Advanced Market Research explores hidden relationships within industry data, collected by a market research firm, in order to predict and forecast future events and behavior within the market. Also known as inferential statistics or advanced analytics, it is a step beyond the basic data collection done in rudimentary market research. AMR pursues insights that cannot be discerned from initially viewing the data, using methods such as correlation analysis, conjoint analysis, maxdiff, factor and principle component analysis, structural equation modeling, cluster analysis, and nonlinear regression. It goes beyond just explaining the conditions of the data set, and seeks to predict and draw conclusions based on the present data. This data is ultimately used to understand consumer purchasing preferences.
To clarify, market research, including advanced market research, involves industry-wide data. Marketing research, on the other hand, relates to data relevant to only one company and its customers. Data mining and predictive analytics fall under the advanced market research umbrella.
In the same way that supply chains can be optimized by analyzing inventory and distribution capacity, companies’ CX efforts and overall profit can be optimized using advanced market research.
AMR is beneficial to customer experience (CX) programs primarily because it helps leaders understand the context of the overall market, so they can predict trends with greater accuracy. Using these insights, companies can optimize the customer experience, which will in turn increase company profits. Variations in advanced market research and its effects depend on the industry and the focus of the marketing campaign.
Advanced market research can help companies to identify consumer opinion of brands, products, and ideas. This information provides a check on what the company is producing, allowing for targeted changes when necessary to increase revenue and profits. By knowing how customers think, companies can make key business decisions that will best protect the company’s interests and produce the most profit, both long term and short term.
At MaritzCX, we believe companies should be able to make decisions quickly and anticipate CX trends. We believe that in order to do that, they need to harness the latest academic and mathematical research methods in order to stay ahead of the competition. That’s why we’ve hired doctorate level researchers, scientists, mathematicians, statisticians, and other leading academics from around the world to help. With them, accurately measure the impact of every CX action, process unstructured data from all channels and even predict how customers or potential customers will respond to products, prices and services. Data will transform before your eyes into actionable info. Welcome to Advanced Analytics. MaritzCX style.
Features of MaritzCX Advanced Analytics
- Experimental Design-Accurately measure the impact of specific CX interventions or actions. Link causes and results with high degrees of certainty.
- Attribute driver Analysis-Correctly identify and measure the relationships between specific CX features.
- Segmentation-Combine customers into similar groups based on CX data and find out how the competitive marketplace is structured.
- Pricing and Product/Service Design Research-Predict how your customers and potential customers will respond to new products, services or pricing.
- Spotlight™ Analysis-Have experts help you out with the Spotlight™ research you are doing as part of the platform.
- Linkage-Links critical VoC data to business operations and financial information. Gain a complete picture of how VoC is impacting the financial performance of your system.
- Auto-Coding-Process unstructured data from a variety of sources and turns unstructured data into actionable info.
- Survey Guard Text-specifically for automotive sector. Pre-built analytics platform that examines customer survey comments for signs of inappropriate and coercive tactics by members of the sales team or dealership.