for simplicity.
For Buyers, research core skills tied for second while advanced analytics and data synthesis were fifth. Aside from the two that are in the top 3 for both Buyers and Suppliers, creating business impact and research core skills , Buyers placed two other needs ahead of advanced analytics and data synthesis : innovative technology and business consulting skills . Among Suppliers, these ranked 5th and 4th respectively. So, the top needs are pretty well aligned across Buyers and Suppliers, and after creating business impact among Buyers, these needs differ in mentions by 5% or less.
In fact, the entire set of needs is pretty well aligned across Buyers and Suppliers; the largest percentage differences are for creating business impact (Buyers are 7% higher) and innovative technology (Buyers are 5% higher). All other needs are mentioned within 3% of each other, which leaves us with the question of why there is a larger gap for Buyers’ most pressing needs.
Arguably, GRIT Supplier respondents are more diverse than Buyers, at least with respect to insight generation.
Buyers, on the other hand, have the opportunity to “travel the world” by engaging different types of Suppliers and so on, gaining a more holistic, ringside view of the insights and analytics industry. Therefore, Buyers are more likely to be more homogeneous than Suppliers , to agree more, and, as a consequence, stand out more in a column or bar chart.
Suppliers differ with respect to creating business impact and innovative technology , and these differences are related to their areas of focus. If we consider only Strategic Consultancies and Full/ Field Service providers, the gap on creating business impact is only about 3% (28% for Buyers/25% for these Supplier types). If we consider only Technology providers, Buyers are actually 6% less likely to name innovative technology as a need. On the other hand, if we considered only Strategic Consultancies, Full/Field Service, and Data & Analytic providers, Suppliers look completely out of touch on innovative technology.
In fairness, however, these gaps are partially a function of limitations of the methodology. On average, Buyer comments touched 1.4 of these 10 categories while Suppliers averaged 1.3. Realistically, if you were a Strategic Consultancy or a Full/Field Service provider and you had one bullet, would you waste it on innovative technology or would you take a shot at business impact? If you were a Technology provider, would you take aim at creating business impact or innovative technology?
We mentioned that the verbatim comments were coded, then aggregated into 10 categories. If we peel off some of the individual topics, there’s another interesting finding.
Earlier in the report, we discussed how Buyers were more interested than Suppliers in new data sources, multiple data streams and so on. With respect to unmet needs, however,
Further, this proportion holds pretty steady across Supplier types; each is at least 3 times more likely to mention this than Buyers, so this result is not driven by an outlier Supplier type.
There are possible explanations for this apparently counter-intuitive result. We could go back to the “single bullet theory,” but it doesn’t seem to fit this scenario as well as it did for creating business impact and innovative technology. If we flash back to the Organizational Success Factors section, we’d see that analyzing multiple data streams and synthesizing data from multiple sources were in the bottom half of Suppliers’ critical priorities. Fewer than half said synthesizing data was a best-in-class goal for them, and fewer than 40% said analyzing multiple streams was a critical priority. However, if only a third of those who felt these rated best-in-class attention mentioned synthesis of results across multiple sources/types as an unmet need, we’d easily achieve the 13% who mentioned it.
Why are Buyers so much lower than Suppliers? Perhaps synthesis of results across multiple sources/types is a salient issue for them, but they may have too many other priorities to mention before they get to this one. Or, perhaps they consider it to be an unmet need, but not an unmet need that Suppliers can fill. Fewer than half of Suppliers have made this a top priority, and many Buyers may not have met a Supplier that would be credible in filling this need.
It is interesting to note that many of the unmet needs mentioned aligning with priorities and benchmarking measures identified multiple times in earlier in this report. There is a definite theme that has emerged of both Buyers and Suppliers recognizing that consulting skills, analytics, and data synthesis, and more efficient insights generation are critical for the industry.
We also found it interesting to look at the ungrouped coded responses through the filter of Buyer organization positioning, which we identify in our GRITscape as strategically focused, tactically focused, or both.
Across all three groups, the use of technology and/ or innovative products is the most frequently mentioned unmet need.
For Strategic & Tactical, the top 5 unmet needs are:
For Tactical, the top 4 unmet needs are:
Finally, for Strategic, the top 4 unmet needs are:
According to Buyers, Suppliers have roles to play in helping them fill unmet needs. Buyer needs range from business-focused to technology-related to analytics to core research skills; Suppliers happen to have specialties in strategic consulting, technology, analytics, and full-service research. On the surface, there may appear to be disconnects between how Suppliers see Buyer needs and the needs that Buyers actually have. However, if you focus on the perspective of the Supplier whose professional focus is best positioned to meet a particular need, Buyers and Suppliers are very well aligned.
Similar to arguments made elsewhere in this report and in the most recent GRIT editions, the key to closing the gap on unmet Buyer needs might be an “Avengers, assemble!” strategy: calling together the right portfolio of Supplier super-powers necessary to successfully combat specific and unique business challenges. Complex business challenges need to be met with the right set of skills and capabilities, and these are out there, but perhaps not under one roof. Someone must have the vision to diagnose the marketing research challenges, the ingenuity to define a solution, the knowledge to find the right skills and capabilities suited to the challenge, and the temperament to bring it all together.
Editor’s Note: This commentary is featured in the GRIT Business & Innovation Report . The latest Business & Innovation edition looks at the big picture of the insights industry and how individual organizations fit into this ecosystem. Learn how external changes (like COVID-19) are spurring innovation and how they impact business outcomes, expectations, and strategies. Also featured is the ‘ Top 50 Most Innovative Supplier’ list.
Read the full report>>
Comments are moderated to ensure respect towards the author and to prevent spam or self-promotion. Your comment may be edited, rejected, or approved based on these criteria. By commenting, you accept these terms and take responsibility for your contributions.
Leonard Murphy
100 articles
The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.
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As a market research analyst, you play a crucial role in helping companies understand their audience and make better-informed business decisions. In this article, we will explore the job description and skills required to excel in this field.
A market research analyst is responsible for collecting and analyzing data on consumer behavior, market trends, and competitors to help their organization make informed decisions. They use various research methods, including surveys, focus groups, and statistical analysis, to gather insights that can be used to improve products and services, develop marketing strategies, and identify opportunities for growth.
Market research analysts are essential to helping companies stay competitive in today’s constantly evolving business landscape. By providing valuable insights into consumer trends and preferences, they help businesses make more informed decisions about product development, marketing, and sales.
In addition to helping businesses stay ahead of the competition, market research analysts also play a critical role in identifying emerging trends and opportunities. By keeping a pulse on the latest industry developments and consumer preferences, they can help their organization stay agile and adapt to changing market conditions.
Throughout the article, we will cover the following topics:
By the end of this article, readers will have a comprehensive understanding of what it takes to become a top-performing market research analyst and how to excel in this exciting and fast-paced field.
Market research analysts play a crucial role in the success of a business by providing insights into customer needs, preferences, and habits.
Market research analysts are responsible for conducting research in order to help businesses make informed decisions. They analyze data and information, evaluate findings, and communicate with clients, managers, and other stakeholders.
One of the key responsibilities of a market research analyst is gathering data and information. This might involve conducting surveys, focus groups, or other types of research to collect information about customer preferences, purchasing habits, and other relevant data. They may also collect data from internal sources, such as sales data, customer databases, and website analytics.
Once data and information have been gathered, market research analysts must then analyze it. This may involve using statistical software to identify patterns and trends, conducting market research to identify competitors and market trends, and analyzing customer feedback to determine customer satisfaction and identify areas for improvement.
After analyzing data and information, market research analysts must then evaluate the findings. This involves drawing conclusions based on the data and identifying opportunities for growth and improvement. They may then create presentations, reports, and other materials to communicate their findings to clients, managers, and other stakeholders.
Communication is a key part of a market research analyst’s job. They must be able to communicate complex data and findings in a way that is clear and understandable to non-technical stakeholders. This may involve creating reports, presentations, and other materials that can be easily understood by people outside of the research field.
Market research analysts must also ensure that research databases and technology are maintained and updated. This may involve managing databases of customer information, tracking trends in the industry, and staying up-to-date on new research methodologies and technologies. They must also ensure that all research is conducted ethically and in compliance with relevant laws and regulations.
Market research analysts are critical to the success of businesses across all industries. Their responsibilities include gathering and analyzing data, evaluating findings, communicating with clients and stakeholders, and maintaining research databases and technology. With their expertise, market research analysts help businesses make informed decisions and stay ahead of the competition.
Market research analysts are responsible for deciphering data and insights to help organizations make informed business decisions. This involves a diverse skill set and a strong educational background. To be successful in this field, there are several vital qualifications and skills that market research analysts should have.
A. Education and Certification The first qualification for a market research analyst is to hold at least a bachelor’s degree in a relevant field such as marketing, statistics, or business administration. Advanced degrees, such as an MBA or a master’s in marketing research, offer a competitive advantage in this field. Additionally, certification programs, such as the Professional Researcher Certification (PRC) from the Insights Association, can enhance a candidate’s credentials.
B. Technical Skills Market research analysts should be proficient in data analysis and have a strong understanding of the latest technologies and data collection methods. This includes expertise in data analytics software and statistical analysis tools, as well as experience with survey and research methodologies.
C. Analytical Skills Market research analysts should possess strong analytical skills to help them interpret data and turn it into actionable insights. These skills include critical thinking, problem-solving, and the ability to identify patterns and trends.
D. Communication Skills Market research analysts should be effective communicators who can present complex data and insights in an easy-to-understand format. This includes not only verbal communication but also written communication through reports, presentations, and dashboards.
E. Organizational Skills Market research analysts need to possess strong organizational skills to manage multiple projects and deadlines simultaneously. This includes the ability to prioritize tasks, manage resources, and maintain accurate records.
F. Interpersonal Skills Market research analysts should have strong interpersonal skills to work effectively with team members and clients. This includes the ability to build rapport, active listening, and empathy.
G. Adaptability and Flexibility Market research analysts should possess excellent adaptability and flexibility skills to ensure they can respond to rapidly changing business needs. This includes the ability to pivot direction, multitask, and handle unexpected challenges with ease.
Market research analysts must have a unique blend of qualifications and skills to succeed in this industry. Having a strong background in education, technical skills, analytical skills, communication skills, organizational skills, interpersonal skills, and adaptability and flexibility are essential. As the market research industry continues to evolve, these skills will only become more critical for success.
Market research analysts are in high demand, as organizations across various industries rely on their insights to make informed business decisions. Here are some things to consider when it comes to career growth opportunities, job market trends and outlook, salary and compensation, and geographic and industry variation in salaries for market research analysts.
Market research analysts typically begin their careers with a bachelor’s degree in marketing or a related field, though some employers may prefer candidates with a master’s degree. As they gain experience, market research analysts may have the opportunity to move into leadership roles, such as managing a team of analysts or becoming a director of market research.
In addition, market research analysts can expand their skills by developing expertise in specific areas, such as consumer behavior or market segmentation. They can also stay up-to-date with emerging trends and technologies by attending industry conferences or completing training programs.
The job market for market research analysts is expected to grow at a fast pace, with the U.S. Bureau of Labor Statistics projecting a 18% increase in employment between 2019 and 2029. This growth is largely due to the increasing importance of data-driven decision making in today’s business landscape.
As more organizations embrace digital technologies, market research analysts with experience in areas such as social media analytics and digital marketing research may be particularly in demand.
According to the U.S. Bureau of Labor Statistics, the median annual wage for market research analysts was $63,790 as of May 2019. However, salaries can vary widely based on factors such as experience level, industry, and geographic location.
Market research analysts working in the management, scientific, and technical consulting services industry tend to earn higher salaries, with a median annual wage of $85,730. Those working in the wholesale trade industry tend to earn lower salaries, with a median annual wage of $60,140.
Geographic location can also impact salaries for market research analysts. For example, those working in metropolitan areas such as San Francisco, New York, and Boston tend to earn higher salaries due to the higher cost of living in these locations.
In terms of industry, market research analysts working in the computer systems design and related services industry tend to earn the highest salaries, with a median annual wage of $92,520 as of May 2019. Those working in the educational services industry tend to earn lower salaries, with a median annual wage of $51,860.
Market research analysts can expect strong job growth and competitive salaries. By continuing to develop their skills and expertise, they can position themselves for long-term success in this exciting field.
As a market research analyst, you can specialize in different areas of research depending on your interests and expertise. Below are some of the most common types of market research analysts:
Industry-specific market research analysts specialize in gathering information and insights about a particular industry or market segment. They study trends, consumer behavior, competition, and other factors that affect the industry they are focused on.
For instance, an industry-specific market research analyst may specialize in the healthcare industry, researching the latest developments in medical technology, changes in healthcare policies, and consumer behavior in healthcare settings.
Geographical market research analysts focus on gathering data about specific regions or locations. They may study demographics, consumer behavior, or economic trends in a particular region.
For example, a geographical market research analyst working for a real estate company may gather data about property values, rental demand, and consumer preferences in a specific city or neighborhood.
Demographic market research analysts specialize in understanding consumer behavior and preferences based on demographics such as age, gender, income, and education. They study consumer trends and buying behavior within specific demographics and use this data to improve marketing and product development strategies.
For instance, a demographic market research analyst may gather data on the spending habits and media consumption of millennials to help a company develop more targeted marketing campaigns for this demographic.
A product-specific market research analyst specializes in understanding consumer behavior and preferences specific to a particular product or service. They gather data on consumer preferences, usage patterns, and satisfaction levels to help companies develop and improve their products and services.
For instance, a product-specific market research analyst may gather data on consumer preferences for mobile phone features to help a technology company design a new device that meets customer needs and preferences.
Market research analysts can specialize in different areas of research depending on their interests and expertise. Whether you prefer to analyze data about industries, demographics, products, or regions, there are exciting opportunities for you to apply your skills as a market research analyst.
Market research is a crucial aspect of any organization, allowing them to identify their target market and gather information about their customers’ needs and preferences. There are various techniques of market research, including:
Qualitative research focuses on gathering subjective data through direct communication with customers, including interviews, focus groups, and surveys. This technique helps to collect in-depth information about customers’ experiences, opinions, and attitudes, enabling businesses to gain a better understanding of consumer behavior.
Quantitative research, on the other hand, focuses on the collection of numerical data through surveys, polls, and questionnaires. This technique helps businesses to gather specific information about customer preferences and behaviors, enabling them to determine the most effective marketing strategies.
Primary research refers to the gathering of data directly from the source, typically through interviews, surveys, or observations. This form of research helps businesses to gain a comprehensive understanding of their target market and customer needs.
Secondary research involves analyzing data that has already been collected by others, including industry reports, government publications, and academic research. This technique is often used to supplement primary research and provides a broader perspective on market trends and customer behavior.
Market research is an essential tool for any organization looking to understand their target audience and gain a competitive advantage. By utilizing different techniques such as qualitative and quantitative research, as well as primary and secondary research, businesses can gain valuable insights into customer behavior and preferences, helping them to make informed decisions about their marketing strategies. ** Commonly Used Market Research Tools
Market research analysts rely on a variety of tools to help them gather, manage, and analyze data related to consumer behavior, market trends, and product performance. Here are some of the most commonly used tools in the field:
A. Survey Tools
One of the primary methods that market researchers use to collect information is through surveys. Survey tools help analysts create customizable surveys that can be distributed to targeted groups of people. Some of the most commonly used survey tools include SurveyMonkey, Qualtrics, and Google Forms. These tools allow analysts to design surveys with a wide range of questions types, including multiple-choice, ranking, and open-ended questions. Many survey tools also offer features like respondent tracking, data analysis, and reporting.
B. Data Analysis Tools
Once market researchers have collected data, they need to analyze it to identify patterns, trends, and insights that can inform business decisions. Data analysis tools, like SAS, Excel, and R, help researchers manage, clean, and analyze data sets. These tools allow analysts to create charts, graphs, and other visualizations that can help them to better understand patterns in the data. They can also run statistical analyses to identify correlations between variables and test hypotheses.
C. Project Management Tools
Market research projects can involve multiple stakeholders and moving parts, which can make them difficult to manage. Project management tools, like Asana, Trello, and Basecamp, help researchers keep track of project timelines, budgets, and deliverables. These tools allow users to assign tasks and deadlines, communicate with team members, and track progress in real-time. Project management tools can also help researchers to better manage resources, identify areas of inefficiency, and improve collaboration across teams.
D. Reporting Tools
Once market researchers have collected and analyzed their data, they need to present their findings to stakeholders in a clear and compelling way. Reporting tools, like Tableau, QlikView, and Microsoft Power BI, help researchers create customizable reports and dashboards that can visualize data in meaningful ways. These tools allow users to create interactive charts, graphs, and maps that can reveal insights at a glance. They can also help researchers to identify trends over time and make comparisons between different data sets.
Market research analysts rely on a variety of tools to help them gather, analyze, and present data related to consumer behavior, market trends, and product performance. By leveraging these tools, market researchers can gain deeper insights into consumer preferences and behaviors, enabling businesses to make more informed decisions about marketing strategies, product development, and other key initiatives.
As a market research analyst, it is important to know the key performance indicators (KPIs) that will help measure and analyze the success of your research strategies. Understanding KPIs is crucial for identifying areas of improvement, identifying opportunities for growth, and ensuring that your research is effectively contributing to the overall success of your organization.
Here are six key performance indicators that you should always keep in mind:
Customer satisfaction is a critical KPI for market research analysts. It measures how satisfied customers are with the products or services offered by a company. Customer satisfaction can be measured through surveys or feedback forms, and can be used to assess overall performance, identify areas for improvement, and help in developing strategies to improve customer satisfaction.
Net Promoter Score (NPS) is another important KPI for market research analysts. NPS is a score that measures how likely customers are to refer a company to a friend or colleague. This KPI is crucial because customers who are highly likely to recommend a company are more likely to be loyal and make repeat purchases.
Market share is another vital KPI for market research analysts. It is the percentage of the total market that a company has captured. This KPI is critical because it helps you understand how your company is performing in comparison to competitors. It can also help you identify new areas for growth and opportunities for expansion.
Customer retention is a KPI that measures the percentage of customers that continue to do business with a company over time. This KPI is essential because retaining customers is much easier and more cost-effective than acquiring new ones. It is important to keep this KPI in mind when developing strategies to improve customer loyalty and prevent churn.
Sales growth is a measurable KPI that is essential for assessing the performance of a company. It measures the increase or decrease in revenue over time. A market research analyst must keep this KPI in mind when developing pricing and promotional strategies, identifying new markets, and optimizing product offerings.
Brand awareness is one of the most important KPIs for market research analysts. It measures how well a company is recognized and perceived by its customers. This KPI can be assessed through brand surveys or qualitative research studies. Measuring and improving brand awareness is essential for building a loyal customer base and improving sales growth.
Understanding and tracking these six key performance indicators will help market research analysts to assess the success of their research strategies, identify areas for improvement, and contribute to the overall success of their organization.
Market research analysts play a critical role in businesses by gathering and analyzing data to help companies make informed decisions. However, this job comes with its own set of challenges. Here are the top five challenges faced by market research analysts:
Market research analysts are often tasked with conducting research on a tight deadline and limited budget. This can be challenging because it requires them to work efficiently and effectively to deliver accurate results within a constrained time frame. To tackle this challenge, analysts must prioritize their tasks, identify the most important data points, and use technology to automate and streamline certain processes.
With the rise of big data, handling and managing large amounts of data has become a critical challenge for market research analysts. It can be difficult to know where to begin when sorting through such vast amounts of information. Analysts must develop a strong understanding of data management and be able to analyze data from various sources to provide meaningful recommendations to their clients.
Technology is rapidly advancing, and market research analysts must stay up-to-date with the latest tools and techniques to effectively perform their job. With the increase in social media and mobile devices, it is essential to understand new data sources and their potential value in informing business decisions. Additionally, analysts must have a strong understanding of data visualization and other tools to effectively communicate findings to clients.
As the demand for skilled market research analysts continues to grow, so does the competition for jobs. This can be challenging for analysts who are just starting out in the industry, as more experienced candidates may have an advantage. Staying up-to-date with the latest trends and honing specialized skills can make an analyst stand out in a crowded job market.
Market research is consistently impacted by evolving trends and changing consumer behaviours, making it important for analysts to stay up-to-date on the latest shifts in the market. Traditional market research methods may not always suffice, and new data sources may become necessary to incorporate into analysis. Analysts must be flexible and adaptable to changing circumstances to ensure that their research is current and relevant.
Market research analyst faces challenges such as limited time and resources, handling and managing big data, staying up-to-date with technological advancements, increased competition, and evolving market trends and consumer behavior. Addressing these challenges requires market research analysts to stay informed, adaptable, and creative in their work.
Market research analysts play a crucial role in various industries by helping businesses make informed decisions about their products, customers, and competitors. They collect and analyze data to identify trends, market opportunities, and customer preferences, which businesses can use to improve their products or services and stay ahead of the competition. In this section, we will discuss the importance of market research analysts for various industries, including:
The retail industry is one of the largest and most competitive industries in the world. Market research analysts help retailers understand consumer behavior, preferences, and purchasing patterns, which can help them make decisions about product design, pricing, and promotions. They use various data collection methods, such as surveys, focus groups, and sales data analysis, to gather valuable insights about their target audience. In addition, market research analysts can help retailers identify new market opportunities and stay ahead of industry trends.
The healthcare industry is another sector that benefits greatly from market research analysis. Market research analysts help healthcare providers understand patient needs, preferences, and satisfaction levels, which can help them improve patient care and services. They also help healthcare providers identify market opportunities and determine the viability of new treatments or medical devices. Market research analysts in the healthcare industry help insurance companies determine pricing and coverage policies based on economic and demographic factors.
The fast-paced and rapidly evolving technology industry requires constant innovation, and market research analysts play a critical role in this process. They help technology companies understand customer needs and preferences to develop products that meet those needs. They also help companies identify emerging trends and new markets to expand into, which can lead to increased revenue and market share. Market research analysts can also help technology companies develop marketing and advertising campaigns that resonate with their target audience.
In the manufacturing industry, market research analysts help companies gather information about their products, competitors, and target markets. They use data analysis to identify consumer preferences and trends, as well as to gauge demand for specific products. Market research analysts can also help manufacturing companies identify new markets and sales opportunities, as well as assess the viability of new products in development.
Market research analysts in the food and beverage industry help companies understand consumer preferences and develop products that meet those preferences. They use surveys, focus groups, and other methods to gather data about consumer behavior regarding food and beverage products, as well as to identify emerging trends in the industry. Market research can also help companies identify new markets, such as niche diets or eating habits, and develop products that cater to those markets.
Market research analysts are essential in various industries as they provide valuable insights that businesses can use to improve their products or services, stay ahead of the competition, and identify new market opportunities.
As a market research analyst, one of the most important skills you need to have is the ability to analyze data and generate insights from it. In this case study, we’ll take a look at how Jane, a market research analyst working for a consumer goods company, used her skills to help the company make better business decisions.
The company was considering launching a new line of organic snacks targeted at health-conscious consumers. The marketing team had already conducted some preliminary research, such as focus groups and surveys, but they needed more in-depth insights to make informed decisions about the product lineup and pricing strategy.
Jane’s first step was to conduct a comprehensive market analysis. She looked at consumer trends, competitor offerings, and market size and growth potential. This helped the team understand the broader industry landscape and potential demand for the product.
Next, Jane analyzed the data collected from the focus groups and surveys. She used statistical methods to identify patterns and trends in the responses, such as which features consumers valued most in organic snacks and which price points they were willing to pay. She also looked at demographic data to better understand the target consumer segment.
Based on her analysis, Jane recommended that the company launch three different varieties of organic snacks, each with a slightly different flavor profile and price point. She also suggested that the company create a loyalty program to incentivize repeat purchases and capture data about customer preferences.
The marketing team implemented Jane’s recommendations and launched the new line of snacks. Sales exceeded the team’s projections, and the company was able to capture more market share in the health food sector. Jane’s insights helped the company make informed decisions that led to a successful product launch.
This case study shows the importance of market research analysis skills in driving business success. As a market research analyst, you need to be able to gather and interpret data accurately to generate insights that are actionable and drive impact. Whether you’re working for a consumer goods company or a technology startup, these skills are essential for helping your organization make smart, data-driven decisions.
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The retail industry is a bustling marketplace where competition is fierce and customer preferences are constantly evolving. To thrive and grow in such a dynamic environment, market research is not just beneficial – it’s a necessity. Retail market research involves gathering, analyzing, and interpreting data related to consumer behavior, market trends, and competitor strategies. For entrepreneurs, market analysts, and small business owners within the retail sector, understanding the specifics and best practices of retail market research can be a game-changer.
This comprehensive guide looks at the power of retail market research, how to approach it effectively, tools to simplify the process, featuring a case study, and tackle the challenges head-on.
Market research in the retail industry is marked by several distinct features that set it apart from other sectors. Understanding these unique aspects is crucial in conducting research that yields actionable insights.
Retailers are laser-focused on understanding their target customers . This goes beyond demographics to encompass shopping habits, preferences, and even emotional drivers behind purchases.
The retail world is crowded and fiercely competitive. Market research helps identify what competitors are doing well (or poorly) and allows retailers to differentiate themselves [4].
In today’s retail world, the customer experience is paramount. Retail research goes beyond product desire and explores factors like store layout, online usability, and even employee interaction.
Retail is a dynamic industry, and what’s hot today can be yesterday’s news tomorrow. Market research helps retailers identify emerging trends and adapt their offerings accordingly.
Modern retail isn’t just about brick-and-mortar stores or websites anymore. It’s a seamless blend of the two. Retail research needs to consider how these channels interact and how customers navigate between them.
By considering these unique aspects, retailers can leverage market research to make smarter decisions about everything from product selection to store layout and marketing campaigns.
Effective retail market research is a systematic process that involves several key steps. By breaking down the process, you can conduct thorough research that informs smart business decisions.
Goal Setting: What do you want to learn? Is it understanding customer preferences for a new product line, analyzing competitor strengths, or gauging interest in a new store location? Clearly defined goals will guide your research methods.
Target Audience: Who are you selling to? Define your ideal customer profile by demographics (age, income, location), interests, and shopping habits. This helps tailor your research methods to reach the right people.
Example: A clothing boutique wants to launch a new activewear line. Their target audience might be young professionals (22-35) who are health-conscious and shop online and in-store.
Primary vs. Secondary Research: As with any industry, primary research involves collecting your own data (surveys, interviews). Secondary research involves leveraging existing data (industry reports, government statistics).
Example: For the yoga wear example, primary research could involve focus groups with potential customers to understand their preferences for materials, styles, and price points. Secondary research might involve looking at industry reports on the growth of the eco-friendly clothing market.
Pro tip: Gathering primary research can cost you a lot of time and money. To better coordinate your efforts, make sure you use tools that do the leg work for you. For example, instead of creating templates and funneling all your findings manually into an Excel sheet, consider launching your product.
Prelaunching, i.e., creating a landing page with Prelaunch , opens up a world of insights into your target audience, best iterations of your product, and price point. All this information is neatly collected in a Dashboard, so all you have to do is analyze your data.
Surveys & Online Polls: Develop targeted online surveys or polls to gather customer opinions on product ideas, pricing, and brand perception. Tools like Google Forms or SurveyMonkey can help create and distribute these.
In-Store Observations: Observe how customers interact with your products or competitor products in physical stores. Note what attracts them, what they try on, and where they spend time.
Focus Groups: Conduct small group discussions with potential customers to gain deeper qualitative insights into their needs, motivations, and pain points.
Action Step: Merge the processes of surveys, online polls, and focus groups with a singular platform that helps you do it all. Setting up a concept-validating landing page on Prelaunch gives you access to real-time insights. Surveys are an embedded part of Prelaunch’s funnel.
For instance, the Reservation Survey is displayed on the Thank You page following a potential customer’s reservation of the product. This enables you to pose questions aimed at enhancing the product and identifying the customer profile.
The Cancellation Survey is presented when someone selects the “No, thanks” option on the Reservation page. This offers insights into their reasons for not reserving the product and what changes could potentially change their mind.
The Prelaunch platform is also set up to conduct focus groups which can be organized remotely and from a group of potential buyers that have already confirmed their purchase intent. The result is the most accurate data you could ever wish for.
Industry Reports: Look for reports from market research firms or industry associations that provide data on retail trends, consumer behavior, and market size for your specific niche.
National Retail Federation (NRF) : Publishes annual reports on retail industry trends, consumer spending, and economic forecasts. They also offer specific reports on various retail sectors like grocery, apparel, or electronics.
Euromonitor International : Provides market research reports on various consumer goods sectors, including retail. Their reports offer in-depth analysis of market size, growth projections, and consumer trends across different regions.
McKinsey & Company : Produces research reports on retail industry disruption, e-commerce trends, and the future of shopping. Their insights are valuable for understanding the broader forces shaping the retail landscape.
Trade Publications: Stay updated on industry trends and competitor news by following relevant publications and websites.
Retail Dive : A leading online publication that covers retail news and trends across all sectors, from e-commerce to brick-and-mortar operations. They offer insightful articles, data analysis, and interviews with retail industry leaders.
Chain Store Age : A trade publication focused on news and strategies for multi-location retail chains. Their content covers topics like store operations, merchandising, and supply chain management.
STORES Magazine : Published by the National Retail Federation, STORES Magazine covers retail technology, marketing trends, and omnichannel strategies.
News Articles
Action Step: Subscribe to newsletters from industry research firms like Nielsen or Euromonitor . Look for government data on the US Census Bureau website or your national statistical office.
Organize your data: Put all your research findings (surveys, reports, observations) in a central location for easy analysis.
Identify trends and patterns: Look for recurring themes across your data sets.
Example: Analyze survey data to see if the price is a major concern for eco-conscious yoga wear consumers. Combine this with industry report data on the growing market for premium eco-friendly clothing.
Create a clear and concise report: Summarize your research methods, key findings, and actionable insights.
Develop a plan: Based on your research, decide what to stock, how to price products , and how to market your eco-friendly yoga wear line.
Example: Your research might reveal a strong demand for high-quality, ethically sourced yoga wear at a premium price point. This can guide your product selection, marketing message, and in-store presentation.
Pro tip: Actionable insights are easier to arrive at when you have Customer Personas. On Prelaunch, these are AI-developed personas based on the customer profiles that your campaign has provided. Simply put, when potential customers interact with your landing page, they provide clues and insights into the best way to market your product (e.g. what pain points they have, what features really make a difference.)
Based on these insights Prelaunch builds customer personas which give you a clear idea of who and how to target your marketing efforts.
Retailers today have an array of tools and resources at their disposal to carry out comprehensive market research. From traditional methods to cutting-edge analytics, choosing the right tools can make a significant impact on the quality and efficiency of your research.
Surveys & Questionnaires: Gather a large pool of data on customer demographics, shopping habits, and brand preferences.
Tools: SurveyMonkey, Typeform, Google Forms
Focus Groups: Conduct guided discussions with a small group of customers to gain deeper insights and understanding of their motivations.
Tools: Prelaunch.com : This concept validation platform is a one-stop-shop for marketers. By creating a landing page with your concept and gauging customer response, you gain real-time insights into demand, iterate on your design based on feedback, and avoid investing heavily in an idea that might flop. This direct interaction with potential customers makes pre-launching a powerful primary research tool.
In-Store Observations: Observe how customers interact with your store or competitor stores. This can reveal product placement issues or areas where customer service can be improved.
Unfortunately, there aren’t many tools that can help optimize this process, which is why it’s imperative to optimize as many primary research methods as possible. (See pro tip above☝)
Industry Reports: Published by research firms or industry associations, these reports provide valuable data on market size, trends, and competitor analysis.
Resources: Euromonitor , Gartner L2 , IBISWorld
Government Statistics: Government websites often provide demographic and spending data that can be helpful in understanding your target market.
Resources: US Census Bureau , UK Office for National Statistics
Competitor Analysis: Research your competitors’ offerings, pricing strategies, and marketing campaigns.
Tools: Similarweb , SEMrush
Social Media Listening: Monitor online conversations to understand customer sentiment and identify emerging trends.
Tools: Brandwatch , Sprout Social
Additional Resources
Retail Trade Associations: Many retail trade associations offer resources and research specific to your industry segment.
News and Publications: Stay up-to-date on industry trends by following relevant publications and news websites.
By combining these tools and resources, you can conduct comprehensive retail market research that empowers you to make strategic decisions and gain a competitive edge.
Home Depot , a leading home improvement retailer, recognized the growing importance of technology in the customer journey. However, they needed to understand how customers interacted with technology in-store and how to encourage its adoption.
In-Store Observations: Researchers observed how customers navigated stores, interacted with kiosks and digital signage, and sought assistance from employees.
Customer Surveys: Surveys were conducted to understand customer attitudes towards technology in-store, their preferred ways to access information, and any pain points they encountered.
Focus Groups: Focus groups with DIY enthusiasts explored their comfort level with technology and their ideal in-store tech experience.
Customers were receptive to using technology in-store, especially for tasks like product research, checking inventory, and accessing project guides.
Traditional methods of getting help, like flagging down employees, were still important, but customers appreciated the ability to access information independently through kiosks and digital signage.
There was a gap between customer needs and existing technology offerings. The in-store tech felt clunky and not user-friendly for some customers.
Improved In-Store Kiosks: Home Depot upgraded their kiosks with a more intuitive interface and a wider range of functionalities, allowing customers to browse products, compare features, and access how-to videos.
Enhanced Digital Signage: Digital signage was revamped to display targeted product information, special promotions, and DIY project inspiration, aligned with the customer’s location in the store.
Employee Training: Employees were trained on the new technology and empowered to guide customers towards using the kiosks and digital signage for a more efficient shopping experience.
Increased Customer Satisfaction: Surveys showed a significant increase in customer satisfaction with the in-store shopping experience, particularly regarding ease of finding information and getting help.
Improved Sales Conversion: Data indicated that customers who interacted with the in-store technology were more likely to purchase.
Enhanced Brand Image: Home Depot positioned itself as a leader in integrating technology to improve the customer experience in the home improvement sector.
This case study highlights the importance of market research in understanding customer needs and effectively integrating technology in a traditional retail setting. By actively listening to their customers, Home Depot identified opportunities to bridge the gap between traditional and digital shopping experiences, ultimately leading to increased customer satisfaction and sales.
Retail market research is essential for staying ahead of the curve in this dynamic industry. However, gathering valuable customer insights can be tricky. Here, we explore some common challenges and how to overcome them:
The Problem: Today’s consumers are busy and have short attention spans. Traditional methods like in-person surveys can have low response rates.
The Solution: Embrace online research tools like Prelaunch.com’s Idea Validation feature . The tool allows you to put together a sharable page that sums up and presents your product to an audience. The process takes less than 10 minutes and lets you capture your idea in a way that’s short, sweet and to the point. Based on how they engage with the page, you’ll be able to know whether your idea is valid or not.
The Problem: Retail trends evolve rapidly. Research based on outdated data can lead to missed opportunities.
The Solution: Build a culture of continuous research. Conduct regular pulse surveys to track changing preferences and use social listening tools to monitor online conversations about your brand and industry.
The Problem: The retail journey spans multiple channels – online stores, physical stores, and mobile apps. Understanding customer behavior across these touchpoints can be complex.
The Solution: Employ a mix of research methods. Combine online surveys with website behavior tracking and in-store observation to get a holistic view of the customer experience.
The Problem: With so much data available, it can be overwhelming to analyze it effectively and translate insights into actionable steps.
The Solution: Invest in data analytics tools. These tools can help you categorize, visualize, and identify key trends within your data sets. Focus on creating clear research questions to guide your analysis and prioritize actionable insights.
By understanding these challenges and implementing the suggested solutions, you can ensure your retail market research delivers valuable insights that drive better business decisions and keep your brand at the forefront of the ever-evolving retail landscape.
Retail market research is not a one-size-fits-all endeavor. It requires adaptability, creativity, and a commitment to understanding the intricate interaction between markets and consumers. By following the steps provided in this guide and combining it with the right tools and resources, you can unlock invaluable insights that will drive your retail business forward.
Remember that conducting comprehensive retail market research is an investment, not an expense. It is the foundation upon which successful retail strategies are built. By immersing yourself in the data and understanding the unique characteristics of retail market research, you are taking the first steps towards securing your position in the competitive retail industry.
Emerge as a leader in your segment by harnessing the power of retail market research. Your strategies should not only reflect market realities but should also anticipate and shape them. Take the time to master this critical component of retail, and watch as your business flourishes in response. Happy analyzing!
Retail market research is the systematic process of gathering information about the retail industry, specifically focusing on your target market and competitors. It helps you understand what customers want and need, how they shop, and what influences their buying decisions.
Ideally, anyone involved in making strategic decisions for a retail business can benefit from market research. This can include:
While some larger companies might have dedicated market research teams, smaller retailers can still conduct valuable research using a mix of free and paid tools and resources.
Retail market research can leverage various methods, but some are particularly well-suited for the industry:
Primary Research: This involves collecting your own data directly from your target audience.
Examples: Customer surveys and questionnaires to understand shopping habits and preferences. Focus groups to gain deeper insights into customer motivations and product perceptions. In-store observations to analyze customer behavior and identify areas for improvement.
Secondary Research: This involves leveraging existing data collected by others.
Examples: Industry reports on market size, trends, and competitor analysis. Government statistics on demographics and spending habits in your target market. Competitor analysis to understand their offerings, pricing strategies, and marketing tactics. Social media listening to monitor online conversations and identify customer sentiment towards your brand and industry trends.
By combining primary and secondary research methods, retailers can gain a well-rounded understanding of their market and make informed decisions for long-term success.
Alice has over 8 years experience as a strong communicator and creative thinker. She enjoys helping companies refine their branding, deepen their values, and reach their intended audiences through language.
Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC
By Srinivas Krishna Rao Jan 19, 2017
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Market research is any organized activity conducted to gather information about specific target markets or customers. It is a very important component of business strategy & decision making. Market researchers perform both primary and secondary research to obtain the data and process it into relevant information.
Top challenges facing market researchers currently are -,
1. Existing Market Research Methodology
Overwhelming amount of data makes it difficult to separate out from noise. More than 500 websites are being added to the internet space every day. Manually scanning through the data is cumbersome and tough. Many existing techniques to juggle around add to the challenge of getting the right data.
The data being collated manually has a risk of being of poor quality. With volume of data collated increasing manual errors due to human fatigue can seep in. When the collated data is of poor quality, the insights into the mined data stands a high risk of being of bad quality as well.
3.Research Outcomes (For clients)
The expectations of clients are increasing due to the complex business dynamics. Clients expect actionable insights from market research companies, which can help them take quick informed business decisions. Insightful strategic reports delivered within stipulated timelines is becoming an increasing challenge for market research companies globally.
4. Differentiate from your competitors
It's becoming an increasing challenge for a market researcher to demonstrate unique value and novel contribution in Market Research approaches. The standard market research methodologies followed by most of market research companies don't help them stand apart from the crowd. Staying relevant with changing technology times is of prime concern now. With the advent of BIG DATA and analytics, cutting edge techniques should be adopted by the market research companies to stay ahead of the competition. Also, the need of the hour is to avoid commodification of the market research projects (which includes reports, surveys etc.).
5.Clientele Constraint
With ever increasing competition, the clients need the latest up-to-date insightful information delivered super-fast. This would help the clients get an edge over their competition and grow rapidly in the market. The clients often have constraints in terms of the timelines, budget and scope of work involved.
Online Research is an integral part of secondary research. Web data extraction is an essential component of online research. Automation of web data extraction is becoming increasingly an inevitable necessity of the near future. Automation of web data extraction can help save time and effort for the researchers. This has direct impact on increasing the productivity of researchers and thereby increasing the overall output. Also, manual errors during extraction can be eliminated largely by automation.
Market researchers can focus more on providing strategic insights from the data extracted, which would help their clients take business decisions in a better way. Market research companies can easily differentiate themselves from the competition by providing faster, accurate and more insightful information to their clients, thereby gaining a major competitive edge in the market research space. Clients can also expect better insightful market research analysis, due to the bandwidth of market researcher freed from conducting repetitive mundane web extraction activities.
To summarize, most of the top challenges faced by market researchers can be addressed and resolved successfully by automation of online web data extraction activities.
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There are eight types of marketing research you can try to stay ahead of the competition. Learn more about marketing research methods and how to use them.
Typeform | 08.2024
Typeform | 07.2024
“If you keep doing what you’ve always done, you’ll keep getting what you’ve always got.”
Doesn’t sound too threatening if you’ve always been successful, right?
Continuing to do what you’ve always done means you’ll fall behind—and probably fade to darkness—to where all the forgotten brands go.
Take Kodak. They were a major player in photography for decades—remember? When digital photography boomed, Kodak kept doing what they always did. Their business floundered and people forgot about them. Well, everyone apart from Pitbull.
Now, look at Fujifilm, one of Kodak’s biggest competitors. They did the opposite and looked for ways to apply their expertise in film to the technology of the new millennium instead. Their company is still going strong.
The same goes for research. If you’re doing the same old types of market research, speaking to the same old people, and doing the same old tired surveys—you’re already behind.
How do you decide what kind of market research you need to do? It all comes down to what you need to know and what your business goals are.
In this article, we’ll explain the various types of market research you can use to solve issues and challenges in your business. We’ll throw you a freebie, too, and provide some market research tips about when to use each strategy.
Let’s get you ahead of the curve.
Brand research helps with creating and managing a company’s brand, or identity. A company’s brand is the images, narratives, and characteristics people associate with it.
Brand research can be used at every stage in a business’s lifecycle, from creation to new product launches and re-branding. There are at least seven types of brand research:
Brand advocacy: How many of your customers are willing to recommend your brand?
Brand awareness : Does your target market know who you are and consider you a serious option?
Brand loyalty: Are you retaining customers?
Brand penetration: What is the proportion of your target market using your brand?
Brand perception : What do people think of as your company’s identity or differentiating qualities?
Brand positioning: What is the best way to differentiate your brand from others in the consumer’s mind and articulate it in a way that resonates?
Brand value: How much are people willing to pay for an experience with your brand over another?
A researcher will use several types of market research methods to assess your and your competitors’ strengths and weaknesses. Generally, they will conduct competitor research, both qualitative and quantitative, to get a picture of the overall marketplace. Focus groups and interviews can be used to learn about their emotions and associations with certain brands.
Market research surveys are useful to determine features and benefits that differentiate you from competitors . These are then translated into emotionally compelling consumer language.
This type of market research is designed to evaluate whether your advertising messages are reaching the right people and delivering the desired results. Successful campaign effectiveness research can help you sell more and reduce customer acquisition costs.
It’s estimated people see up to 5,000 advertising messages each day. That means attention is a scarce resource, so campaign effectiveness research should be used when you need to spend your advertising dollars effectively.
Campaign effectiveness research depends on which stage of the campaign you use it in (ideally, it’s all of them!). Quantitative research can be conducted to provide a picture of how your target market views advertising and address weaknesses in the advertising campaign.
Competitive analysis allows you to assess your competitors’ strengths and weaknesses in the marketplace, providing you with fuel to drive a competitive advantage.
No business exists in a vacuum—competitive analysis is an integral part of any business and market plan. Whether you’re just getting started, moving into a new market, or doing a health check of your business, a competitive analysis will be invaluable.
A researcher will typically choose a few of your main competitors and analyze things like their marketing strategy, customer perceptions, revenue or sales volume, and so on.
Secondary sources such as articles, references, and advertising are excellent sources of competitive information; however, primary research, such as mystery shopping and focus groups, can offer valuable information on customer service and current consumer opinions.
Consumer insights research does more than tell you about who your customers are and what they do. It reveals why customers behave in certain ways and helps you leverage that to meet your business goals.
Knowing your customers deeply is integral to creating a strategic marketing plan. This type of market research can help you anticipate consumer needs, spark innovation, personalize your marketing, solve business challenges, and more.
Consumer insights research should be specific to your business—it’s about getting to know your target audience and customers. Various market research methods can be used, such as interviews, ethnography, survey research, social monitoring, and customer journey research.
Here are some of the characteristics you should understand through consumer insights research:
Purchase habits
Interests, hobbies, passions
Personal and professional information
How they consume media and advertising
Customer satisfaction research is a type of market research that measures customers’ experiences with products or services, specifically looking at how those meet, exceed, or fail to live up to their expectations.
Customer satisfaction is a strong indicator of customer retention and overall business performance. Successful customer satisfaction research should help you understand what your customers like, dislike, and feel needs improvement. You can use this type of market research to look at the quality and design of products, speed and timeliness of delivery, staff and service reliability, knowledge, and friendliness, market price, and value for money.
There are several ways to measure customer satisfaction, most commonly using surveys. An NPS or Voice of the Customer Survey can help you measure customer loyalty. Customer Effort Scoring measures how satisfied people are with customer service or problem resolution. CSAT is any survey that measures customer satisfaction , typically measured using Likert scale surveys . They can be conducted at different points in the customer experience, allowing deeper insight into that moment.
Customer segmentation studies aim to divide markets or customers into smaller groups or personas with similar characteristics to enable targeted marketing. By understanding how people in each category behave, you can understand how each influences revenue.
Customer segmentation research is best used if you’re ready to give customers individualized experiences. Not every customer in your target market is the same. The more you understand each specific persona, the easier it is to focus on delivering personalized marketing, build loyal relations, price products effectively, and forecast how new products and services will perform in each segment.
Market researchers use four characteristics to segment customers.
Demographics: demographic information such as age, gender, family status, education, household income, occupation and so on
Geography: where people live, from cities and countries to whether they are city dwellers or suburbanites
Psychographics: socioeconomic status, class, lifestyle, personality traits, generation, interests, hobbies, etc.
Behavior: brand affinity, consumption and shopping habits, spending, etc.
A researcher will identify your current customers and collect data about them through various market research methods, such as surveys, database research, website analytics, interviews, and focus groups. The aim is to gather as much information as possible.
Market research for product development involves using customer knowledge to inform the entire process of creating or improving a product, service, or app and bringing it to market.
Innovation is hard work. A quick Google will tell you that 80–95% of new products fail every year. Conducting market research for product and app development helps minimize the risk of a new product or change going bust as it enters the market. There are three stages where you can use market research:
Conception: The moment you’re thinking about adding something new, market research can find market opportunities and provide insights into customer challenges or their jobs-to-be-done, so you can find a way to fill the gap.
Formation: Once you have an idea, market researchers can help you turn it into a concept that can be tested. You can learn more about strategizing pricing, testing advertising and packaging, value proposition, and so on.
Introduction: Market research can help you gauge attitudes toward the product once it’s in the market and adapt your messaging as it rolls out.
Keep making the product better or find opportunities to introduce it to new markets.
Product development research will utilize different market research methods, depending on the goal of the research. A researcher could present focus groups with product concepts and listen to their opinions, conduct interviews to learn more about their pain points, or perform user testing to see how they interact with an app or website.
Usability testing is concerned with understanding how customers use your products in real time. It can involve physical products, like a new blender, or digital products like a website or app.
Usability testing is helpful when you need to detect problems or bugs in early prototypes or beta versions before launching them. It typically costs far less to test a product or service beforehand than to pull a flawed product off the shelves or lose sales because of poor functionality.
There are several types of usability tests, which vary based on whether you’re testing a physical or digital product.
Journey testing involves observing the customer experience on an app or website and monitoring how they perform. This type of study can be done online
Eye tracking studies monitor where people’s eyes are drawn. Generally, they are conducted on websites and apps, but can also be done in stores to analyze where people look while shopping
Learn ability studies quantify the learning curve over time to see which problems people encounter after repeating the same task
Click tracking follows users’ activity on websites to evaluate the linking structure of a website
Checklist testing involves giving users tasks to perform and recording or asking them to review their experience
When it comes to market research, you need to ask yourself what business challenge or question you’re trying to address. Then, select the appropriate methods and tools, such as market research automation , to simplify your process.From there, the world of useful data and actionable insights will open to you.
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Are you curious how successful businesses make informed decisions and stay ahead in today's data-driven world? Well, it all starts with the unsung heroes of marketing - the marketing analysts . These quantitative analysis specialists are crucial in helping companies navigate the complexities of market trends and consumer behavior . By conducting research and delving into vast amounts of marketing data, they uncover valuable insights that drive business growth. Strong quantitative analysis skills are essential for these professionals to excel in their roles and provide valuable customer insights.
Marketing analysts are crucial in developing effective strategies and optimizing campaigns for better results. They work closely with the marketing team, providing critical recommendations based on their meticulous analysis using business analytics and business intelligence. Whether deciphering consumer data or evaluating product performance, these prospective analysts have an uncanny ability to uncover hidden patterns and opportunities. This job requires strong research skills and a deep understanding of business analytics and intelligence.
Business analytics and quantitative analysis are crucial in a competitive landscape where every decision counts. Marketing analysts with expertise in business intelligence and research bring valuable insights. Their contributions guide marketing managers toward making impactful choices that resonate with consumers and yield tangible results. So, if you're passionate about unraveling market mysteries and love crunching numbers, a career as a marketing analyst focused on business analytics, quantitative analysis, business intelligence, and research might just be your calling!
Now let's dive deeper into this exciting field and explore how research analysts and business analysts, with their expertise in business analytics, shape the future of marketing. These analytical maestros, including prospective analysts, are crucial in driving marketing strategies forward.
A marketing analyst plays a crucial role in today's data-driven business landscape. They are the research analysts who dive deep into market data to uncover valuable insights, identify opportunities, and tackle challenges related to occupational employment. By analyzing customer demographics, preferences, and purchasing patterns, marketing analysts provide critical guidance for effective marketing strategies based on information from employment projections.
Marketing analysts employ business analytics techniques to measure the effectiveness of marketing campaigns. They meticulously collect and interpret research data to evaluate the impact of various initiatives on brand awareness, customer engagement, and sales performance. Armed with these findings, they make data-driven recommendations that help organizations optimize their marketing efforts based on projections and wage statistics.
In addition to campaign analysis, marketing analysts are more responsible for monitoring industry trends, consumer data, research, statistics, and projections. By staying abreast of market dynamics and competitor analysis, they keep businesses informed about emerging opportunities or potential threats. This proactive approach allows companies to adapt quickly and stay ahead in an ever-changing marketplace.
One key aspect of a marketing analyst's role is identifying target audiences for successful marketing initiatives. They delve into consumer behavior patterns to understand what drives purchasing decisions and how different segments respond to various messaging strategies. This knowledge helps shape targeted advertising campaigns that resonate with specific groups, maximizing return on investment. Research, prospective, and data analysts are crucial in analyzing consumer behavior and making projections for effective marketing strategies.
To illustrate this further:
Ultimately, the role of research analysts in employment is all about transforming raw data into actionable intelligence that drives business growth. Their ability to analyze complex datasets enables them to identify untapped market segments or new product opportunities while optimizing existing strategies for maximum impact on workers and occupations.
As a marketing analyst, your occupation involves conducting thorough market research to gain insights into consumer needs, preferences, and behaviors. This information is crucial for developing effective campaigns and marketing strategies. Let's delve into the key responsibilities that come with this employment role.
As a marketing analyst, one of your primary tasks is to conduct comprehensive market research. This involves gathering data on target markets, competitors, industry trends, consumer demographics, and employment patterns. By analyzing this information, you may identify emerging opportunities and potential challenges for your company and its workers.
To accomplish this, you may employ various research methods such as surveys, focus groups, interviews, or data analysis tools to understand customer motivations and desires. This understanding can help shape marketing initiatives that resonate with the target audience and benefit workers by providing better employment opportunities and higher wages.
Another crucial aspect of your role as a research analyst is analyzing sales data and campaign performance metrics. By examining these figures closely, research analysts can evaluate the success of marketing initiatives and identify areas for improvement in their occupation. Additionally, employment in this field may require research analysts to analyze sales data and campaign performance metrics.
For instance, research analysts might analyze sales data to determine which products or services boost revenue growth or identify patterns in customer purchasing behavior. Research analysts can gauge the effectiveness of different marketing channels or messaging strategies by assessing campaign performance metrics like click-through rates or conversion rates. This employment occupation also involves analyzing wage data to determine trends and make informed decisions.
Based on your analysis as a market research analyst, it is crucial to develop employment reports that provide actionable insights for management teams in the occupation. These reports should communicate critical findings and wage recommendations concisely.
Visualizations such as charts or graphs can help marketing teams convey complex information more effectively to market research analysts. Your goal as an analyst is to provide valuable insights to the marketing team that inform decision-making processes regarding product development, pricing strategies, target audience segmentation, or promotional activities. This occupation is crucial for the team's success, and employment opportunities in this field are abundant.
As a marketing analyst, collaboration with research analysts and cross-functional teams is vital to align strategies with market demands. You may work closely with product development teams to understand consumer needs and preferences, ensuring that new offerings meet market expectations. This occupation requires strong employment skills and knowledge in the field.
Collaboration with research analysts, the sales team, and various departments is crucial for gathering customer feedback and understanding the impact of marketing efforts on sales performance. By fostering strong relationships, you can ensure a cohesive approach to employment in the occupation that drives business growth.
Obtain a bachelor's degree in marketing, business analytics, statistics, or related disciplines..
To kickstart your journey toward becoming a marketing analyst, obtaining a bachelor's degree in fields such as marketing, business analytics, statistics, or other related disciplines is crucial. These academic programs provide the foundational knowledge and skills required for success in this field. Research analysts and employment opportunities are abundant in this industry.
A degree in marketing equips you with an understanding of consumer behavior, market research techniques, and strategic planning. On the other hand, pursuing a business analytics or statistics degree enhances your ability to analyze data and derive valuable insights. Both these areas of study are highly relevant to the role of a marketing analyst.
While earning your degree is essential, gaining practical experience is equally vital for your marketing team. Look for opportunities to work as an intern or in entry-level positions within market research firms or companies specializing in data analysis. These roles will allow you to apply your theoretical knowledge and develop hands-on skills for your marketing team.
Internships offer valuable exposure to real-world projects and enable you to learn from experienced professionals. They provide opportunities to conduct market research studies, analyze data sets, and contribute insights that drive decision-making processes. Internships also help you build connections within the industry, which can be beneficial when seeking full-time employment later.
As a marketing analyst, having strong analytical skills is paramount. To enhance these skills further, it is essential to become proficient in statistical software tools such as Excel or programming languages like Python and R. Research analysts can benefit significantly from mastering these tools.
Excel is widely used across industries for research and data analysis due to its versatility and user-friendly interface. It allows marketers to efficiently organize large datasets for research and perform various calculations using built-in functions. Familiarity with Excel enables marketing analysts to generate meaningful reports and visualizations that aid in decision-making based on research.
On the other hand, programming languages like Python and R provide more advanced analytical capabilities for marketing analysts. These languages offer powerful libraries and frameworks specifically designed for data analysis and machine learning tasks. Learning to code in Python or R equips marketing analysts with the ability to manipulate complex datasets, build predictive models, and automate repetitive tasks, enhancing their research skills.
The marketing field constantly evolves, driven by technological advancements and consumer behavior changes. To stay relevant as a marketing analyst, it is crucial to stay updated with industry trends and conduct thorough research as a research analyst.
Attending conferences related to marketing analytics provides valuable insights for research analysts into emerging strategies, tools, and techniques. These events bring together industry experts who share their knowledge with research analysts through presentations and workshops. Networking opportunities at conferences can also lead to collaborations or job opportunities for research analysts.
Pursuing certifications in areas like digital marketing analytics demonstrates your commitment to continuous learning and professional development as a marketing analyst. Certifications validate your expertise in specific domains such as web analytics, social media analytics, or search engine optimization (SEO), making you more competitive in the job market among research analysts.
You can become a successful marketing research analyst by following these steps - obtaining a relevant degree, gaining practical experience, developing strong analytical skills, and staying updated with industry trends.
To pursue a career as a marketing analyst, there are certain degree requirements and qualifications that research analysts need to meet. This article will explore the essential educational background and skills required to excel in this field.
A bachelor's degree is typically required to kickstart your journey as a marketing analyst. While various fields of study can lead you down this path, degrees in marketing, business administration, economics, or statistics are commonly sought after by research analysts. These disciplines provide a solid foundation for understanding consumer behavior, market trends, data analysis, and statistical techniques.
Proficiency in using analytical tools is paramount for research analysts. Excel spreadsheets are an indispensable tool for efficiently organizing and analyzing vast amounts of data. Specialized software such as Google Analytics is crucial for tracking website traffic, identifying customer demographics, and measuring the success of marketing campaigns. Demonstrating your ability to navigate these tools effectively will significantly enhance your chances of landing a position as a research analyst.
While technical skills are vital for success as a marketing analyst, strong communication skills cannot be overlooked. As research analysts, you'll often be tasked with presenting findings to stakeholders and collaborating with cross-functional teams. Clear and concise communication ensures that your insights are effectively conveyed to decision-makers within the organization. Furthermore, collaborating seamlessly with colleagues from different departments fosters an environment conducive to data-driven decision-making.
Attention to detail is another quality highly valued in marketing analysis. The ability to meticulously examine research data sets allows analysts to uncover valuable insights that can shape strategic marketing initiatives. Critical thinking skills go hand-in-hand with attention to detail since analysts must interpret complex research data points objectively and identify patterns or trends that may impact business performance.
The role of a marketing analyst requires exceptional problem-solving abilities for conducting research. In this fast-paced industry where consumer preferences constantly evolve, analysts must possess the agility to adapt strategies and overcome challenges. By applying their analytical skills to conduct research, marketing analysts can identify areas for improvement, optimize marketing campaigns, and drive business growth.
Seeking internships or entry-level positions in market research firms, advertising agencies , or corporate marketing departments is an excellent way to gain related experience and kickstart your career as a marketing analyst. These opportunities provide hands-on exposure to real-world marketing efforts and allow you to apply the knowledge and skills acquired during your studies in a practical setting.
Participating in data analysis projects or volunteering for assignments that involve analyzing consumer behavior and market trends can significantly enhance your experience as a marketing analyst. By actively engaging in such initiatives, you develop valuable technical skills and gain insights into how various strategies impact marketing campaigns. This hands-on involvement enables you to understand the intricacies of data analysis and its role in driving successful marketing initiatives, which is crucial for research analysts.
To effectively communicate insights derived from data analysis, research analysts must develop expertise in using data visualization tools like Tableau or Power BI. These tools enable research analysts to present complex information visually, making it easier for stakeholders to comprehend and act upon the findings. By mastering these tools, research analysts can create impactful visual representations of their analysis, enhancing the effectiveness of their recommendations.
Staying updated with industry best practices is vital for any aspiring marketing analyst. Make it a habit to read relevant publications that cover topics such as digital marketing, business administration, and market research. Attending webinars or workshops focused on emerging trends and technologies can help you stay ahead of the curve. This continuous learning approach ensures your skill set remains relevant and aligned with industry demands.
In addition to seeking out specific experiences related directly to the position of a marketing analyst, it's essential for research analysts to continuously work on developing new skills that complement their existing expertise. Research analysts highly value Project management skills in this field since they allow professionals to effectively coordinate various aspects of marketing campaigns. Consider taking courses or obtaining certifications in project management to bolster your skill set further as a research analyst.
The field of marketing analysis is experiencing a surge in demand, driven by the increasing importance of data-driven decision-making. Companies across various industries have come to recognize the immense value of leveraging analytics to gain a competitive edge, leading to a significant increase in job opportunities for marketing analysts.
The employment projections for marketing analysts indicate strong growth potential. According to the latest data from the Bureau of Labor Statistics, the occupational employment of market research analysts and marketing specialists is projected to grow 18% from 2020 to 2030, much faster than the average for all occupations. This positive outlook can be attributed to several factors.
Firstly, businesses now rely heavily on data-driven insights to make informed decisions about their marketing strategies. As such, many marketing analyst positions are being created within companies that seek professionals capable of extracting meaningful information from vast amounts of data. These analysts play a crucial role in identifying consumer trends, evaluating campaign effectiveness, and optimizing marketing efforts.
Moreover, as companies increasingly adopt advanced technologies like artificial intelligence (AI) and machine learning (ML), there is an ever-growing need for skilled marketing analysts who can harness these tools effectively. By staying updated with emerging technologies and continuously expanding their skill sets, marketers can enhance their career prospects and take advantage of new opportunities.
The growth opportunities within the field are not limited solely to entry-level positions. Marketing analysts who demonstrate exceptional skills and expertise can explore diverse career paths and progress into more senior roles. For instance, they may advance into senior analyst positions where they lead teams or take on strategic planning and forecasting responsibilities.
Experienced marketing analysts can transition into roles such as marketing strategists or consultants, where they provide valuable insights and recommendations at a higher level. These roles often involve collaborating with cross-functional teams, advising executive management on market trends, and developing innovative strategies to drive business growth.
Furthermore, some marketing analysts may even aspire to managerial positions, overseeing a team of analysts and driving the overall marketing data analytics strategy for an organization. These positions offer increased responsibility and opportunities to shape marketing initiatives and contribute to the company's success on a broader scale.
What industries employ marketing analysts.
Marketing analysts find employment opportunities across various industries, such as retail, e-commerce, finance, healthcare, and technology. Their skills are in demand wherever data-driven decision-making is crucial for business success.
Marketing analysts utilize a range of tools to analyze data and extract insights. Some commonly used tools include Google Analytics, Excel, SQL databases, statistical software like R or Python, and market research platforms.
While having a relevant degree in marketing or a related field is advantageous for research analysts, it is possible to become a marketing analyst without one. Gaining practical experience through internships or entry-level positions can help compensate for the lack of formal education.
The salary of a marketing analyst varies depending on experience, location, and industry. On average, marketing analysts earn around $60,000 to $80,000 annually; however, senior-level professionals with extensive experience can earn significantly more.
Yes! While analytical skills are essential for marketing research analysts, creativity also plays an important part. Thinking outside the box and generating innovative ideas helps develop effective marketing strategies based on data insights.
In conclusion, becoming a marketing analyst can be an exciting career choice for research analysts with promising growth opportunities. By summarizing the key points discussed in this article, research analysts will better understand the role and requirements for success as a marketing analyst.
Firstly, research analysts are crucial in helping companies make informed decisions by analyzing consumer behavior and market trends. They provide valuable insights that drive strategic marketing campaigns and contribute to business growth.
To become a marketing analyst and research analyst, there are several steps you can take. Pursuing a degree in marketing or related fields is essential for research analysts and gaining practical experience through internships or entry-level positions. Developing strong analytical skills and staying updated with industry tools and technologies are also crucial for research analysts.
Earning relevant certifications such as Google Analytics or Market Research Society (MRS) further enhances your credibility as a marketing analyst. Employers often look for individuals who possess strong quantitative and qualitative analysis skills.
In conclusion, pursuing a career as a marketing analyst offers numerous opportunities for personal growth and professional development. Combining your analytical abilities with creativity can significantly contribute to businesses' success through data-driven decision-making. Research analysts can excel in this role.
So if you are interested in understanding consumer behavior and analyzing market trends, consider becoming a marketing analyst today! Research analysts play a crucial role in driving impactful marketing strategies.
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Definition of business analysis, what are business analysis techniques, best business analysis techniques, do you want to become a business analyst, top effective business analysis techniques.
Business analysts are such an essential element for an organization’s survival and success today. By using different structured business analysis techniques, these analysts help companies identify needs, root out flaws, and sift through a flood of data and options to find the right actionable solution.
We’re here today to explore some of the top business analysis techniques and how they are successfully leveraged for an organization’s success. There are many of these proven business analysis problem-solving techniques to choose from. Still, the ones highlighted here are the more commonly used methods, and it’s reasonable to infer that their popularity stems from their effectiveness. Here is the list of the top business analysis techniques:
Brainstorming, moscow (must or should, could or would), most (mission, objectives, strategies, and tactics) analysis, pestle analysis, swot analysis, six thinking hats, non-functional requirement analysis, design thinking.
Business analysis is an umbrella term describing the combination of knowledge, techniques, and tasks employed for identifying business needs, then proposing changes and creating solutions that result in value for the stakeholders. Although a significant number of today’s business analysis solutions incorporate software and digital data-based elements, many professionals in the field may also end up advising on organizational changes, improving processes, developing new policies, and participating in strategic planning.
So, business analysts spur change within an organization by assessing and analyzing needs and vulnerabilities and then creating and implementing the best solutions. Much of the information used to draw these conclusions comes from data collected by various means, often falling under the term “big data.”
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I was keenly looking for a change in my domain from business consultancy to IT(Business Analytics). This Post Graduate Program in Business Analysis course helped me achieve the same. I am proficient in business analysis now and am looking for job profiles that suit my skill set.
Business analysis techniques are processes used to create and implement plans necessary for identifying a company’s needs and delivering the best results. There is no such thing as a “one size fits all” technique because every business or organization is different.
Here are the top business analysis techniques. Keep in mind that business analysts who want to be project managers should be familiar with most, if not all, of them.
BPM is often used during a project’s analysis phase to understand and analyze the gaps between the current business process and any future process that the business is shooting for. This technique consists of four tasks:
1. Strategic planning
2. Business model analysis
3. Defining and designing the process
4. Technical analysis for complex business solutions
Many industries, especially the IT industry, favor this technique because it’s a simple, straightforward way to present the steps of the execution process and show how it will operate in different roles.
There’s nothing like good, old-fashioned brainstorming to generate new ideas, identify a problem’s root causes, and come up with solutions to complex business problems. Brainstorming is a group activity technique that is often used in other methods such as PESTLE and SWOT .
CATWOE identifies the leading players and beneficiaries, collecting the perceptions of different stakeholders onto one unified platform. Business analysts use this technique to thoroughly evaluate how any proposed action will affect the various parties. The acronym stands for:
MoSCoW prioritizes requirements by offering a framework that evaluates each demand relative to the rest. The process forces you to ask questions about the actual necessity of any given element. Is the item a must-have or a should-have? Is the demand something that could make the product better, or is it something that would be a good idea in the future?
MOST is a robust business analysis framework—considered one of the best techniques for understanding an organization’s ability and purpose. This technique includes conducting a detailed, complete internal analysis of the organization’s goals and how to approach them. The acronym stands for:
Business analysts use the PESTLE model (sometimes called PEST) to identify environmental factors that can influence their company and how best to address them when making business decisions. Those influences are:
By analyzing and studying these factors, analysts gain a better understanding of how they will influence the organization’s narrative. This understanding, in turn, makes it easier for analysts to develop strategies on how to address them.
One of the most popular techniques in the industry, SWOT identifies the strengths and weaknesses in a corporate structure, presenting them as opportunities and threats. The knowledge helps analysts make better decisions regarding resource allocation and suggestions for organizational improvement. The four elements of SWOT are:
SWOT is a simple, versatile technique that is equally effective in either a quick or in-depth analysis of any sized organization. It is also useful for assessing other subjects, such as groups, functions, or individuals.
This business analysis process guides a group’s line of thinking by encouraging them to consider different ideas and perspectives. The ‘six hats’ are:
The six thinking hats technique is often used in conjunction with brainstorming, serving as a means of directing the team’s mental processes and causing them to consider disparate viewpoints.
This technique is commonly found as often in Six Sigma as it is in business analysis circles. While journalism uses the “Five W’s” (Who, What, When, Where, and Why) in reporting, the 5 Whys technique just operates “Why” in a series of leading questions, this approach helps business analysts pinpoint a problem’s origin by first asking why the issue exists, then following it up by asking another “why?” question relating to the first answer, and so on. Here’s an example:
Analysts apply this technique to projects where a technology solution is replaced, changed, or built up from scratch. The analysis defines and captures the characteristics needed for a new or a modified system and most often deal with requirements such as data storage or performance. Non-functional requirement analysis usually covers:
Non-Functional Requirement Analysis is commonly implemented during a project’s Analysis phase and put into action during the Design phase.
Design Thinking is a business analysis technique that is primarily used for problem-solving and innovation. It's a human-centered approach that emphasizes empathy, collaboration, and creative thinking to develop solutions that meet user needs and create positive user experiences. Design Thinking is often employed to address complex, ambiguous, or user-centric problems by focusing on understanding the end-users' perspectives, motivations, and pain points.
If you’re looking for a more rewarding, better-paying career , you should consider business analysis. The higher demand for Business Analysts means security, marketability, and excellent financial gain. According to Salary.com , Business Analysts can earn a yearly average of USD 75,400. Simplilearn offers a Business Analysis Certification training course designed to make those first steps easier.
The Post Graduate Business Analysis program gives you expertise in the latest BA tools and techniques like the ones mentioned previously. You will master planning and monitoring, data analysis and statistics, visualizations, Agile Scrum methodologies, and SQL databases. The course supplements your training with real-world case studies and helps you become an AI-powered business analyst.
Business And Leadership Courses typically range from a few weeks to several months, with fees varying based on program and institution.
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In the ever-changing landscape of business analysis, professionals rely on a diverse set of tools and techniques to succeed in their roles.
These tools and techniques are instrumental in gathering and analysing data, understanding business requirements, and effectively communicating insights to stakeholders.
In this comprehensive guide, we will explore the top 20 essential business analysis tools and techniques that every aspiring or seasoned business analyst should master.
From data analysis and stakeholder management to requirements elicitation and process mapping, these tools form the core of effective business analysis practices.
Data analysis is the process of examining, cleaning, transforming, and interpreting data to uncover valuable insights and support decision-making.
For BAs, data analysis is the backbone of their work, as it empowers them to understand complex business problems, identify patterns, and provide actionable solutions.
By collecting and analysing data from various sources, BAs gain a comprehensive understanding of the organization’s performance, customer behaviour, market trends, and operational efficiency.
Microsoft Excel is a versatile and widely used tool in the realm of Business Analysis . BAs harness the power of Excel for a multitude of data analysis tasks due to its user-friendly interface, powerful functions, and diverse capabilities.
Here are some ways BAs use Excel for data analysis:
Data is often messy and requires cleaning before analysis. BAs use Excel’s features like filtering, sorting, and data validation to cleanse data and prepare it for analysis.
They can easily remove duplicates, correct errors, and standardize formats using Excel’s functions, ensuring the data is accurate and reliable.
Excel offers a range of chart types, such as bar graphs, pie charts, and line charts, enabling BAs to visually represent data patterns and trends.
Visualization makes it easier for stakeholders to grasp complex information quickly and make data-driven decisions.
BAs use PivotTables to summarize and analyse large datasets with ease. Pivot Tables allow them to aggregate data, perform calculations, and create interactive reports.
Pivot Charts complement PivotTables, providing dynamic and visually appealing representations of data.
Excel includes built-in statistical functions that BAs use to calculate averages, standard deviations, correlations, and perform regression analysis.
These functions help in identifying patterns and relationships within the data.
BAs use Excel’s scenario manager and data tables to perform what-if analysis, exploring various scenarios and understanding how changes in variables impact outcomes.
This aids in forecasting and strategic planning.
While Business Analysts and Data Analysts share some similarities in their work, their roles differ in focus and objectives.
BAs focus on understanding business needs, identifying opportunities for improvement, and proposing solutions. They work closely with stakeholders to align data insights with business goals.
Data Analysts, on the other hand, concentrate primarily on processing and analysing data to provide insights and support decision-making.
Both roles require strong analytical skills , but BAs also need excellent communication, stakeholder management, and problem-solving abilities to bridge the gap between business and technology.
Data Analysts often have a deeper expertise in data manipulation, statistics, and data visualization techniques.
The primary objective of a BA is to drive business success and contribute to the organization’s growth. They are concerned with the big picture and focus on overall business strategy.
Data Analysts are primarily concerned with extracting insights from data to answer specific questions or solve particular problems.
Process mapping is a fundamental tool in the arsenal of Business Analysis, enabling analysts to create visual representations of business processes.
Through this technique, inefficiencies, bottlenecks, and areas for improvement within a process can be easily identified.
Business Process Model and Notation (BPMN) is a widely used technique that offers a standardized and intuitive approach to process mapping.
With BPMN, analysts can depict complex workflows, decision points, and interactions among different stakeholders, providing a clear and comprehensive understanding of the process.
This aids in streamlining operations, enhancing efficiency, and guiding organizations towards optimal process design.
Stakeholder Analysis is a vital technique employed by Business Analysts to gain a comprehensive understanding of the individuals or groups who have a stake in a project.
This process involves identifying and assessing the influence, interests, and expectations of stakeholders to effectively manage their engagement and ensure project success.
By conducting Stakeholder Analysis , business analysts can identify key stakeholders, determine their level of influence, and understand their specific needs and concerns.
This knowledge helps in developing appropriate communication strategies, managing expectations, and addressing potential conflicts or challenges.
Ultimately, the insights obtained from Stakeholder Analysis enable business analysts to build strong and positive relationships with stakeholders, align project objectives with their interests, and drive successful project outcomes.
Requirements Elicitation Techniques play a critical role in the business analysis process, enabling analysts to gather valuable information from stakeholders and understand their needs and expectations.
These techniques involve various methods such as interviews, workshops, surveys, and observations, each tailored to suit different project scenarios and stakeholder preferences.
Interviews provide a one-on-one interaction with stakeholders, allowing for in-depth discussions and personalized insights.
Workshops, on the other hand, facilitate group collaboration, encouraging brainstorming and consensus-building among stakeholders.
Surveys are useful for collecting large amounts of data from a broad audience, while observations allow analysts to witness processes or behaviours directly.
By employing these Requirements Elicitation Techniques, business analysts can effectively define the project scope and ensure alignment with the organization’s business objectives.
Through interviews and workshops, analysts gain a deeper understanding of stakeholders’ expectations, pain points, and specific requirements.
Surveys enable them to gather feedback from a wide range of stakeholders, helping identify common trends and patterns.
Observations provide first-hand insights into existing processes and workflows, highlighting potential areas for improvement.
Overall, mastering these elicitation techniques is essential for business analysts to successfully identify and document stakeholders’ needs, which serves as a solid foundation for the rest of the business analysis process and project success.
Use Case Diagrams are powerful tools used by business analysts to visually represent the interactions between users and a system.
These graphical representations illustrate how users interact with the system to achieve specific goals, outlining various scenarios and potential outcomes.
By employing Use Case Diagrams, business analysts gain a comprehensive understanding of the system’s functionality and the flow of user interactions, which is crucial for effective requirement elicitation and system design.
In a Use Case Diagram, actors represent users or external systems, and use cases depict specific actions or tasks that the users perform within the system.
The relationships between actors and use cases showcase how different actors interact with the system to achieve their objectives.
This clear visual representation aids in the identification of user requirements, system functionalities, and potential constraints or limitations.
By leveraging Use Case Diagrams during the analysis phase, business analysts can elicit detailed and accurate requirements, ensuring that the final system design aligns with the needs and expectations of the stakeholders.
Prototyping is a valuable technique used by business analysts to create a preliminary version of a product or system, allowing stakeholders to provide feedback and validate requirements.
By developing a basic working model, business analysts can better understand user needs and expectations, and stakeholders can visualize the final product.
This iterative approach enables continuous refinement and improvement, ensuring that the end product aligns with the desired outcome and maximizes user satisfaction.
Prototyping is a powerful tool in the business analyst’s toolkit, as it facilitates effective communication, reduces risks, and enhances the overall success of projects.
Gap Analysis is a fundamental technique utilized by business analysts to assess the variance between the existing state of a system or process and the desired future state.
By conducting a thorough evaluation, analysts identify discrepancies, shortcomings, and areas for improvement.
This critical analysis empowers them to develop strategic plans and actionable recommendations to bridge the gap and align the organization’s objectives with its actual performance.
Gap Analysis serves as a crucial tool in the business analyst’s toolkit, enabling them to make data-driven decisions, optimize processes, and drive successful business transformations.
Brainstorming sessions are vital tools employed by business analysts to foster creativity and innovative thinking within teams.
During these sessions, team members come together to generate a wide range of ideas and potential solutions to address specific challenges or project requirements.
By encouraging open communication and collaboration, brainstorming sessions enable diverse perspectives and insights to emerge, leading to the identification of unique approaches and creative solutions.
As a result, business analysts can leverage the power of brainstorming to facilitate effective problem-solving, explore new opportunities, and make informed decisions that drive project success and meet stakeholder expectations.
User Stories are a fundamental technique used in Agile development to capture and define user requirements from an end-user perspective.
They are concise, easy-to-understand narratives that describe the desired functionality of a software feature or system.
Business analysts play a crucial role in eliciting, creating, and refining user stories to ensure that the development team understands and delivers on the needs of the users.
To effectively use user stories, business analysts should follow a few key tips. Firstly, focus on the user and their needs, emphasizing the “who,” “what,” and “why” of the requirement.
Secondly, keep the user stories small and manageable, so they can be easily implemented within a single development iteration.
Thirdly, prioritize user stories based on business value and complexity to guide the development team’s efforts.
Additionally, use clear and specific acceptance criteria to define the conditions that must be met for the user story to be considered complete.
Regularly communicate with stakeholders and the development team to ensure a shared understanding of the user stories, and be open to refining and reprioritizing them as project needs evolve.
By following these tips, business analysts can harness the power of user stories to deliver valuable, user-centric solutions in an Agile development environment.
MoSCoW Prioritisation is a powerful technique that business analysts employ to effectively prioritize requirements during the project planning phase.
It helps categorize requirements into four main groups: Must-have, Should-have, Could-have, and Won’t-have. The key to successful MoSCoW Prioritisation lies in understanding the project’s objectives, stakeholders’ needs, and the overall scope of work.
Here are some essential tips for business analysts to effectively implement MoSCoW Prioritisation:
Engage in active discussions with stakeholders to gain insights into their priorities and expectations. Understanding their perspectives will help in accurately categorizing requirements based on their importance.
Establish clear criteria for each category (Must-have, Should-have, Could-have, Won’t-have) to ensure consistent and objective decision-making.
Criteria could include factors such as business impact, regulatory compliance, and project feasibility.
Collaborate with the development team to understand their capacity and limitations. Their input is vital in determining the feasibility of implementing certain requirements, especially for Must-have items.
Priorities may evolve during the course of the project. It is essential to revisit and re-evaluate requirements regularly to ensure they align with changing business needs and project progress.
Create comprehensive documentation that outlines the prioritization decisions and the rationale behind them. This documentation will serve as a valuable reference point for all stakeholders throughout the project.
By following these tips, business analysts can successfully implement MoSCoW Prioritisation and ensure that the project team focuses on delivering the most critical requirements, maximizing value, and meeting stakeholders’ expectations.
Mastering these top essential business analysis tools and techniques is crucial for aspiring and seasoned business analysts alike.
These tools empower professionals to gather and analyse data effectively, understand stakeholder needs, and make informed decisions.
Whether you are just starting your career in business analysis or looking to enhance your skillset, investing time and effort in mastering these tools and techniques will undoubtedly contribute to your success in this dynamic and rewarding field.
Embrace the power of these tools, stay updated with industry trends, and continuously refine your business analysis expertise to excel in your career.
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Proceed with caution in the auto industry, analyst says.
After General Motors ( GM ) and Hyundai ( HYMTF ) announced a joint agreement to explore clean energy technologies and other automotive advancements, Wolfe Research managing director and senior research analyst Emmanuel Rosner joins Market Domination hosts Julie Hyman and Josh Lipton to explain why he is cautious about the auto industry.
“There are some real unprecedented structural challenges for the industry,” Rosner says, explaining that “megatrends” in the space, like electrification, autonomous driving, and software adoption, are “taking significantly longer to play out” than initially expected.
“Automakers have been making massive investments” into these trends but are yet to see the payoff as monetization is “taking significantly longer.”
Rosner notes that "massive market share shifts” also affect the auto industry as “there have been some winners in electrification,” namely Tesla ( TSLA ) and Chinese automakers.
“The five Chinese OEMs and Tesla have essentially been winning," taking market share from traditional automakers.
The analyst remains cautious about the auto industry at large, saying that given these “tremendous structural challenges.”
For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
This post was written by Naomi Buchanan.
Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
The research team at BMO Capital Markets published their Best of BMO quarterly report featuring the top stock ideas arising from the work of both analysts, strategists and economists.
There are some changes.
U.S. energy analyst Phillip Jungworth replaced Baker Hughes Company with ConocoPhillips. John McNulty moved to Dupont over Axalta Coating Systems and Raj Ray replaced Centamin with Endeavour Mining. G Mining Ventures was picked over Osisko Mining and West Fraser Timber replaces Beacon Roofing Supply. In industrials, Devin Dodge moved to Brrokfield infrastructure form Waste Connections and John Gibson now likes RB Global over CES Energy Solutions. Tamy Chen picked Alimentation Couche-Tard instead of the previous quarter’s Maple Leaf Foods, Simeon Siegel picked Bath and Body Works, replacing Nike, and Darling Ingredients was chosen over Pilgrim’s Pride.
The list as it stands is now Cenovus Energy, ConocoPhillips, NuVista Energy, Calibre Mining Corp., Cameco, Capstone Copper, Constellium, Corteva Agriscience, DuPont, Endeavour Mining, G Mining Ventures Corp., Torex Gold Resources, West Fraser Timber, Brookfield Infrastructure, Canadian Pacific Kansas City Ltd., RB Global, Alimentation Couche-Tard, Bath & Body Works, Camping World Holdings, Darling Ingredients, Domino’s Pizza, Premium Brands Holdings, Stride Inc. and Walmart Inc.
Scotiabank analyst Jason Bouvier identifies the domestic oil companies that can still generate cash flow with lower oil prices and reiterated top picks,
“In response to the falling price of oil and crack spreads we have re-visited our breakeven analysis and sensitivities. Industry continues to be very healthy (maybe best we have seen in 25+ years), but falling commodity prices are clearly eating into FCF and ultimately shareholder returns. The average 2025 breakeven (sustaining capex + dividends) price of ~$50/bbl implies a >$15/bbl margin of safety at current prices … Although falling commodity prices are not good, breakevens continue to be robust with many companies able to fund their sustaining capital requirements with WTI at $40-$45/bbl and dividends at $45-$50/bbl … Leading the way [on efficiency gains] is likely to be SU, driven by cost wins such as autonomous trucks, reduced maintenance, improved turnaround execution, and enhanced logistics …We continue to like CVE and IMO, but both are hurt by falling cracks and weaker oil prices (higher sensitivity than SU on downstream and similar levels to others on WTI). E&Ps in general have seen an erosion in FCF levels, but unlikely to materially impact activity levels, positioning the royalty companies (PSK and FRU) well. We are also warming up to both MEG and SU”
Wells Fargo strategist Christopher Harvey made two interesting observations in a research report this morning, one involving more struggles for the U.S. consumer and another about a potential investor “free lunch”,
“Kroger Joins the Chorus. Supermarket operator Kroger’s CEO: “The reduction of excess savings, higher interest rates, and inflation are pressuring customers’ ability to spend... We’re now seeing other [than budget-conscious] customer segments beginning to make changes... Customers are purchasing lower-price cuts of meat, buying less, and focusing on essentials...” These comments (except for the meat part) echo the “income bracket creep” described by Dollar Tree we highlighted last week … 2024′s Low Risk = High Reward. While the Momentum factor has grabbed most of the YTD headlines, we note that Low-Volatility has generated impressive returns”
Diversion: “Chatbots can persuade people to stop believing in conspiracy theories” – M.I.T. Technology Review
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Zinger key points.
Tuesday, Ascendis Pharma A/S ASND reported second-quarter sales of $38.76 million (35.9 million euros), missing the consensus of $92.7 million, down from 47.4 million euros reported a year ago .
Cantor Fitzgerald writes that the Skytrofa update probably overshadowed another key update from the call: the U.S. pricing for Yorvipath, which came out at $285,000/patient/year, much higher than our expectation of $160-190K.
The analyst notes that due to the lower Skytrofa guidance, the company’s cash flow breakeven target has been pushed to 2024-2025 instead of 2024. Achieving breakeven this year is unlikely unless the company significantly reduces costs.
The analyst maintains the Overweight rating, with a price target lowered from $173 to $170 .
The pricing challenges haven’t just affected Skytrofa; long-acting growth hormone products from Novo Nordisk A/S NVO and Pfizer Inc PFE also appeared impacted in the second quarter. However, the analyst writes competition isn’t the primary factor.
Stifel maintains a Buy rating, noting that management continues to see volume growth and expects GTN stabilization in the near term.
Although GH numbers have significantly decreased, Stifel’s core thesis remains focused on the potential of Yorvipath in hypoparathyroidism, which they believe represents a multi-billion euro market in the U.S., despite launch delays and a higher-than-expected U.S. price of $285K.
Additionally, Ascendis Pharma anticipates data from the ApproaCH trial of TransCon CNP in Achondroplasia in the coming weeks. Expectations for TransCon CNP to be competitive against BioMarin Pharmaceutical Inc’s BMRN Voxzogo (vosoritide) remain low.
Price Action: ASND stock closed lower by 11.30% at $119.50 on Wednesday.
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RXO, Inc. ( RXO – Research Report ), the Industrials sector company, was revisited by a Wall Street analyst yesterday. Analyst Ken Hoexter from Bank of America Securities reiterated a Hold rating on the stock and has a $30.00 price target.
Ken Hoexter has given his Hold rating due to a combination of factors involving RXO, Inc.’s recent financial activities and its acquisition strategy. The analyst acknowledges the successful completion of a $500 million equity fundraising effort by RXO, which exceeded the initial $350 million target. However, this resulted in a greater than anticipated dilution of shares—a 4% increase over the expected number—prompting a slight adjustment in the price objective to $30 from $31. The larger share count impacts earnings projections and valuation multiples, warranting caution despite the positive aspects of the fundraising. Additionally, RXO’s acquisition of Coyote Logistics positions the company for potential growth and cost synergies in an eventual market upturn. The deal is seen positively by the market, as reflected in the stock’s performance, and is expected to enhance RXO’s standing in the freight brokerage industry. Nonetheless, Hoexter anticipates near-term margin pressures and a moderated business environment, leading to conservative earnings estimates for the coming years. While the acquisition and synergies present a favorable outlook, these near-term challenges justify the Neutral rating and the adjusted price objective.
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RXO, Inc. (RXO) Company Description:
RXO Inc is a leading provider of asset-light transportation in North America.
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