What are some examples of market research

Market research dashboard examples

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A Market research dashboard is the modern way to present survey results from market research studies. Dynamic, interactive dashboards convey the results very effectively and further questions can be answered ad hoc with just a few clicks.

Take a look at these 3 templates: Brand Awareness Dashboard - Product Innovation Dashboard - Customer Satisfaction Dashboard

BRAND AWARENESS DASHBOARD

Open Brand Awareness Dashboard in full screen mode

The use of professional market research dashboards is a decisive competitive advantage which agencies and companies should use. Due to the abundance of data, different questions and evaluation options, the separation of the analysis and the subsequent presentation of the results on static PowerPoint slides is no longer appropriate. Unfortunately, this is still common practice in market research. By using modern, dynamic dashboards, you can analyze and visualize your data better and faster and, thanks to extensive filter options, adapt it to specific questions with just a few clicks. Another advantage are automatic updates of the results on the dashboards for longitudinal studies (e.g. tracking studies), which saves you valuable time and reduces manual reporting to a minimum. We will use 3 selected market research dashboard examples to illustrate these advantages.

On our first dashboard example, we have shown the results of a survey on brand awareness for outdoor products. On the right side you will initially find standard information on the sample (n = 1333): gender, age and geographical location (here as an example for the USA). Of course, further demographic features of the sample could be shown if these were taken into account during recruitment or are generally relevant.

The upper part of the dashboard gives a detailed overview of brand awareness, which was queried both unsupported and supported. Strictly speaking, unsupported brand awareness measures brand awareness, whereas aided brand awareness reflects brand recognition. In our example, Brand B achieved the best results with 45% brand awareness and 52% brand recognition. As a rule, brand recognition will always be higher than brand awareness due to the supported query. The smallest difference between the two values ​​is found for Brand C (27% versus 29%).

In the lower part, we first take a closer look at the evaluation of different advertising slogans for brand D. Since only 41% of the respondents knew brand D, the number of respondents here consequently decreased to n = 547. With an average of 4.6 on a 5-point Likert scale, the slogan “Leave footprints everywhere” met with the greatest approval. Right next to it we find a celebrity analysis, in which the best prominent advertising ambassador for brand D was determined with the help of a closed question. In this case it's Jessica Biel. Such a survey is conceivable if, for example, celebrity marketing fluctuates between 3 specific advertising ambassadors. However, the question could also be asked completely openly in order to identify potentially interesting celebrities.

The selected focus on Brand D for this dashboard has only been chosen here as an example. Thanks to interactive filter options, you could customize the entire dashboard for the individual brands examined with just a few clicks.

In our second market research dashboard template, we covered another important market research area: innovation research. It gives a good overview of relevant information on the product innovations examined, such as use and purchase intentions as well as willingness to pay.

First, we consider the intended use, which in the first step represents the fundamental interest and thus the potential of product innovations. Ultimately, the respondents will only indicate an intended use if they see real added value in the new product. Building on this, we dedicate ourselves to the purchase intent of the respondents. Purchase intentions are influenced on the one hand by the conveyed product image and on the other hand by the attitude of the respondents towards the product in question. In practice, the intention to buy is often used to analyze the potential of product innovations before the market launch in order to predict future buying behavior. Accordingly, a high level of use and purchase intent is a basic requirement for a successful market launch of a product innovation.

Finally, on our product innovation dashboard, we take a closer look at willingness to pay (WTP). By inquiring about willingness to pay, you can find out what price consumers are willing to pay for product innovations. There are many different models and methods of determining consumer willingness to pay. These range from complex conjoint analyzes to methods that are rather easy to implement, such as direct querying of maximum and minimum prices. We have shown the results of a direct query based on Stoetzel as an example on our dashboard, in which, in addition to the price, the expected product quality is also taken into account. For example, according to Stoetzel, inquiries about the lower price limit would add the price from which the respondents would question the product quality. In our fictitious example, the final price range is € 1450-1920. By analyzing the willingness to pay of potential consumers, you ensure that a minimum of profitability can be guaranteed. This would not be the case, for example, if the production costs clearly exceeded the willingness to pay.

We created our last market research dashboard example to illustrate another common use case in market research: longitudinal studies or tracking studies. In our example, a company's customers are asked about their satisfaction on a monthly basis. The great advantage of using dynamic dashboards to present the results of this type of survey is that the underlying data can be updated automatically and in a standardized manner, and the results on the dashboard are automatically adjusted. This minimizes the manual reporting effort enormously.

On our customer satisfaction dashboard, we focus on 3 key metrics to monitor customer satisfaction: the net promoter score (NPS - promoter overhang), the customer effort score (CES - customer effort) and customer satisfaction with regard to different aspects of the product or Services (quality, price, design and service). For a detailed explanation of the NPS and CES, please click on the links to the right of the text. In general, you should monitor the satisfaction of your customers as closely as possible, because it is undisputed that high customer satisfaction leads to high customer loyalty and thus contributes to the success of your company. In addition, satisfied customers will recommend your products or services to friends and acquaintances, which is measured, for example, by the Net Promoter Score. Here, too, studies have shown a positive influence of a high Net Promoter Score and company performance in various industries.

In the top area of ​​the dashboard you will first get an overview of the Net Promoter Score and Customer Effort Score for the current month (n = 600). With the aid of a gauge chart visualization, you can immediately see whether the current values ​​are "in the green area". This is the case here: the NPS is 42 (target is over 40) and the CES is 1.8 (target is under 2). Both values ​​can be rated as good to very good. Below you will find a detailed presentation of the development of the two key figures for the last 12 months. As is easy to see, the NPS and CES have developed very positively in the last 12 months, because the NPS has risen steadily, whereas the CES has fallen at the same time. In the lower part of the dashboard you will find further important insights from your customers regarding their opinion on quality, price, design and service. These data refer to the current quarter with n = 1800. It turns out that 58% rate the quality of the product as good or very good, that 65% think the prices are just right, that 72% like the product design and the customer service was rated as very friendly. However, there are apparently opportunities for improvement in the waiting time when contacting us, since an average of only 2 out of 4 stars were awarded here. Such valuable insights help you to identify potential weak points and to take the right measures to increase customer satisfaction in the long term.

We hope that with the help of our 3 dashboard examples we were able to bring you closer to the advantages of modern, professional market research dashboards. Feel free to contact us with your individual application. We look forward to advising you and helping you with the implementation! Of course, you can also test datapine absolutely free of charge for 14 days.



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