RESEARCH & ANALYTICS
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STEROID Market Research facilitates research based on specific purpose to address a specific marketing decision (applied marketing research) or to help expand general marketing knowledge (basic marketing research). We investigate the affects of various marketing elements and their outcomes on sales, product promotion or Image as well as measuring performances of customer expectations.
Why is Market Research crucial for your business?
Research has a significant role in defining your marketing strategy. Since you already know what your target audience needs, you’ll know exactly how to steer your brand in the right direction! It minimizes risks while making tough business decisions and could also ensure that your business survives longer. The most commonly used market research approaches are online & offline research, focus groups and interviews.
Businesses have become more global and virtual over the last decade, expanding their target audience beyond its geographical location. Many businesses, large and small, conduct online market research to glean insight into customer purchase behavior, brand and market analysis, audience research and more.
FOCUS GROUPS are a common form of qualitative research used by companies for marketing. It is particularly beneficial when research outcomes are unpredictable. A group of carefully selected participants from within a company’s target market is brought together to engage in a open discussion for research. Group dynamics often bring out aspects that may not have been anticipated by the researcher or emerged from individual interviews.
INTERVIEWS are another form of primary research, where the two-way communication creates dialogues accompanied with insights and recommendations that can be of significance to the client. An in-depth interview is one of the most rewarding experiences for an interviewer in exploring individual perspectives. STEROID has well-trained interviewers who can tackle in-depth interviews with consumers and professionals on almost everything!
How important is Reporting & Analytics?
Analytics gives you insights. It focuses on exploring and interpreting data or reports. In short, analytics places data under a microscope! Organizations apply analytics to data to deeply examine data, predict, and improve business performance. Businesses are increasingly turning to analytics that will assist in making insightful business decisions. Data visualization is used to communicate insights from data through visual representation. This makes it easier to identify patterns and trends more quickly. Interactive visualizations allow the user to delve deeper and transform data into many different types of visualizations. Decision makers can also drill down through the layers of detail. There are several powerful data visualization tools like Tableau and Power BI used today.
Reporting raises questions, while analytics attempts to answer them! We cannot have analytics without reporting. And without analytics, reporting does not glean the powerful insights that leads to better business decision-making. The real value of data emerges when a business pairs reporting with powerful analytics. They can tap into the true potential of their data and can do this quickly, efficiently and effectively. This leads to enhanced quality and speed of decision-making processes.
DATA SCIENCE is an extension of various data analysis fields. Often referred as the oil of the 21st century, it is a blend of algorithms and machine learning principles used to extract insights, make predictions from the data and recommend based on real trends, behaviors, and analytics. Data Science can applied to almost any industry for analyzing business challenges and addressing them effectively. It can add value to the business if they use their data well!
A data scientist maybe a number-cruncher, a trend observer, or a pattern finder, and must scrutinize the data thoroughly while assisting the management in making smart business decisions.
DASHBOARDS make reporting more efficient by displaying the most crucial pieces of information placed in the form of panels on single screens. Users can scan a dashboard and get the information they need without having to sift through spreadsheets. It allows the top-level management to monitor key performance indicators (KPI) and visualize the progress towards achieving business goals. It also lets you identify concerns, inefficiencies and areas that require immediate action while drilling down on interactive data visualizations to explore detailed information. Dashboards answer the most important questions about your business and are designed for quick analysis.