Top Providers of Data Analysis Services for Market Research — Greenbook

Top Providers of Data Analysis Services for Market Research

What is a Data Analysis Company?

Your choices in data analysis will begin with answering the two-part question, “What problem am I trying to solve and what insights do I think I need to generate to solve it?” This answer will lead to another question, “What data do I have available or need to acquire that can be applied to this problem?” Once that question is answered, you can explore which data analysis methodologies are appropriate for your data and business problem and which skills or tools are needed to execute the analysis competently. Finally, considering the resources you have available, including staff, money, and time, you can make a final decision on what data to use, what methodologies to use, whether to do it in-house or hire a partner, and which DIY tools to acquire or service providers to hire. Along the way, you may also decide to engage different experts to help you identify, evaluate, and prioritize alternatives.

Featured Experts in Top Providers of Data Analysis Services for Market Research

What is data analysis in market research?

Market research involves acquiring data about a market and turning it into insights that help improve your interactions with the market. Data analysis lands in between data collection and insight development and can take many forms depending on the data, the issue to be addressed, and the resources you have to invest in it. Its complexity can range from reading a published table of numbers and deciding what it means for you to building an enterprise-wide system for integrating, housing, and analyzing different kinds of data using sophisticated algorithms with flexible user tools and dashboards that can stimulate insights after only a quick scan.

What types of companies provide data analysis for market research?

The GreenBook Industry Trends (GRIT) Report segments insights suppliers into five major types. Although companies who primarily offer data and analytics services make up only about 13% of suppliers, three times that number say data and analytics are a significant source of revenue for them. The biggest overlap is with technology providers (39%), and data and analytics are offered by just over one-quarter of strategic consultancies, full service research agencies, and field services providers. You can find data and analysis services offered by suppliers of any type, and this gives you a wider selection of complementary services and levels of expertise from which to choose.

What are the 7 key steps in data analysis?

Any kind of data analysis involves seven steps: problem definition; data selection; data acquisition; data cleaning; data analysis, interpretation; and data visualization, storytelling; and communication. While only some steps may need to be optimized for a given analysis, they all need to be effective.

Can unstructured data be analyzed in market research?

A recent GRIT report shows that 40% of insights suppliers offer research and analysis based on unstructured data, such as text, social media posts, images, audio, and other data that is not organized in a pre-determined way. Further, nearly 30% offer platforms and tools to aid in the collection or analysis of such data. In another recent GRIT report, more than half of insights buyers said that automated social media analysis either plays or will play a key role for them in the future, including about one-third who said it already plays a key role. Nearly half said automated text analysis plays or will play a key role for them, and one-third said the same for automated analysis of image and video data. Unstructured data can and is being applied to market research and is available as a service or as technology.

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