Market research is the process of gathering and analyzing information about a target market, competitive landscape, and/or industry. It is used to identify opportunities and risks associated with launching a new product or service, entering a new market, or re-positioning an existing product or service. Market research can help companies better understand customers, competitors, and the environment in which they operate.
Analytics is an integral element of market research and includes the collection and analysis of huge amounts of data related to the performance of a company’s products or services in the marketplace. In particular, data is utilized to reveal trends and patterns, assess customer preferences, measure the effectiveness of marketing campaigns, and optimize product offerings and pricing. Market analytics can help companies make better decisions and develop successful strategies to gain a competitive edge.
In a similar vein, Insights is a data analytics and intelligence tool that allows businesses to gain valuable insights from data, using advanced analytics and visualizations. It can be used to reveal patterns and trends in data, uncover relationships between variables, and identify key drivers of performance. It is useful for understanding customer behaviours, improving operational efficiency, and informing better decision-making.
The Work Crowd is home to a trusted and extensive network of market research and analytics freelancers. If your business has current market research needs or you would like to find out more, please feel free to get in touch with one of our Customer Success Managers for a call.