After the information has been gathered using the techniques outlined in the market research project plan, data analysis can start. Data analysis is the process of condensing the information into a format that is easier to comprehend and use. It can take many different forms, ranging from the application of simple statistics to a more involved data visualization procedure.

Whatever the research questions, the analysis takes source data and applies analytical techniques to provide a clearer picture of what is happening. This process may involve simple or sophisticated techniques, depending on the required research outcomes.

First, the data is formatted, cleaned, and edited to ensure that it is suitable for whatever analytical techniques are being used. Next, data are tabulated to show what is happening: What do customers actually think? What is happening with purchasing or other behaviours? How do revenue figures actually add up?

If a smaller organization or business is doing the analysis, this can be challenging for folks who don’t have the necessary background and expertise to do data cleaning and analysis. Part of analyzing the data is to see if it seems sound. Does the way in which the research was conducted seem sound? Was the sample size large enough? Are the conclusions that become apparent from it reasonable? Individuals with a good working knowledge of the business or organization should be involved in interpreting the data because they are in the best position to identify significant insights and make recommendations from the research findings. If there isn’t the expertise one a team to adequately analyze the data, consider getting help an expert. One place to look for help is the Certified Analytics and Insights Professionals of Canada. At this website, there is a list of professionals with the CAIP designation, a modern, respected and globally endorsed certification program for Canadian research, analytics and insights professionals.

Good data analysis is important because the interpretation of market research data—the “so what?” factor—depends on it. The analysis combs through data to paint a picture of what’s going on. The interpretation goes further to explain what the research data mean and make recommendations about what managers need to know and do based on the research results. For example, what is the short list of key findings and takeaways that managers should remember from the research? What are the market segments you’ve identified, and which ones should you target?  What are the primary reasons your customers choose your competitor’s product over yours, and what does this mean for future improvements to your product?

Once the data analysis is complete, it’s time to move onto the last stage of the market research project and to share the results and make recommendations.

References

Albrecht, M. G., Green, M., & Hoffman, L. (2023). Principles of Marketing. OpenStax, Rice University. CC BY 4.0

Burnett, J. (Ed.). (2011). Introducing Marketing. Global Text Project. CC BY 3.0