Data is the buzzword in almost every top market research company in Mumbai and for good reasons. Data analytics helps marketers learn highly specific details about their target customers. Be it the TV series they watch on streaming platforms or the types of communities they join on social media platforms – consumer data is the lifeblood of modern-day marketing agencies. But, the amassment of big data from various sources comes with various added responsibilities. To gain an unbiased and purely analytical view of the data, researchers have to develop programmatic data processing techniques. Analyzing or processing such large datasets creates numerous challenges for marketing companies.
But, the upsides of optimizing large datasets sourced from search engines, social media, and the internet of things are too good to avoid. Business-to-business industrial marketing organizations, in particular, are processing these large datasets for real-time decision-making and precise targeting of audiences.
Here are some of the advanced data processing techniques a top market research company in Mumbai will use to transform data into business opportunities.
Cross-tabulation is the fundamental tool for market researchers, especially when evaluating survey results. This technique helps researchers gain vital insights into the data. They use cross-tabulation to investigate the link between two or more variables. These links are then comprehensively assessed to discover how different variables in the datasets relate to each other.For instance, a grocery store manager could use the results from a cross-tabulation study to find exactly why customers were dissatisfied with the store’s service. They can compare the time periods when the customers felt most dissatisfied with different events in the store during those periods. Which workers were at the counter during checkouts? Did external factors have an effect on the store’s service? Using the results from the cross-tabulation study, the store owner can quickly remedy the issue/s.
This data analysis technique helps businesses gain better evaluations of their client's comments. The feedback volume is ever-increasing with the rise of social media discussions, customer surveys, etc. Even in highly specific surveys, customers often leave open-ended comments. Verbatim analysis helps businesses drown out the noise and focus on what the majority of their clients are truly expressing.
This data management technique is vital for firms that have collected almost too much data from their customers. Market research experts go through all of this data and remove irrelevant or dated pieces of information. They also update incomplete or improperly formatted information. By consolidating the data in a company’s arsenal, market research experts ensure that their systems are up-to-date and as effective as possible.Some other advanced data processing techniques that top market research firms use include - hypothesis testing, sample weighting, descriptive analysis, and semantic analysis.
Assessing how a business performs and identifying its best/worst practices is difficult. In hectic retail industries where no employee has the time to share their insights or where the customers almost always provide open-ended feedback, data analysis is even more challenging. That’s why top market research companies are dedicated to creating and using the best data processing techniques. Their efforts help businesses break organizational silos, boost customer loyalty, and encourage employees to be more customer-centric.