Many companies across different industries are facing a major challenge in today’s economy: fast-changing consumer and market trends. Market research companies are looked upon by brands to provide the right intelligence to help make effective business decisions during this uncertain time. Surveys, in-depth interviews, or even focus groups often come to mind for market researchers who are looking to help brands understand their consumer preferences and interests. 

While primary and secondary research is important in market research, this data could quickly become outdated and unreliable. Location intelligence, derived from privacy-friendly location data, provides market research firms with insights into where consumers go in the real world. Not only does location intelligence provide insight into where consumers go, but it also gives insight into why they visit places of interest. Market research companies often work with multiple data sources, and this real-world data can enhance insights from these sources, resulting in a more in-depth analysis. Based on these new insights, brands can then optimize their business strategies.

In a post-COVID world, market researchers need to get real-world insights fast to help their clients adjust to changes in the economy and make better business decisions. Before conducting a market research analysis, data quality and delivery methods should be evaluated. Poor data quality has the power to completely skew the output of a market research analysis while delivery can impact how quickly analysts can work with the data. Clients of market research firms aren’t going to want to wait for a market data report, which ultimately impacts their bottom line. APIs and batch delivery is the perfect solution for market researchers looking to get the data they need to help their clients succeed.

APIs are a fast way for market researchers to be able to call the data that they need and import this data into their go-to tool. With Gravy APIs, driven by Gravy DaaS, market analysts can access and pay for only the data that they need. This prevents market research firms from having to spend time going through a large amount of data. It also reduces how long it takes market researchers to get findings to a client. Depending on the size of the data, another option to consider is batch delivery (e.g. AWS S3 bucket). At Gravy, we have these options available for market research firms who might not want to have access to APIs to retrieve data. 

This data can also be easily imported into a market research tool, and it is a great way for analysts to find consumer or market trends across multiple data sets.

Flexible data delivery methods allow market analysts to accelerate data enrichment. Market research relies heavily on data enrichment, especially from both quantitative and qualitative data sets. Location intelligence is a type of data that market research firms must take into account during this process because it can provide them with regional and nationwide trends to enhance other market data. A delay in the data enrichment process can be costly to a brand looking to quickly determine where consumer demand is for their new product or service. Without this information, new products can’t move forward and services can’t be adjusted to meet consumer demand, which impacts customer experience and prevents the firm’s client from keeping up with their competition.

As the economy continues to change, market research firms will need to get real-world insights like location intelligence to help their clients across different industries. The ever-evolving market is easier to navigate with quality data delivered with convenience in mind.