Statistical Support For Market Researchers
Why do so many market research firms outsource their analytics to Precision Consulting? They do so because our expertise in statistical analysis and experimental design sets us apart. While most market research firms are experts at running focus groups, collecting data, and presenting the results, they ordinarily do not have an internal data analysis team.
Our team has expertise in virtually every relevant statistical methodology, in all statistical software packages, and with virtually any quantitative experimental design. We are also experts in qualitative methods, which are often used in market research due to the prevalence of open-ended research questions, or of textual data from focus groups, tape, or video.
By trusting your data analyses to us, you can guarantee your own client that his research questions will be studied properly, that the sample size is adequate to obtain a statistically significant result, and that the data was analyzed optimally. You will also have a dedicated team available to answer any questions that you may have regarding the results of the research.
Sampling and Methodology Consulting
Clients often approach us with a bias toward a certain sampling or analytic methodology, lacking a complete understanding of the best way to reach their desired audience and answer their research questions. We can create samples and methodologies that are
- Random or stratified, depending on your needs
- Representative of your target population
Having conducted thousands of research studies, Precision Consulting has the ability to blend quantitative and qualitative analyses, and engage in statistical analyses of any complexity. Our methodological background enables us not only to report numbers but also to understand what they mean in context.
This includes interpreting statistical methods which are somewhat unique to market research such as TURF, Shapley values, or Thurstone scaling. For projects needing more complex analyses, we can offer numerical techniques, Monte Carlo and other simulations, psychometric techniques such as Confirmatory Factor Analysis or Structural Equation Modeling, advanced machine learning algorithms (such as neural networks, random forests, gradient boosted models, support vector machines, etc.) and virtually any other relevant methodology.
For qualitative research, we prefer using the software package Nvivo. This allows us to analyze data that is in a form such as interviews, open-ended survey question results, or focus room transcripts. To see more about our familiarity with Qualitative Analysis, please click here to visit that area of the Academic Research Assistance section of our site.
Most importantly, our analysts will use your data to generate practical insights for your firm. We can estimate your clients’ utility functions with MaxDiff analysis, Hierarchical Bayesian modeling, logistic regression, or Generalized Linear Modeling.
Our team is experienced in working with many analytical software programs, including
- SPSS, SAS, STATA, and R for Statistical Analysis
- LISREL, AMOS, and EQS for Structural Equation Modeling
Precision Consulting’s extensive experience in survey design will ensure that your marketing survey delivers accurate, usable results. When designing a survey, researchers must identify not only how to ask questions, but what questions to ask. Our analysts will refine your information goals and determine the most precise way to measure that information. We will help you specify your variables and determine whether a Likert scale, categorical options, or another question format is ideal for your purposes. Our experts will also help you select questions that are precisely worded to eliminate bias from your survey responses. Will a multiple-choice survey best suit your needs? Or is it important to include open-ended questions as well? Precision Consulting will determine whether a quantitative, qualitative or mixed survey is most appropriate for your market research goals.
Survey Implementation, Sampling, and Pilot Studies
Once your survey has been created, our analysts will help you answer important questions about its implementation. Your survey can be administered by mail or online with a service such as Survey Monkey, depending on your target demographic and other goals. Another important consideration is the sampling methodology of your survey. Participants can be selected randomly, or stratified into relevant subgroups. We can implement purposive sampling to target specific individuals; convenience sampling based on ease of access; or probability sampling that reaches a random group of respondents. Precision Consulting will also perform a thorough pilot test to ensure that your survey is effective when it reaches your clients, and will use the pilot’s results to determine your ideal sample size. To determine the significance of your pilot’s results, our analysts can test for discriminant, convergent, and concurrent validity. Your data can also be subjected to multiple-administration or single-administration reliability tests and confirmatory factor analysis using LISREL or AMOS.
In addition to more typical survey sampling and analyses methodologies, Precision has a specialized expertise in employee survey design and implementation. We conduct site visits, focus group interviews, and work in concert with relevant personnel at the client firm in order to best understand what sort of result is desired from the survey. Depending on the organization structure of the firm, we also implement subsample selection and extrapolation due to differences in branch employee demographics. A typical case study of what we would do for a client can be found here.
Another benefit of working with us is our pricing. We offer per-project rather than hourly pricing, so that you will know the precise cost for our services before we begin working, allowing you to potentially bill the cost of our services to your client. We deliver outstanding statistical consulting services with an ultra-fast turnaround time, for an affordable price.
We understand the importance and necessity of confidentiality, and provide all of our prospective clients with a Non-Disclosure Agreement immediately upon contact. This ensures you that your research will not be shared with any third parties, and your consultation with us is completely confidential.
Please click here to read our Data Security Policy.