Research Data Providers

Market research data is data on markets or customers that primarily helps to identify target markets and the factors that determine the demand of products and services. Without it, the preferences and tendencies of a particular market segment or population would be obscure at best. By collecting and analyzing client demographics, as well as data on their needs, habits, and interests, a company can assess customer satisfaction, identify market gaps, or forecast sales trends. It is also a great tool for sizing up the competition and maintaining a competitive advantage. Research methods include focus groups, in-depth interviews, customer surveys, and the analysis of secondary data sourced from company records, websites, and (printed) communication, and also from government publications, newspapers, magazines, and journals.

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These are 10 common data attributes of market research data

  • Customer profiles (demographic and firmographic)
  • Customer attitude (rankings, ratings, preferences, satisfaction levels)
  • Customer feedback (experience, gaps)
  • Industry data (new products, trends of the market, projections)
  • Advertising effects (persuasiveness, message)
  • Ethnographic (habits, triggers, context)
  • Pricing (competitors prices, consumer spending)
  • Brand awareness (recall, recognition, identity, trust)
  • Company and competitor information (annual reports, directories, rankings)
  • Regional specificities (reach, context, demographics)

Top five use cases

  • Monitor the competition and industry trends
  • Develop optimal strategies for promotion and product placement
  • Test interest in new products, services, or businesses
  • Discover and develop new markets through industry analytics
  • Improve aspects of business to meet the preferences, purchasing habits, and income level of clients

Sources and data collection

This data can be sourced from:

  • The web and social media (session and first-party cookies, search trends, social media sentiment)
  • Industry and market data (polls, charts, and records)
  • Newspapers, magazines, journals (new products, market trends, and projections)
  • Company and competitor information (annual reports, directories, rankings)
  • Government publications (industries’ financial performances, economic analysis)

A firm has to decide whether the market research data needs to be acquired through primary or secondary research. When the topic has been adequately researched, secondary market research data can be utilized. If the data doesn’t exist, the firm has to invest in focus groups, in-depth interviews, customer surveys, polls or any of the other research methods, depending on whether the data needs to provide in-depth answers and insights or needs to be easily quantifiable.