What’s the difference between market research and data analysis? They are both forms of market intelligence that businesses need to make better decisions. Understanding what’s happening in your market is vital for growth, whether what to sell and to whom or which sales tactics to use.
Data analysis aka market analytics is an indirect form of market research, analyzing data added to customer profiles captured from online sources e.g., purchasing activity, location. On the other hand, market research is the primary form of gathering firsthand intelligence direct from the start, i.e., consumers.
Direct initiatives like customer surveys and data scientists to analyze online data to study audience behaviors are working toward the same goal – market intelligence. Many years ago, businesses used to undertake their very own market research. Now with big data, companies rely on the expertise of market research companies.
Right now, there is a vast demand for data scientists should you wish to hire in-house or you can one of countless market research companies and get the intel your business needs to make its way in commerce today. Let’s look at some of the powerhouses of market research and their services.
Nielsen is arguably the most prominent market research company in the world today, and it offers its services globally. The company claims that it covers over 90% of the GDP and the world’s population. It’s an S&P 500 company with its headquarters in New York. Founded in 1923, the company today has around 50,000 employees posted worldwide.
Nielsen’s core services include measurement and data analytics, retail, analytical, and consumer panel measurement.
Some of Nielsen’s clients include the likes of Nestle, Twenty-First Century Fox, The Coca-Cola Company, and the Unilever Group, and their blog includes posts on their market research.
Kantar identifies itself as a company that provides consulting, data, and insights. The company, founded in 1993, has its headquarters in London in the United Kingdom. Over 50% of Fortune 500 companies turn to Kantar for market research. Presently, the company has over 30,000 employees on its payroll.
Kantar’s core services include data solutions, consumer panels, managed services such as DIY solutions, and survey design & fielding.
Volkswagen, PepsiCo, Diageo, and the European Commission are among Kantar’s most prominent clients.
IQVIA is a market research company based in Connecticut and North Carolina in the USA. The company specializes in human data science and offers its services exclusively to the life sciences industry. Thanks to its IQVIA CORE solution, it has integrated analytics, information, technology, and domain expertise. IQVIA has more than 70,000 employees today.
IQVIA’s core services include research and development solutions, contract sales and medical solutions, and technology, and analytics solutions.
IQVIA’s well-known clients include Georgetown University, Nova Biomedical, PatientPoint, and Noble Analytics & Consulting.
Ipsos, founded in 1975, has its headquarters in Paris, France. The services it offers clients include research in public opinion, media, advertising, and marketing. IPSOS is relatively tiny compared to Nielsen and IQVIA, as it has fewer than 20,000 employees. However, the company has been hailed for its stellar services, keeping it at the forefront of companies specializing in market research.
IPSOS’ core services include creative excellence, brand health, innovation, clinics, mobility labs, market strategy and understanding, customer experience, market measurement, retail performance, and quality measurement.
Zillow, Ad Council, and Budweiser are IPSOS’s most famous clients.
Gartner is another market research company based in Connecticut in the United States. Established in 1979, the company offers market research services to the communications, computer hardware, software, and IT industries. Gartner provides its services via a subscription-based model. Plus they’re famous for the Magic Quadrant. The highlights of the model are exclusive access to content featuring published research and access to a 2,300 research expert strong network. As of now, the company has close to 20,000 employees.
Gartner’s core services include conferences, research, consulting,
More than 70% of the Global 500 companies work with Gartner for in-depth market research. The Coca-Cola Bottling Company United is the most famous client among the companies.
Market research makes the business world go around. Without it, companies would fail to deliver products and services customers need and want. There would be more environmental waste, higher staff turnover, and inefficiencies in every department.
Whether you choose one of these powerhouses or another market research provider, your business is sure to benefit from the market intelligence available from data analysis and direct from the source market research.