Gaining a deeper understanding of consumers and brands is a complex and fascinating task. The most important resource for researchers in this field is data. There are many forms of data and many ways to access it. Previously, obtaining it was an arduous process because it involved large budgets and even required ample storage space. You probably remember shelves full of books and maps with countless figures recorded on them.
However, today this has changed radically. After the information technology revolution, it is now possible to obtain and manage a massive amount of numbers and other data. Now the challenge is not acquiring them, but rather handling them in accordance with privacy protection laws and extracting all the relevant findings from them. Given this scenario, today we list four points you should pay the utmost attention to when working with this data.
Current Status. Any record is a snapshot of a phenomenon at a specific moment. Unless you’re working with databases generated immediately, these tend to become obsolete with increasing speed. Therefore, it’s crucial to prioritize databases with the shortest time between data capture and publication. The longer the time that passes, the more resources you’ll need to update them, significantly increasing your budget just to keep them current.
Privacy. As we mentioned in the introduction to this blog post, the protection of personal data held by private entities has gained significant attention in various countries. Consequently, many jurisdictions have enacted mandatory regulations that impose substantial responsibilities on those who manage records to prevent their misuse or leaks. If you intend to use this data, ensure you have the necessary permissions for your intended purposes.
Efficiency. Less is more. This principle applies to the use of databases. While we have access to an almost astronomical number of figures, they are useless if we don’t have clear research objectives. Here, the fundamentals of statistics become even more crucial for determining the magnitude of the strictly useful records we need to obtain. Otherwise, we risk incurring unnecessary expenses.
Relevance. It might seem redundant to mention this point, but it’s not. Sometimes we think about stockpiling data in case we need it. This plan might make sense because we no longer need large volumes of physical storage. However, this is very misleading because we can end up wasting resources on inputs we may never use. It’s better to acquire data as needed, also fulfilling the points mentioned above.
Understanding these tips gives you an advantage over most users of these data sources when conducting research. Whether you populate them with interview protocols or acquire them pre-made through public and private initiatives, make sure they meet the minimum requirements for use in Market Research. If you have any questions on the subject, rest assured that market analysts will be happy to guide you.
At Acertiva, we have extensive experience managing these records and other related tasks within our industry. Thanks to our more than two decades of work, we have assembled a team of researchers and strategic partners to meet your needs. We offer a free fifteen-minute consultation to help you strengthen your brand with the tools provided by market research. This could be the start of your next success story.
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