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Leveraging Market research statistical software effectively

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Statistical market research can be daunting. Whether you’re a B2B or B2C firm or research agency or a branch of government tasked with statistically analyzing certain attributes in an area, there’s no escaping the need for a market research statistical software to help power your research.

The right tools can even get even those who have no training or certification in advanced statistics to quickly uncover insights from their target audience. 

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What is market research?

Market research can be described as the process of determining the viability of a new product, product update, service or government policy by conducting research with a sample of your target audience. Typically researchers employ a market research statistical software to help with the process.

Essentially it allows for researchers to get opinions and other forms of feedback from their target audience about their interest in service or product. Market research allows researchers to find profitable growth options, develop more effective sales and marketing strategies, maximizing business (or policy in a governments’ case) impact.

What is market research statistical software?

Effective research requires the right set of tools. These tools need to be capable of data collection (surveys), analytics and reporting. Market research statistical software like Voxco is one such platform which researchers can use to collect feedback/ survey data via multiple channels and analyze for insights. 

Accurate data is the foundation for all growth related activities for business ventures. Market research statistical software helps provide information to businesses like proof of existing and prospective customers, the industry in general, what your competitors are doing and how customers perceive your brand’s efforts. 

Market research software can help researchers collect primary data for the purposes listed above. 

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Why is market research statistical software important?

Helps lower business risks

Survivability for a business is a constant challenge. Research software can help regularly check with your prospective and current customers if your value proposition is enticing, which in turn will ensure a steady stream of sales and loyal customers. 

With market research statistical software, businesses can test new products and designs on a curated target audience before launching. This is especially needed for redesigns or rebrandings of popular products. 

Market research can also help identify reasons for customer churn. These insights into problem areas of your brand can help you proactively rectify product issues and improve customer experience. 

Assists in identifying business opportunities

Statistical market research software can help ascertain the viability of new business opportunities. These opportunities can be product expansions, new launches, partnerships or trying for an entirely new location. 

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Provides data for better marketing and sales campaigns

For businesses it can be difficult to determine where to advertise, what form of marketing to use and for which offering. Market research can ensure that you reach your target audience using the channel where they’re most likely to see your efforts. 

These channels can be social media/online ads, or putting flyers or billboards in the right location. 

Essential features for market research statistical software

Although each research tool has its own USP, there are a few essentials which you need to ensure that your market research statistical software comes with.  

Omnichannel capability

Research requirements can be diverse, and not everyone in your target audience will have internet connectivity. Which is why you need to ensure that your research tools are able to reach your respondents via any channel they prefer. It could be telephonic, online or even face to face personal interviews. Omni channel capabilities allow researchers to get more data, which ensures higher data accuracy.

Dashboards and analytics

Voxco’s market research statistical software comes equipped with a comprehensive suite of analytics which are the key to deriving insights from the research data you have collected from your target audience. These tools allow you to effectively analyze your data and create custom reports for key stakeholders.

Also important is the intuitive dashboard which displays feedback collected in real time, allowing your business to be more agile in responding to customers. Effective feedback management is an important contributor to reducing customer churn.

Flexible hosting

Secure data is essential as surveys can often require respondents to share personal or sensitive information. Respondent identities are also data which needs to be kept secure. People will share honest feedback only if they feel that their data is secure and their privacy won’t be at risk. Voxco’s market research statistical software allows for flexible hosting solutions – clients can either store their data in the cloud or on their own premises.

Essential features for market research statistical software

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Statistical analysis is of many types, with each having their own USPs and best use case scenarios. Typically, one should ensure that they invest in market research software which is capable of the following:

Conjoint analysis

Conjoint analysis can help researchers understand what drives people to make choices. Why are they doing said tasks, why did they buy, or choose not to buy your products. It is a popular technique for pricing and product research. Essentially a product or service is broken down and presented by its key attributes, with many variations of the same being presented to the respondent. 

This allows researchers to gauge respondent preferences with respect to the topic being discussed.

Factor analysis

This is a research technique which can be used to reduce a big number of factors into a smaller number of factors. It helps explain variance in your research by detecting hidden factors or variables.  It is a commonly used inter-dependence technique and is typically used when the set of variants in question shows inter-dependence, and you want to find out factors which create commonalities. 

Benchmarking

This is a technique that market research statistical software can utilize for standardizing parameters you can compare yourself to. These parameters can be your goals that you have decided yourself, or attributes of your competition which you would like to work on. 

Benchmarking gives researchers a reference point for a set “standard” in their area of interest, and can help detect variance.

Crosstab analysis

Cross tabulation is a quantitative market research technique which researchers can use to analyze categorical data, i.e variables that are mutually exclusive. It is also referred to as data tabulation and contingency tables. Crosstab analysis allows you to compare relationships between two variables and present them in simple tabular formats.

Regression analysis

This is a technique which a market research statistical software can utilize for working out relationships between two or more variables. The results from regression analysis can be shown as a graph with variables on each axis, and a curve which shows the relationship between them.

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