What are market insights?
Market insights are discoveries made during market analysis.
What are the steps involved in obtaining market insights?
1) Defining the project’s goals and understanding the root information to be obtained by market research. Critical problems or opportunities need to be acted upon to comfortably make decisions; the job of a market researcher is to obtain solid data for decision-making.
2) The second step is defining the objective of the research. A proper research process must involve a survey, focus group, and other variables.
3) Once data has been collected, it needs to be analyzed. The process may involve statistical tools.
4) Market insights are then visualized and communicated to the client. These insights point to opportunities or possible solutions to overcome shortcomings.
What can be the biggest roadblock to quality market insights?
Market insights can be of poor quality when more attention is given to techniques than results. In addition, a poor choice of analytics can lead to market insights being misaligned with client needs.