THE POWER OF DATA VISUALIZATION IN COMMUNICATING MARKET RESEARCH FINDINGS
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INTRODUCTION
In communicating marketing research findings in this data driven era, the power of data visualization cannot be underestimated because market research deals with gathering and evaluating robust data in order to have a full knowledge about how consumers behave towards your brand or product, to have an idea about what is going on in the market which is known as market trends, and to know how to strategically compete with your market competitors with ethically violating them.
Considering data alone, it is somewhat difficult to understand and that is where data visualization comes to play. Data visualization which is also known as information graphics is the act of visually presenting data through charts, maps, graphs, dashboards, etc. in order to make ordinary marketers understand and deduce insights from the analysis. Information graphics enables marketers to break down the complexity of a given data into simple terms that will propel effective communication of the researched work in an understandable manner. This will then make it easier for the marketers to make strategic and analytic decisions regarding their marketing activities. The examples of data visualization in marketing research involves the use of line chart which enables market researchers to evaluate sales chart in order to track trends and forecast the rising demands which will help business organizations to adjust their price and know when to launch new product in the market. Also heat maps which provide graphically present data through color gradient to show the propensity of a variable in order to identify the strengths and weak areas that needs improvement.
Meanwhile, in order to achieve excellent data visualizations in market research, you need to be aware of the following key notes;
- Ensure clarity in your data
- Visualize the data with the aid of labels, titles, interpretations and so on.
- Understand your customers
- Apply the right information graphics method
Information graphics is a powerful tool for market research and marketing activities which allows for the interpretation of complex data to orchestrate informed decision through the means of effective visualization methods, audience consideration, etc.
MARKET TREND THROUGH RESEARCH FINDINGS
Market trends are signs in markets which are verified by companies, business individuals and organizations to better update their business practices. Market trend reveals what is in vogue, how marketing operations are being carried out. It has to do with the new or current style and approach of how buying and selling ought to be performed.
Market trend, ranging from transactional data to customer data, positions a system of measurement to consumer research and view research to research academic work, distinguishing between the right data and wrong data has become highly prioritized.
Market inquiry is an ever-growing industry that has helped, which is still helping brands, organizations, individual researchers, the market research industry and academicians stay above the bends.
Paying rapt attention to carrying out smarter, substantial and everlasting research has been on the rise. Research no longer stay unsophisticated with boring surveys sent across to thousands of respondents hoping for a response. Market research has metamorphosed because the importance of insightful data is now evident to all.
Therefore, embarking on smarter research is now the order of the day. In a general ecosystem, it is usually not easy to get a concluded answer. Researchers, brands, and facilitators of research have come to terms on emerging trends which will transform the market.
ACCESSING DATA VISUALIZATION FOR MARKET RESEARCH AND MARKETING ACTIVITIES.
It is one thing to present data; it is another thing to comprehend what the data means in order to utilize its effects. The major cog in market research is the capacity to aptly understand and interpret elaborate data to stakeholders on the corridor of business affairs in order to drive informed decision on how to better serve their market audience perfectly well. Existing methods of data presentation like written comprehensive reports and multiple excel spreadsheets can be extremely difficult to understand especially for those who do not have the resilient acumen to comprehend complex things, but with the help of data visualization tools such as google charts, Infogram, Tableau, Zoho analytics, Sisense, etc. market researchers now have the tools in their possessions to augment quick and easy communication and accessibility of data. The following are the how to make data visualization accessible;
Interpretation of complicated data:
Instead of presenting data in rows or long written words, data visualization is designed to enable market researchers to simply interpret sets of complex data and graphically present them in an appealing and understandable manner with the aid of graphs, charts or infographics. This graphical representation does not only simplify the complicated data, it also makes it easier for market researchers and business individuals to understand the data and to have accessibly utilize the key findings.
- Identifying market trends:
Data visualization is really essential because of the capacity it has to enable to marketers to identify market trends that may not be glaring in the raw data. Graphical presentation data helps marketers to identify trends and correlations that may have been unnoticed unknowingly. Once the data visualization techniques have identified, then it becomes accessible for any business minded person to comprehend.
Fostering adequate communication:
The whole essence of graphically presenting data is to foster communication that will enhance data understanding which will aid smooth relationship between market researchers and their customers. Data visualization resonates more than long text reports or multiple excel spreadsheets which will likely make the customers pay attention to details. However, the visual data can be distributed across digital platforms for easy access.
- Relational visualization and Navigation:
With the aid of data visualization tools, market researchers can design relational visualizations which will allow marketers to navigate the processed data without anyone’s intervention. This act saves time, efforts and resources for market researchers who do not necessarily need to come up with unnecessary traditional comprehensive reports. Access to raw data through graphics will make marketers have an in depth understanding of the market terrain to make them decide professionally well.
. The Role of Visualization in Presenting Market Research Findings
IMPORTANCE OF DATA VISUALIZATION IN COMMUNICATING MARKETING RESEARCH REPORTS.
Presenting market research findings is usually difficult in proficiently communicating complicated data to diverse range of clients. Although, ordinary data may appear cumbersome and hectic to comprehend by the clients, that is where it becomes a point of necessity for market researchers to deploy data visualization techniques in transforming raw data into visual representations, foster understanding, create noticeable awareness, and even communicate professional insights in details about market research findings. This segment addresses the importance of data visualization in communicating findings. The importance are as follows;
To enable a wide range of a business organization to fully comprehend visuals or graphics presented in business intelligence dashboards and to make users grasp information easily and quickly to aid detailed insights and know the next step to take.
To enable visualization platforms with complex capabilities to display complicated relationships among data variances and parameters, and to allow business organizations to make quicker data-driven decisions.
To allow for appealing storytelling in order to maintain the interest of the audience with information they can be able comprehend in spite of their academic level.
To allow for accessibility and understandability to a layman who does not understand, analyze or cannot interpret complex data.
Data visualization allows for clicks on various areas of data display to get additional information Interactive. This is beneficial for those who do not know the technical know-how on the subject matter covered by the data.
EXAMPLES OF DATA VISUALIZATION
Bar charts, line graphs, pie charts, and scatter plots are used to illustrate numerical data and show market patterns and trends or relationships amongst variables.
Infographics make use of text, images, and graphics to relay information in a visually comprehending mode. Infographics are mostly used for summarizing complicated research findings in a compressed format.
Heatmaps make use of color intensity to represent the values of a data thereby allowing researchers to point out patterns or disparities in a complicated datasets which becomes helpful in analyzing geographical and spatial data.
Interactive dashboards ensure that the clients are being able to navigate data on their own without the help of anyone, adjusting metrics to have better understanding.
– Call-to-action to contact for a consultation
Tel: (+234) 802 320 0801, (+234) 807 576 5799)
E-Mail: info@qeeva.com
Office Address: 5, Ishola Bello Close, Off Iyalla Street, Alausa, Ikeja, Lagos, Nigeria.
COMMON SECTORS THAT DEPLOY DATA VISUALIZATION FOR THEIR OPERATIONS
Sales and marketing: In sales marketing, data visualization is heavily deployed in order to understand how to navigate the market terrain and how to successfully reach out to the right target audience. Data visualization helps marketers to determine the market trends and patterns based on research findings and reports.
Politics: Another potential area where data visualization is championing its course is in the political world. Politics involves the act of administering political leadership over the citizen of a particular state or country. Government depends heavily on data visualization in making the right decision that will positively affect the masses. Through the display of data visualization, the sectors that need attention will be easy to identify, when elections are conducted, the charts of how people voted across the locations will be shown.
Health Sector: Data visualization is mostly used in this sector with the aid of choropleth maps to visualize essential health data. Choropleth maps enables health professionals to know how variables like mortality rate of heart disease transforms across geographic locations.
Scientists: Data visualization empowers scientist to access greater level of insights from various data gathered and experiments performed.
Finance: In finance, data visualization really paramount to their operations because they deal solely with figures, finance experts make use of data visualization to track the performances of their financial decisions when they propose to buy or auction an asset. In the finance department, candlestick charts are the tools used to analyze the movement of price, display securities, stocks, currencies, bonds, etc. information and to detect trends.
Logistics: In logistics, data visualization tools are used to orchestrate data-driven supply chain in order to determine the most effective routes.
Data scientists and researchers. Data professionals build graphical representation to present the information to their target audience. Data scientists and researchers make use of Python or proprietary tools designed for complicated data analysis. They as well make use of visualizations to get an in-depth understanding about sets of data and to figure out trends.
– Call-to-action to contact for a consultation
Tel: (+234) 802 320 0801, (+234) 807 576 5799)
E-Mail: info@qeeva.com
Office Address: 5, Ishola Bello Close, Off Iyalla Street, Alausa, Ikeja, Lagos, Nigeria.
THE ANALYSIS OF DATA VISUALIZATION
The analysis or science of data visualization is dependent on knowing how humans collect information and process it. According to Daniel Kahneman and Amos Tversky, there are two techniques for collecting information and processing it.
The first technique occurs in daily life and helps to complete the given task which involve the following:
- Reading the written words on a sign.
- Solving simple addition math problems, like 2+2.
- Noticing where a sound is coming from.
- Riding a motorcycle.
- Knowing the difference between colors.
The other method depends on steady, rational, calculating and not occurring thought processing, which includes the following:
- Reading a phone number.
- Solving complicated mathematical problems, like 139 x 159.
- Identifying the difference in meaning between various signs standing beside each other.
- Comprehending complicated social cues
DATA VISUALIZATION TOOLS
Data visualization tools include the following;
- Tableau
- Microsoft power BI
- Datawrapper
- Infogram
- Qlik
- Zoho Analytics
- Google Charts
- js
- Sisense
- ChartBlocks
- Plotly
- Domo
- Fusioncharts
- Looker
- RAWGraphics
- Looker Studio
- Highcharts
- OpenHeatMap
- Tables
- Grafana
- IBM
- Infographic
- Scatter plots
CONCLUSION
Data visualization is a powerful tool for market research and marketing activities which allows for the interpretation of complex data to orchestrate informed decision through the means of effective visualization methods, audience consideration and lots more. Data visualization makes it easy for everyone to understand raw data and make them have an in-depth analysis about the information. Marketing activities are well conducted with the help of data visualization. Information graphics are used across various sectors such as political, finance, healthcare, data sciences, sales marketing, logistics, and so on. The big idea of visually representing data is to foster communication that will enhance data understanding which will aid smooth relationship between market researchers and their customers. Data visualization resonates more than long text reports or multiple excel spreadsheets which will likely make the customers pay attention to details. However, the visual data can be distributed across digital platforms for easy access.
– Call-to-action to contact for a consultation
Tel: (+234) 802 320 0801, (+234) 807 576 5799)
E-Mail: info@qeeva.com
Office Address: 5, Ishola Bello Close, Off Iyalla Street, Alausa, Ikeja, Lagos, Nigeria.
FAQ
Why is data sharing important for market research?
- Improve storytelling: Tables, graphs, and other visual elements can better tell the story behind the data and show important trends, relationships, and patterns that may be missing in raw data.
- Increase engagement: photos are often more interesting than heavy reports. They attract attention, increase retention, and make your content more appealing to your audience.
- Better Decision Making: By providing information in a transparent manner, stakeholders can easily identify trends and trends, leading to more informed and informed decisions.
What are some common visual techniques used in market research?
- Line chart: Useful for comparing classes and showing size differences.
- Line charts: good for showing trends and changes over time.
- Dashboard: It is convenient to display all parts and the relative sizes of different parts.
- Scatter Plot: Reveals the relationship between two variables.
- Heat Maps: Visually displays data points in two dimensions using color intensity.
- Infographics: Combine different visual elements with text and images to tell a complete story.
What are some of the most important aspects of effective market research?
- Know your target audience: adapt your videos to the needs and preferences of your target group. Consider their literacy level and choose images they can easily understand.
- Focus on the message: Make sure your images clearly convey the key points from your market research. Avoid overloading your images with too much information.
- Use visuals effectively: make information clear and avoid misleading interpretations such as skewed scales or unclear labels.
- Design: Use clear and concise logos, titles and descriptions. Maintain a consistent view across all your settings.
- Choose the right medium: Choose a way to access information that suits the type of information and message you want to convey.
How can videography improve communication with stakeholders?
- Save time: Videos can convey important information quickly by avoiding lengthy explanations.
- Buy Again: Great visuals can create excitement and provide great support for your research and inquiry.
- Facilitate discussion: Presentation of information can serve as a source of discussion and motivation for stakeholders.
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