Seeing is believing: Visualizing market research data
The proof is in the numbers
2.5 quintillion bytes of data are created every day. But, business leaders still don’t have the insights they need.
The problem is that all this data is simply gibberish before it’s gathered, organized, and analyzed. And, even after the analysis, data still has no value unless the findings are actionable.
Now, businesses know all this. And with the goal of making highly informed decisions quickly, they are increasingly demanding more and more interpreted data in real-time. Information, the ability to understand it and act on it quickly, is a major competitive differentiator that facilitates the identification of new business opportunities, improved customer engagement, and ultimately higher profit margins.
The challenge is, however, businesses’ demands for real-time insights is putting tremendous pressure on market researchers; pressure that many market researchers are not currently equipped to handle.
of decision makers don’t have the right data
of business leaders say they have the right people, tools, and data to derive and act on insights
A challenge and an opportunity
Today, 50% of Market Researchers say they are juggling more data sources than ever before. Often times the data is coming from a variety of channels and a variety of sources. As a result, analysts spend nearly 80% of their time preparing data, leaving only 20% for actual analysis. From there, manual reporting requirements using Excel, PowerPoint, or even a separate reporting tool eat up a significant portion of researcher’s time! For example, some sources have indicated that a full 20% of Market Researchers’ total working time is spent preparing reports.
This, however, should be viewed by Market Researchers as an opportunity. With the right tools, they can automate and streamline their processes while providing their clients access to real-time, multi-channel and multi-source data that is presented in a way that is clearly understood, interactive, and highly actionable.
It all starts with good data
For many researchers, surveys conducted via any variety of channels, such as web, telephone, or in person, are the preferred method of data collection. Surveys are easy, quick to deploy, and cost effective.
But as clients demand deeper insights, more researchers are incorporating more data sources to complement their surveys. These additional sources can include, but are not limited to, social media, the Internet of Things, GPS location data, transactional data, and/or their clients’ financial data.
Whether the data is multichannel, multi-source, or both, the goal is to easily combine all of the data in preparation for creating the visualizations that your client’s will love!
Combine and analyze data
Forsta’s centralized data hub enables researchers to bring together all their data sources and all their channels into a single hub where the data can be mapped and ultimately analyzed as though it was a single data set. This technology allow researchers to provide the deep insights to the right people in real time.
Tangible examples of data visualizations
Aggregating data from multiple sources and channels in this way can produce powerful insights. But, for your clients, the insights still may not be obvious. Data visualizations are a powerful way for researchers to present their findings in graphical or pictorial format. This method improves your clients’ ability to understand and use the information you are providing. Visualized data makes it easier for decision makers to “see” customers and market insights into new revenue and business opportunities. Furthermore, they can see changes in consumer behaviors or market conditions.
The most significant impact from data visualization, however, is that it has the power to highlight actionable insights. Unlike simple data tables, visualized data encourages users to interact with it. By making it interactive, you can allow your clients to become more “intimately acquainted” with the data using predefined filters, cross-tabs, or by drilling down to more specific details, for example.
Easy to understand visualizations with such interactive capabilities sparks clients’ interest and drive engagement with the data you are presenting. As clients become engaged, their inherently more motivated to take action on the insights you have uncovered. And, action inevitably leads to results.
At-a-glance survey stats
A visual solution for analyzing survey performance and results can improve your staff’s productivity.
In this example, you can see an interactive, real-time report that empowers users to monitor survey progress.
Color-coded graphical data display
Sometimes a picture can speak a thousand words. This is one example of how data can be visualized data in attractive, easy-to-understand graphical displays.
Visualized text analytics
Even qualitative feedback can be visualized.
In these examples, analysis of the categorized themes and sentiment from unstructured, free form text has been displayed visually.
This is one example of how role-based dashboards can visualize trends, KPIs, scorecards, key drivers, and more.
This type of at-a-glance, real-time insight reporting drives action that drives results.
Branded multi-tab portals
In this example, you see a portal containing visualized feedback and research data. The portal serves as a quick way to provide all of your stakeholders access to the insights they need in real time.
Market Researchers often leverage a portal like this to automate and beautifully display recurring reports, such as tracking studies, in real time for their customers.
Guided visual data analysis
Visualizations can even be used to facilitate efficient data analysis – guiding the user through analysis visually.
In this example, there are a wide range of analysis types including:
- Comparison Rating Summary
- Frequency Distribution
- Multiple Frequency
- Cross tab
- Positioning Chart
- Response Rate Copyright
Reporting and visualizations are of no use if they don’t drive and support taking action on the insights you’ve uncovered.
This example shows a visualized display of actions and their outcomes, so clients are able to see the value of taking action on insights you uncover.
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