data analytics vs market research
TRANSCRIPT
Data Analytics vs Market Research DataA comparative study between two of the most powerful tools for data insights
This presentation will talk about..
Introduction
Data Analytics, types and benefits
Market Research, types and benefits
A brief comparison
Case Studies
Introduction
3
The process of decision making in the 21st century is primarily driven by data insights. Rapid progress in the field of technology has prompted executives to rely upon facts and numbers churned by data obtained from the market.
Easy access to intriguing insights has not only ensured faster decisions, but has also plays a significant role in shaping success. Two of the most trusted tools for executives worldwide are
Data Analytics
Market Research
This presentation will offer insights to help you deploy the right tool at right time.
Data Analytics, types and benefits
Data Analytics is the science of discovering, analyzing, interpretation and communication of raw data into useful information.
Types of Analytics
Prescriptive
Predictive
Diagnostic
Descriptive
Direct & Control
Deeper Insights
Faster decision making
Enhanced revenue and lesser costs
Benefits
Market Research, types and benefits
Market Research involves deploying resources in target markets to gather data as per the format. The information gathered from this time bound activity is later filtered and analyzed to offer key insights.
Types of Market Research
Primary Research
Secondary Research
Qualitative Research
Quantitative Research
Insights into market
sentiments
Identifies business
opportunities
Aids marketing activities
Offers holistic approach to
decision making
Benefits
Comparison
6
Storage Point Data Analytics
Requires large amount of space
Market Research Requires limited
storage space
Versatility
Data Analytics
Offers multiple inferences through data
mining
Market Research
Specific insights only as per the goals
Shelf LifeData Analytics
Higher shelf life and longer relevance
Market Research
Limited utility. Relevance fades away
Intellectual Appeal
Data Analytics
Does not provide insights into emotions
and intellect
Market Research
Factors human emotions
Case Study 1 - How Data Analytics Helps Solve Logistic Bottlenecks
Industry
E-commerce
Challenge Area
Logistics
Issue Description
A leading brand operating in the e-commerce space is facing multiple issues on the delivery front. A
gamut of issues including delay in delivery and damaged on arrival is leading to monetary
losses and damage to brand image.
Solution
With mounting costs of logistics, the
management decides to deploy analytics based
solutions.
Result
The deployment unveiled startling insights into the
delivery mechanism. Based on the intriguing data churned out during the project, the following changes were proposed.
Case Study 2 - Market Research Helps Banking Organization Design Mobile App
Industry
Banking & Financial Services
Challenge Area
Rebranding Digital Assets
Issue Description
A leading bank is undergoing rebranding
which includes a complete rejig of its corporate logo. This
exercise also includes developing a mobile-
based app and revamping its website.
Solution
To aid this activity, the management decides to
carry out an online survey that includes intrinsic
feedback from existing customers as well as
scrutiny of similar applications .
Result
Following the changes, the number of customers
using online banking doubled. The intuitive design also helped the company increase its
brand awareness.
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