Market research is essential when moving your company into a new region or even reviewing your company’s progress. This allows a company to evaluate and analyze their products and strategies influence. Two ways to complete these analysis is gathering Primary and Secondary Data. Primary data is useful for products or services that may need more reliable and specific feedback. A company can complete this research themselves or hire an external company to review surveys, interviews, focus groups, and customer observations. Primary data is known to be the most reliable when conducting research, and could provide an advantage. However, secondary data is information about the market that is already available. Learning about customer behaviors before moving into the market could be a time and money saver. Some available market intelligence softwares/programs that can help businesses and customer are:
- IBM
- Salesforce
- Bloomberg Intelligence
- and more…..
Each of these software and IT companies have their own qualities, values, resources, and utility. They are all similar in their mission with providing an online platform for businesses to access essential data for the markets they enter. Additionally, some even allow for direct consumer interactions and feedback. The below video demonstrates the intricate nature of Salesforce and how many outlets they have to assist businesses with intelligence.
IBM
IBM offers various outlets, software, and open-sources for market research and analysis. IBM’s software allows for companies to create their own statistical analysis to combine data; analyze trends; and guide quality decision making. IBM promises updated and new data on a regular basis to keep up with market trends in order to provide a reliable source.
Problems can include:
- Consumers/business not understanding how to fully utilize purchased services. There were some complaints on the complexity of using IBM stats analysis.
- Data is updated frequently, however this can be confusing when making quality predictions.
- Accuracy of cross-cultural marketing, as more direct responses and local input are needed
References:
https://www.bloomberg.com/professional/product/bloomberg-intelligence/