Posted by admin | Posted in Market Research Agencies | Posted on 15-02-2012
Advanced statistical tools are reasons market research agencies draft advanced marketing research reports. Key Driver Analysis is one of these tools. The tools are responsible for making marketing research analytics a mainstay in business research.
An online survey company uses key driver analysis to understand the brand, product or component having maximum influence on the purchase decision of a customer. The analysis is based on statistical measures of the relationship shared by each attribute with an overall measure of the market performance of the brand.
Key driver analysis pioneers ensemble prediction. Ensemble prediction helps deliver an extremely reliable and robust measure of attribute importance. This type of prediction combines thousands of regression models to produce a prediction of the overall market performance based on attributes influencing purchase decisions.
How exactly do market research agencies use this tool (key driver analysis) in obtaining data that can be included in a report?
Training data sets are picked from full data sets and sampled randomly. Subsets of predictor variables are randomly sampled from potential sets of predictor variables. The predictor variable whose value splits the data to maximize prediction success outside the sample is chosen from the random subset.
An online survey company uses this tool in analytics to calculate a prediction error for each regression within each training data set via a validation data set. For every training data set, the tool helps calculate variable importance while substituting all attributes with random variables in the model.
In a nutshell, key driver analysis is a statistical tool meant to decipher factors that most influence a given outcome. Market research agencies apply this in business research to explore customer satisfaction levels and loyalty data. The online survey company also uses it for brand preference research for clients.
Marketing research analytics is used in business research successfully because of its composition of such tools. Research companies are successful in adding clarity to their reports because of these set of tools.