MARKET RESEARCH ANALYSIS SERVICE

Does conducting market research take a long time?

In most cases, conducting market research will take a minimum of 4 weeks. If you are only conducting one survey, the survey itself can take 1 week to construct. It can then take up to two weeks to collect this data, whether from a third-party panel survey provider, distributed via email to your marketing contacts, or sent to internal staff at a company. Ultimately, the time it takes depends on the complexity of the project. Complexity arises when more than one survey is needed, if the survey is to be completed by an international audience, and if stakeholders take time to sign off edits and changes.

In spite of market research being the most time-consuming part of a marketing project, there is a saying made famous by the US Navy Seals: "slow is smooth, and smooth is fast". Without a robust analysis of your consumers and customers, the marketing project is more likely to be a flop. Understanding your key audience is vital to communicating with, and thus converting, your target audience.

Does market research kill marketing creativity?

No, not at all! In fact, it can boost creativity!

In the book Creative Demons and How to Slay Them (2022), creativity expert Richard Holman concludes that "constraints [become] an ally rather than an enemy".

Take the following examples;

• Dr. Seuss wrote Green Eggs and Ham using only 50 words.
• Donald "Donny" Clayton Johnson is an American painter who used his own hair as a brush, and M&M's shells diluted in water as paint! This was so he was able to paint within the restrictive environment of prison.
• Shakespeare wrote King Lear quarantined in his home during the plague.

Market research naturally narrows the focus of your marketing. However this will be to your advantage. Knowing exactly who your audience is, what they want and how to speak to them will provide you with the confidence to boost your creativity and refine your marketing.

How can I sell data analysis as a service, or market research to my clients?

Here at Data Draig, we can help you to maximise profits by offering our bespoke services to your clients, in addition to what you're already able to offer.

You work hard to provide your clients with the best creative for your clients. This could be marketing material distributed either through social media, e-mail or creative collateral posted on their website. It could even be communications sent through your customer's organisation to their staff... but how can you categorically prove that your work offers the client a good return on their investment?

That's where Data Draig can step in! We can work on your behalf to conduct comprehensive data analysis, KPI tracking and data visualisation as an added 'snap-on' service.

Data analysis as a service can be sold to any medium or enterprise business which does not have the skills or resources to fulfil such a function internally.

Market research is best sold as an additional 'snap-on' service at the beginning of any costly marketing or internal comms project. This ensures that the creative collateral that you create will in turn optimise ROI.

Whether you are looking to sell data analysis or a full market research project, it is always best to have someone in the meeting who has experience of how these projects work. Here at Data Draig, we believe that the best people to sell data analysis and market research are those who work directly with these activities every day! This is why Data Draig offers sales consultations and discovery sessions with your customers (for a nominal fee).

How can Data Draig help businesses with data and analytical strategies?

Through Data Draig's analysis, we can create personas, customer journey maps and bespoke interactive dashboard reports. We can guide you and your clients through a data project, which typically consists of the following steps:

1. Check the business requirements - We will develop a thorough understanding of your strategic objectives and reporting needs, establishing use cases and identifying data gaps.
2. Evaluate your or your client's existing data - If needed, we will delve into the numbers that you or your client already have for benchmarking purposes.
3. Data modelling and dashboard report creation - Data modelling is the process of linking data from numerous sources to build data models for reporting purposes.
4. Provide reports and artefacts such as personas or customer journey maps - We will provide assistance with understanding reports and other research artefacts.

Is market research expensive?

Market research that is done correctly will cost a minimum of around £10,000 per study. However, there are multiple factors that the will affect the overall cost

• The complexity of the research.
• The number of surveys required.
• The number of respondents required.
• Whether or not the survey is international.

Prices have been known to increase to a maximum of around £350,000.

Unlike many market research companies, Data Draig offers more than just the data itself. We offer an end-to-end service. This includes requirements gathering, survey building and scripting, deployment of the survey, and finally analysis of the results.

Why would I pay for market research when I can just send out a survey myself?

You can, of course, choose to send out a survey yourself and distribute it to your own database of contacts. However, without expertise in survey construction, you're extremely unlikely to obtain the accurate and actionable results that your business needs to thrive.

In addition to this, if your company is hoping to reach prospects (potential customers not already in your CRM), using third-party panel survey provider would be the only feasible way of obtaining this data.

Once all of the data from the survey(s) has been collated, you will also need a skilled data analysis to make sense of the data. Hiring a company like Data Draig ensures that the data is correctly analysed and presented to you in the format of a user-friendly dashboard and actionable insights.