Customized and Rigorous Approach to Market Research
In this post, we present the comprehensive methodology Grounded With Data uses to help our clients identify markets with the highest quantity and quality of their target audience. Our framework ensures a robust and rigorous yet customized market research and analysis approach.
Methodology: Grounded With Data’s process begins with collaborative discussions using interactive whiteboard technology or in-person brainstorming. This process is the central catalyst for capturing all perspectives and stakeholder interests, ensuring seamless collaboration and knowledge sharing among team members.
The initial conversations with the client, the collaborative proposal, and the scope of work development lay the foundation for the subsequent discussions surrounding data points. These conversations identify essential data points for the model and allow for a clear understanding of the project goals and requirements.
There are two different ways Grounded With Data can begin the process.
If the client already has customer data, we begin with a Jack & Patti Genius Afternoon, where we review the databases and work with the client to determine appropriate data sets that could be appended to what is available. This gives us a baseline understanding of the composition and cleanliness of the data and what data points to look for as a way to set the stage for moving forward with a formal market research proposal.
If the client does not yet have any customer data because they’re new, or they want to move into a new market, we instead have an Alignment Session. The Alignment Session engages the client to prioritize data points by asking them to independently and collectively think through their thoughts on the essential data points. This exercise enables the team to identify and highlight the priority data points and the underlying hypotheses behind them.
Before the Alignment session, Grounded With Data gathers initial data points to start the discussion based on relevant academic articles discussing the client’s highly valuable markets. Factors either directly related or that may tangentially influence market conditions are explored.
The team then focuses on understanding the preferences and behaviors of their target audience. They analyze strategies, best practices, and demand to gain insights into market dynamics.
Various indicators are examined to assess market value. The identified data points are categorized throughout the discussions into specific areas, such as a target audience’s individual, average, aggregate, and combined metrics, as well as general market factors that lead to either a richness of that market or growth in the market. This categorization facilitates a comprehensive understanding of the factors influencing market dynamics.
By following this methodology, Grounded With Data assists its clients in making informed decisions and developing successful strategies. The method provides a framework for identifying markets with the highest quantity and quality of the target audience, aligning with the project’s goals.
Conclusion: Grounded With Data’s methodology combines collaborative discussions, prioritization of data points, and comprehensive research to uncover market insights for their clients. By considering a wide range of data points and understanding the preferences and behaviors of their target audience, Grounded With Data provides valuable guidance for decision-making. This methodology ensures a customized yet rigorous approach tailored to each client’s needs and goals, resulting in actionable market intelligence.
