Marketing Research and Consumer Survey Data Analysis

Marketing Research (or market research or Consumer Research) focuses on understanding the behaviors, preferences, whims of consumers in the market places. Businesses can't be successful, if they cannot meet the needs of customers. To meet the needs, finding out what customers want from your products and finding out what they think of your products will be the most important marketing research activities.

Customer needs can be uncovered through analyzing customer feedbacks and survey data. If survey or feedback data is simple, analysis can be straightforward. However, if data consist of many variables (or survey questions), accurate and systematic analysis is difficult!

Combinational Factor Analysis and Combinatorial Blowout!

It is common to see consumer survey data consisting of hundreds of variables. Generally, more survey questions means more information to analyze. In conventional methods, analysts use visualization and statistical reporting tools. These tools can work on only a few variables at a time. When applied to data with many variables, the numbers of cases to be examined grow combinatorially to the numbers of variables. Therefore, thorough systematic accurate analysis of such data is all but impossible. General practice is to examine only variable combinations what experts think promising. However, intuition can omit important trends and patterns emerging. Better ways are needed for timely thorough systematic analysis!

Hotspot Profiling

Consumer survey information when combined can be very large. More specifically, it may consist of dozens or hundreds of fields. Analyzing data with many variables with conventional tools is a real challenge, as discussed. StarProbe Data Miner can be used to drill hotspots and derive profiles from such complex data. Unlike other data mining tools, StarProbe provides human-friendly outputs. You can learn more about your customers by simply examining them. Anyone who understand basic statistics can understand output of hotspot analysis and profiling. It's very easy to understand. It will provide powerful overview about your customers. For trained statisticians, this can be the basis of top-down data analysis.

Hotspot analysis drills-down data systematically and detects important relationships, co-factors, interactions, dependencies and associations amongst many variables and values accurately, and generate profiles of most interesting segments. Hotspot analysis is very easy to use and provides analytic power un-paralleled by other statistical and OLAP tools. It is noted that Hotspot Analysis is a new generation tool that will revolutionize marketing survey data analysis. Hotspot Analysis performs the followings at the same time using Artificial Intelligence Technology;

Segmentation: Divide populations into segments.
Profiling: Develop profiles of hotspot segments.
Drill-down: Automatically drill-down dimensions and numerical value ranges.
Variable selection: Automatically select variables used in profiling and segmentation.
Ranking: Order segments based ranking criteria.
Visualization: Visualize result statistics.

The following figure shows an example of hotspot analysis output. Top-left is hotspot drill-down tree. Top-right shows detailed statistics of hotspots selected. Bottom left and right provide lift factor analysis.

Marketing survey data analysis using hotspot profiling.

For more information, click Hot spot Analysis.
To learn how insurance industry can use to profile risky insurance policies, click Insurance Risk Analysis.

Thorough Systematic Accurate Analysis

The benefit that Hotspot analysis provides is that thorough systematic accurate analysis is possible instantaneously. This frees analysts from time-consuming statistical analysis processes and allows them to focus on interpretation of hotspots identified.

Software Tools for Marketing Survey Analysis

It is noted that the content of this page is largely based on exclusive StarProbe data miner tools. StarProbe is available for trial with free technical support. If you are interested in trial with your consumer survey data, please write us from Contact Us.

Data Mining Methods

Data Mining Tools