The final step in any education market research effort is analyzing the data you’ve collected. To your market research team, data is gold; they’ve worked for weeks, or even months, to determine what kind of data they’re looking for; how they’re going to get it; who they’re going to ask for it; and now, what they’re going to do with it now that they have it.
Analyzing the data is arguably the most important part of the education market research process. This is where all of the information you collected from your focus group, interviewees or survey respondents is interpreted, and where all of your conclusions are extrapolated from that data. It informs your recommendations and becomes the basic set of assumptions for any marketing or sales strategies you might pursue.
The methodology your education market research team uses to analyze the data will depend somewhat on the methodology they used to collect it. There’s a wide selection of analyses from which to choose. Here are just a few.
This method collates sets of observations into subsets of like data. Often, cluster analysis is used when examining data from surveys and test groups or panels. Through this, populations of consumers are divided into smaller segments that can be targeted individually within a marketing plan.
This method reduces complex data into its discrete elements, or factors. Using factor analysis, your education market research team can break down the methods that customers use to evaluate products and services, or the thought processes of employees in determining job satisfaction.
Data mining is essentially pattern analysis and recognition. Market research experts will use this method of analysis to find useful patterns in the collected data. Productive data mining may reveal new potential customer bases, or surprising new uses for your products.
These, of course, are just a few of the data analysis methods that your market research team may use. And if you bring the experts at MarketingWorks onto your team, they’ll bring a broad swath of methodologies and marketing solutions with them. Call today for more information.