How to Use Data Efficiently

There are many aspects when conducting efficient and complete marketing research. Marketing research is a process that allows you to collect information about customers and competitors in the market. But one finally conducts their research it is important to know how to analyze data in the most effective way possible.

Here are three helpful aspects of Data Analysis:

Relationship Analysis: This pretty much means that you are trying to figure out if there is a relationship between two variables. What goes with what or how does this happen. This can be involved with different demographics or situations going on in the world or your market.

Variable Type: When asking questions, you need to understand what type of question you are asking. A categorical or metric question. Categorical questions try to find patterns between two variables and Metric questions try to find a relationship between variables. An example of a categorical question would be, “have you ever had lays chips?” and an example of a metric question would be, “on a scale from 1-7 how much do you like lays chips”.

Chi Square Test: This test examines two categorical variables in a cross-tabulation table to determine if the variables have a significant relationship.

Getting data is only half of the job, being able to analyze and understand the data is the other half. If you can’t analyze the data and get answers for the questions being asked by your brand then it makes it worthless. Next time you conduct marketing research make sure to try these steps and improve the efficiency of your work.