Personal Data: The Ultimate Commodity?

     Recently, John Thornhill wrote an interesting article in the Financial Times on the role platforms like Facebook can play in establishing a universal basic income via data. Here is the crux of his argument: “The most valuable asset that Facebook possesses is the data that its users, often unwittingly, hand over for free before they are in effect sold to advertisers. It seems only fair that Facebook makes a bigger social contribution for profiting from this massively valuable, collectively generated resource. His shareholders would hate the idea. But from Facebook’s earliest years, Mr. Zuckerberg has said his purpose has been to make an impact rather than build a compa…

Source: GreenBook
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Purpose Built Innovation: Aligning Product to Need

   By Laura Livers In our last post we explored the drivers of innovation and the differences between disruptive and incremental innovation. We dove into the idea of pragmatic innovation and its application and its impact on efficiency and effectiveness. The point was to differentiate between the “shiny objects” that generate much hype (and often deservedly so) and the less heralded but no less important work of taking an existing process or product and making it better. However, we barely touched on the beginning of the innovation journey – aligning the product to a need. In other words, purpose built innovation. Most innovation efforts start with trying to solve a problem an…

Source: GreenBook
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Machine Learning Bolsters Market Research

 By Frank Smadja, PhD. Technology continues to empower marketers to improve the efficacy and personalization of messages.  Data informs targeting capabilities and insight supplements understanding. This insight has become more critical as marketing teams need to understand the ‘why’ behind the ‘what,’ making survey research ever more important. To address this need, market researchers are often looking at ever more targeted individuals to participate in survey research. Take for example, when an insights professional is planning a survey of 1,000 people who drive a specific make and model of motorbike and live in the London area. A traditional survey approach would be to send the survey…

Source: GreenBook
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The Next Sea Change in Marketing is Coming Fast. Are You Ready?

 By Joel Rubinson Retailers are becoming publishers and ad networks, offering reach, unified IDs and most importantly, a way to target active shoppers that can dramatically improve marketing ROI as massive amounts of ad spending shift to this new “channel”. Amazon could turn the big two into the big three. Marketers and researchers…ARE YOU READY? In April 2017, I published a white paper in partnership with Viant and NCS that proved you could double return on ad spend (ROAS) simply by targeting those modeled to be close to an upcoming purchase, i.e. active shoppers. On August 2nd, I blogged about the importance of focusing on active vs. dormant consumers. On Monday Augus…

Source: GreenBook
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Top 7 Video Content Analysis Tools

      By Mike Kuehne With over 500 million hours of video watched daily on YouTube its no wonder why video analysis is all the rave these days.  Many marketers talk about or dabble with video analysis tools like facial coding and utilization of AI for high frequency video analysis. The reality is facial coding is only the type of the iceberg when it comes to video analysis tools available today. Now widely available, video analysis is commonly used in health care, automotive, retail, home automation and security. By and large, video analytics over the past few years has advanced greatly in capabilities allowing users to capture, index and search faces, colors, and obj…

Source: GreenBook
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SSI Embraces DIY: Interview with Chris Fanning, CEO of SSI

   The market research industry, like many industries, is going through dramatic changes.  But the main goal remains the same – gaining insights from consumers and business professionals.  How fast those insights can be turned into money-making endeavors are what many organizations are striving for every day. This imperative has, and continues to, disrupt the market research industry and very company in it. From CATI to online surveys and panels, to DIY and now to AI-driven automation the pace of change has only increased. Few companies have weathered that change unscathed and fewer still have thrived. One of the exceptions is Survey Sampling International; through it all SSI has ad…

Source: GreenBook
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Correspondence Analysis of Brand Switching and Other Square Tables

 By Jake Hoare, Displayr Correspondence analysis is a powerful technique that enables you to visualize a complex table of results as a much simpler chart. In this post I discuss the special case of square tables, which often arise in the context of brand switching, using examples of cereal brand-switching, and switching between professions. As background, this earlier post describes what correspondence analysis is. This post describes how correspondence analysis works and how to interpret the results.  Correspondence Analysis of Square Tables A typical table used for correspondence analysis shows the responses to one question along the rows and responses to another question…

Source: GreenBook
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The Statistics and Statistical Tools Used in Market Research in 2017

   By Ray Poynter, NewMR In this post I am sharing the summary and two key charts. The eight-page version of the results can be downloaded. The top four things that I want to share about the use of statistics and statistical tools are:  Most statistical tests/approaches are not widely used. Only Correlation, Regression, z- or t-tests, and Cluster Analysis have been used by more than 50% of the participants in this research, during the first half of 2017 – and this sample probably over-represents people using statistics, and under-represents those using statistics less often. SPSS is the dominant software package amongst people using statistical packages. Given SPSS is…

Source: GreenBook
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Layered Data Visualizations Using R, Plotly, and Displayr

   By Tim Bock, founder of Displayr If you have tried to communicate research results and data visualizations using R, there is a good chance you will have come across one of its great limitations. R is painful when you need to create visualizations by layering multiple visual elements on top of each other. In other words, R can be painful if you want to assemble many visual elements, such as charts, images, headings, and backgrounds, into one visualization.  The good: R can create awesome charts R is great for creating charts. It gives you a lot of control and makes it easy to update charts with revised data. As an example, the chart below was created in R using the plotly…

Source: GreenBook
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Monthly Dose of Design: Introducing Design Fundamentals For Researchers

   By Emma Galvin & Nicholas Lee The visual design of your proposals, discussion guides, questionnaires and reports is probably one of the later aspects you consider after methodology and content.  However, here at Northstar, our philosophy is that design has the power to positively disrupt, inspire and elevate research within organisations and therefore should in fact be a primary consideration. We believe in ‘Interpretative visualisation’ meaning the look and feel of our deliverables start to tell the story before any word is read. From ensuring proposals resonate with clients, to communicating discussion guides clearly to international moderators, to engaging participan…

Source: GreenBook
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Market scope

What is market Research?

An organized effort to gather information about the target markets or customers is called as market research.

We at TMRC our Market research team provide important information to identify and analyse the market need, market size and competition. It also includes Social and Opinion research which is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.

TMRC’s Market research for Business/Planning?? Yes! That’s correct.
We can help your business by informing about where to start? How to start? Which is best? Where can you find market? What your customers really want?  Yes!! That’s right.  Just like how your thinking Market research is a backbone of successful business – Basically our research can inform you about everything that you need to know to run your business or to plan and execute it successfully.

Now let’s understand the general types of market research-
There are 2 types of Market Research

  • Primary Research – Which is sub-divided into
    • Quantitative Research
    •  Qualitative research
  •   Secondary Research

Primary Research:

Primary research consists of a collection of original primary data collected by the researcher. It is often undertaken after the researcher has gained some insight into the issue by reviewing secondary research or by analysing previously collected primary data It can be accomplished through various methods, including questionnaires and telephone interviews in market research, or experiments and direct observations in the physical sciences, amongst others.

Of Course, the Sub-Divisions;

Quantitative Research-

Yes! As it sounds quantitative research is when the research has to be made in large scale. It’s about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you. To get reliable statistical results, it’s important to survey people in fairly large numbers and to make sure they are a representative sample of your target market.

Qualitative Research-

Qualitative research is about finding out not just what people think your business but also why. It’s about getting people to talk about their opinions so you can understand their motivations and feelings.

Face-to-face interviews and group discussions are the best way to get this kind of in-depth feedback. Qualitative research can be valuable when you are developing new products or coming up with new marketing initiatives and you want to test reactions and refine your approach.

Secondary Research-

Secondary research (also known as desk research) involves the summary, collation and/or synthesis of existing research rather than primary research, where data is collected from, for example, research subjects or experiments.

Now you have a clear understanding about Market research – But there is more.

Let’s understand our factors that can be investigated through Market research:

Market information

Through Market information you can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.

Market segmentation

Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences. For B2B segmentation firmographics is commonly used.

Market trends

Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.

SWOT Analysis

SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. Not only should a SWOT be used in the creation stage of the company but could also be used throughout the life of the company. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes.

 

Another factor that can be measured is marketing effectiveness. This includes

  • Customer analysis
  • Choice modelling
  • Competitor analysis
  • Risk analysis
  • Product research
  • Advertising the research
  • Marketing mix modelling
  • Simulated Test Marketing

 

Well.. That’s all for now… See you next week with interesting information from TMRC.

Thank you for reading.

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Localization and Internationalization

Localization and Internationalization

Localization not in terms of language but in terms of understandability is what companies require when they go web. Websites are passé. Human-centric websites are in. The whole point in having a web presence goes defunct if the user/visitor is unable to traverse through the site in search of what is being looked for. The old web adage ‘WYSIWYG’ still promises value for the companies, as the basic principle underlined in it is associated with the user benefit.

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Understanding Your Users

Understanding Your Users

User-friendly, visually appealing, easy to navigate, and easy to locate…are our major criteria before we start building your presence online. Our web design capabilities are powered by our team’s extensive knowledge on Human factors, usability, information architecture, etc. This authority on the technical aspects of website building sets us apart from the competition. Precisely, the reason why companies- new or established make TMRC team their preferred choice.

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Its All About Usability

Its All About Usability

In today’s competitive market, when products have the same technology, price, performance and features; design becomes the differentiator. Every design needs to be tested to see how it fits in the users environment, and it could be anywhere home, outside or work place. Understanding user perspective of any product design is vital to achieve user friendly, accessible, and comfortable designs. Research and usability testing is a part of design innovation, the more you focus on users the more your product sells in the market.

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