Market Research and Analysis Dashboard
Below is an example of an interactive web-based market research and analysis dashboard built using InetSoft's Style Intelligence. Such a dashboard allow all end-users, not just statisticians, to slice and dice market research results. With more ways to look at the results, more insights can be found. And each view can be saved as a bookmark to share with others later.
Tracking and presenting research findings with an application like this is more valuable and easier to use than tools such as Excel and PowerPoint. Charts like this one can display answers to a particular question, or multiple questions at once. InetSoft's software is driven by the user and is easily customized to meet specific needs or inquiries at any time within its drag-and-drop design.
What Are the Types of Market Research That Benefit from Dashboard Analytics?
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Descriptive Research:
- Purpose: This type aims to describe the characteristics of a population or phenomenon. It provides a snapshot of the current situation.
- Example: Surveys or questionnaires to understand customer demographics.
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Exploratory Research:
- Purpose: This is used when the problem or issue is not well understood. It helps in identifying potential solutions or avenues for further investigation.
- Example: In-depth interviews, focus groups, or case studies.
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Causal Research:
- Purpose: Causal research aims to establish a cause-and-effect relationship between variables. It helps in understanding how changes in one variable affect another.
- Example: A controlled experiment to determine how changes in pricing affect sales.
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Quantitative Research:
- Purpose: This involves the collection and analysis of numerical data. It focuses on measurable variables and statistical analysis.
- Example: Surveys with closed-ended questions, data analytics, and statistical modeling.
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Qualitative Research:
- Purpose: Qualitative research explores non-numerical data to understand underlying motivations, opinions, and behaviors.
- Example: Focus groups, interviews, content analysis, or observational studies.
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Primary Research:
- Purpose: Primary research involves collecting data directly from original sources. It's tailored to address specific research questions.
- Example: Surveys, interviews, experiments, and observations conducted by the researcher.
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Secondary Research:
- Purpose: Secondary research involves the use of existing data sources, which have already been collected by other parties. It's useful for gaining a broader understanding of a topic.
- Example: Utilizing industry reports, academic papers, government publications, and market studies.
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Competitive Analysis:
- Purpose: This focuses on evaluating and understanding the strengths and weaknesses of competitors in the market.
- Example: Analyzing competitors' products, pricing, marketing strategies, and customer reviews.
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Customer Feedback and Satisfaction Surveys:
- Purpose: These aim to gather opinions and feedback from customers about a company's products or services.
- Example: Customer surveys, Net Promoter Score (NPS) surveys, and online reviews.
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Trend Analysis:
- Purpose: Trend analysis involves examining historical data to identify patterns and make predictions about future market conditions.
- Example: Analyzing sales data over several years to identify growth or decline trends.
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Product Testing and Development Research:
- Purpose: This type involves testing prototypes or new products to gather feedback and make improvements before launching them in the market.
- Example: Beta testing, focus groups to evaluate product prototypes.
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Market Segmentation Research:
- Purpose: This helps in dividing a market into distinct segments based on characteristics like demographics, behaviors, or preferences.
- Example: Analyzing customer data to identify different target segments.
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Social Media and Online Presence Analysis:
- Purpose: This involves monitoring social media platforms and online communities to understand customer sentiments, trends, and brand perception.
- Example: Sentiment analysis, tracking social media mentions and engagement.
What KPIs Are Used in Brand Equity Tracking?
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Brand Awareness:
- Definition: The extent to which consumers recognize or recall a brand.
- KPI Metrics: Unaided awareness (spontaneous recognition), aided awareness (recognition with cues), brand recall.
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Brand Recognition:
- Definition: The ability of consumers to identify a brand by its attributes or logo.
- KPI Metrics: Recognition rates in surveys or tests.
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Brand Recall:
- Definition: The ability of consumers to remember a brand without any prompting.
- KPI Metrics: Recall rates in surveys or tests.
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Brand Image/Perception:
- Definition: The overall perception and association that consumers have with a brand.
- KPI Metrics: Consumer surveys on brand attributes, sentiment analysis of social media mentions.
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Brand Association Strength:
- Definition: The strength of the connection between a brand and specific attributes, values, or emotions.
- KPI Metrics: Likert scale ratings or scores indicating the strength of association.
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Brand Loyalty:
- Definition: The degree to which consumers consistently choose a particular brand over competitors.
- KPI Metrics: Customer retention rates, repeat purchase frequency, Net Promoter Score (NPS).
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Customer Lifetime Value (CLV):
- Definition: The total value a customer brings to a brand over their entire relationship with it.
- KPI Metrics: Average CLV, segmented CLV, CLV trends over time.
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Customer Advocacy:
- Definition: The willingness of customers to recommend or advocate for a brand.
- KPI Metrics: NPS, customer referrals, social media shares and recommendations.
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Market Share:
- Definition: The portion of the total market that a brand controls.
- KPI Metrics: Percentage of market share, share of wallet within a specific category.
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Brand Equity Index:
- Definition: A composite score that combines various brand-related metrics to provide an overall measure of brand health.
- KPI Metrics: Calculated index based on weighted metrics like awareness, perception, loyalty, etc.
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Brand Sentiment:
- Definition: The overall sentiment (positive, negative, neutral) associated with a brand in consumer discussions or reviews.
- KPI Metrics: Sentiment analysis scores, sentiment distribution.
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Brand Reach and Exposure:
- Definition: The number of people who come into contact with the brand's messaging or content.
- KPI Metrics: Impressions, reach, engagement rates on various marketing channels.
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Competitive Benchmarking:
- Definition: Comparing a brand's performance against its competitors in terms of various brand equity metrics.
- KPI Metrics: Comparative scores in surveys, market share comparison.
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Brand Equity Growth:
- Definition: Tracking the increase in brand value and positive consumer perceptions over time.
- KPI Metrics: Year-over-year growth in brand equity metrics.
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Brand Equity Return on Investment (ROI):
- Definition: Assessing the financial return generated from brand-building efforts.
- KPI Metrics: Calculated based on the revenue or sales attributed to brand equity initiatives.
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“Flexible product with great training and support. The product has been very useful for quickly creating dashboards and data views. Support and training has always been available to us and quick to respond.
- George R, Information Technology Specialist at Sonepar USA
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