Conversational Analytics / 14.12.2016

Data Analytics or Market Research? How to Choose the Right One

Solving business problems and making decisions have become a complex task, owing to multiple micro/macro level influences. To add impetus to this critical area of the business, data insights are paramount. Data Analytics and Market Research Data are two of the most reliable tools in this regard.

In this blog post, let’s understand the situations under which the application of one of these tools is more optimal over the other.

1) Understanding the Market Sentiments

If the purpose of the project is to dig deeper into the market to understand the sentiments and current trends, deployment of Market Research is highly recommended. It aims to communicate with the micro aspects and offer optimal insights to help you make decisions without hassles.

2) Solving Specific Internal Challenges

Mid-to-large organizations often encounter challenges pertaining to the specific department. Under such circumstances, Data Analytics helps to arrive at useful insights to plug leaks and reclaim control.

3) Understanding Customer’s Intent

The best way to comprehend your customers’ intent is by means of a personalized survey. Market Research contains the right kind of tools to help you to understand the needs of the customer which includes mapping his intent and grievances.

4) Processing Large Tracts of Raw Data

When you have large tracts of useful data at your disposal, processing it through Analytics tools helps in gathering useful information. Raw Data is means nothing if it’s not unearthed to get intelligent insights.

To get a holistic understand of the importance of these tools for your business, click here to read the Whitepaper.

For insights into how your business can harness the power of “Speech” as a technology, contact us.