Contextual analysis is important, as every bit of consumer insight must be wrapped in context or you’re guessing at its intent. And market research tools worth their sale make short work of contextual analysis. These bad boys/girls must be part of your everyday process. If they are not, your brand is missing out on the nuanced and always surprising global conversation.
So, whether you’re a seasoned market analyst or just getting your feet wet in the world of market research, there are seven steps everyone follows. At least, those who are capturing actionable insight do!
Why Accurate Market Research Matters
Simply put, it’s never been more important to be paying attention to emerging trends. Markets are evolving daily in the midst of the Coronavirus pandemic. Industry leaders are relying on market research to keep their brands at the forefront during these trying times.
Quid’s next generation text analysis product mines the global conversations that are relevant to you and your business giving you the edge to stay ahead of the pack.
Accurate market research not only saves you valuable time, it helps you transform market intelligence into competitive intelligence. Now you can adjust quickly and get back to growing your brand.
Step 1: Cast a Wide Net with Your Market Research
Getting started with your market research is as easy as throwing some terms in the search bar and hitting enter. Be sure to note this though – it’s wise to keep your search broad at first. This is important because it will give you some trend analytics that you really must not miss.
Think of it as catching as many fish as you can on the first try. You’re going to get a lot of results. And then we’ll narrow down those results in the next step, effectively throwing back the fish we don’t want.
Now, let’s get to it.
Quid enables you to search relevant information in 4 ways:
- Custom text upload
The ‘News and Blogs’ dataset pulls in relevant media according to your search terms from August 2013 to the present.
The ‘Company’ dataset enables you to “analyze business descriptions or funding events, track M&A trends, and identify emerging companies.”
The ‘Patents’ dataset enables you to check out trends and understand emerging technologies by searching global patents.
And…if that’s not specific enough, visit our custom text upload page to see how to upload your own text-based dataset for text analysis!
Step 2: Narrow Your Market Research
So now you put in your topic and have a gazillion search results. Don’t worry, there’s a fix for that. It’s important to search broadly at first so you can see things in the market conversation that you might not have thought of. The AI powering this search takes your results beyond what you may expect. And this is yet another reason why market research in Quid is so crucial.
To narrow your results, we should stop to thank George Boole for creating the Boolean search.
If you haven’t heard of Mr. Boole before, he’s the logistical mastermind behind the (AND, OR, and NOT) that we will use to narrow your market research to something actionable. Using these keywords within the search bar can further narrow down your results to help you focus on what’s important.
This step is where you narrow down your conversation and get to what you really want – and need – to know. Using Boolean keywords in Quid is what helps us to narrow down from millions of search results to around 10k. That’s powerful market research for any brand!
10,000 results. That’s your magic number for relevancy. If you’re above that, add in some keywords to narrow down your search. At this point, you’ve boiled your topic down to maximum potency, and are ready to discover next level insight to inform your efforts.
Step 3: Discover Your Market Research
With next generation AI capabilities at your fingertips, the global conversation important to your brand is just a click away, as Quid helps you make the necessary contextual connections to make the most of your market research.
Once you hit “visualize,” conversational clusters emerge in a data visualization ready to explore:
From here, you can explore the clusters of data, merge similar ones and delete those that you find irrelevant.
Don’t be too hasty though! There’s a lot of data that gets pulled in that can help give insight into emerging trends. Important insight could be the “one that got away,” so be sure to explore the conversational clusters in full before going back to delete/merge as needed.
The colored bubbles in the data map are “nodes.” Each one represents a piece of insight – an article, a piece of company intel or patent description, depending on your search criteria. And these nodes can be recategorized and manually moved to other clusters as well.
You can also influence the grouping of nodes, by using the UPDATE NETWORK button (shown below) to regenerate a network with boosted words, blacklisted words, and other adjustments:
And from there, you can analyze your market research to see what insights are hiding beneath the surface.
Step 4: Analyze the Market Research Conversation
After you’ve narrowed down your market research, click the analyze button to see a wealth of graphics to sink your teeth into.
From the ever-evolving Network map of clustered data, you can look at data visualization broken down in many forms so it’s easy to digest.
You can also look at top clusters relating to your search, top company metadata, traction, timelines, and sentiment. Once you find the data you need, Quid enables you to boil down your dataset to serve you up insights and intelligence.
There is an unexpected level of customization available here – one that will exceed your expectations and support a variety of use cases. Quid helps you anticipate market trends by narrowing down your focus on the things that are relevant to your brand and larger category. And it helps you answer tough questions around identifying emerging tech, adjacency opportunities and key opinion leaders; gathering competitive intelligence; vetting potential partnerships; and, so much more:
But merely identifying it isn’t enough – exploring it in context and creating a narrative that suits your needs is where most other tools leave you high and dry.
Step 5: Outline the Market Research Story with Conceptualized Understanding
You’ve merged clusters and moved nodes as needed, and you’ve explored the many ways to slice and dice the data. And you’ve captured views that help you frame this new expert understanding you have of the global market; in whatever niche you’re exploring.
As you analyze the insight, you can save views of each, along with corresponding news/stories that are informing the intel. This enables brands and agencies to use market research to its full, and awe-inspiring, potential.
It’s one thing to understand which companies are capturing conversations but understanding the “why” behind is a game changer.
And this is possible with each type of search – blog/news; companies; patents, as well as your own uploaded data.
Step 6: Report Market Research Results with Powerful Data Visualizations
Once you’ve captured the information that you want, you’ll want to create a report sharing these visualizations, with clients or colleagues. The ability to export your ‘saved views’ directly to Microsoft PowerPoint or present on screen is key – and why we’ve made it so simple to do so.
Just click ‘export’ or ‘present’ for whatever views you’ve saved to populate.
Step 7: Monitor Market Research for New Trends
Complacency results in companies closing. The market is always at your back and it’s your job to stay ahead of the pack with – you guessed it – market research! We help you do that too.
It’s important to note that you can also update your search, using the same or modified criteria, to capture different date ranges, a slightly (or more majorly) different focus, geographical or information source preferences and many other ways as well.
For example, in the “news/blogs” view, users have filters around the publish date, source country, source quality and source category. And in the “company” view, we see a wide variety of potential info around public and private companies, including funding events, types of investments, intel on investors, acquirers and owners, and where in the world this is all happening – and when.
Last, but not least, the “patent” view offers an array of options as well, from when it was first filed, its designation, status, who invented it – and in every single search there’s corresponding insight connected to it that offers additional elaboration.
The market changes daily and your search criteria is likely to shift significantly over time. This is a good thing, as it will help your business stay nimble in a landscape where sure footing is non-existent, and the only constant is change.
Save your searches in Quid to keep your market strategy in focus. Stay in the lead! Jump into our resource center for more information. And be sure to reach out and let us help you level up your market research strategy!