Market Research Resources
Discover information, articles, news, and public/private organizations that can help in the area of market research.
A business analyst is a person who scrutinizes an organization or business in specific areas using analytic techniques that evaluate processes, systems, and people (teams) to determine whether they are meeting company objectives. Their duties and recommendations are often defined by senior management.
A business analyst is generally a staff role within a company, or may be an outside consultant. They help guide businesses in improving processes, products, services, and software through data analysis. A business analyst’s insights often improve the company’s function and profitability.
The best way to size your markets is to really define the customer characteristics of the people or other companies that are your best customer prospects. You can then use extensive data sources available to businesses (ZIP Code demographics, Dun & Bradstreet company information, data from industry associations and chambers of commerce, etc.) to make profit estimates for your business.
Sometimes businesses will also use panels of customer prospects to determine their product or service appeal. Forecasts are generally made for both short-term business within the next year and longer five- to 10-year time frames. The later forecasts are used for business planning.
Does your product or service meet a unique new market need? Why will people buy this product? For example, streaming video services with movies, series, and documentaries are rapidly replacing regular television broadcast entertainment. The unique qualities that make these services competitive include more specialized and well-produced content, the appeal of binge watching a specific series rather than watching a show over the course of several months, the lack of commercials, and more affordable costs than a cable or TV service.
Business intelligence (BI) combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations to make more data-driven decisions. Companies like HomeAdvisor, ZoomInfo, E Health, LifeVest, and InnovatorsLINK are formed around these concepts.
Some companies offer a substantial amount of public information, such as their 10Ks, quarterly reports, and analyses conducted by outside business analysts. Regardless of whether a company is public or private, you can find a lot of information on their website or public data sources such as the Dun & Bradstreet report. Their customers can also be a great source of information about the quality of their products or services, pricing, etc.