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Market Research and Analysis Cornell Course

Select start date, market research and analysis, course overview.

Marketing professionals rely on clearly defined goals to determine the course of action when placing a product in the market. Leveraging research to learn more about your target audience is the focus of this course. In it, you will learn how to be an intelligent consumer of information when it comes to market research and analysis so you can become a more effective decision-maker. You will first look at market research, including the purpose and goals of research; how to balance the ideal with reality in doing research; and how to apply the six stages of research to a marketing situation.

You will then examine different ways to analyze the data acquired through market research. Using formulas to determine how cannibalization affects the profitability of new products and the value of a long-term customer, you will perform a basic sensitivity analysis to assess the robustness of your results.

You are required to have completed the following course or have equivalent experience before taking this course:

• Essentials of Marketing Strategy

Key Course Takeaways

• Define goals for market research and apply various research methods
• Analyze market research to learn more about the customers and products/services
• Test results and determine how to apply them to real-life scenarios

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Professor Douglas Stayman is an associate professor at the Johnson Graduate School of Management. His teaching and research interests are in the areas of advertising and consumer decision making. He came to Johnson from the University of Texas at Austin. His research has focused on the study of emotional responses to advertising and the role of affect in decision making. His work has involved methodological and measurement issues in studying emotions. He is also interested in theoretical accounts of the effects of emotions on people’s preferences. His research has been supported by grants from the Ogilvy Center for Research and Development, the Marketing Science Institute, and the American Academy of Advertising. He is currently involved in research into the future of professional, most specifically management, education.

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

• Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
• Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
• Validate a concept prior to launch.
• Identify gaps in the market that your competitors have created or overlooked.
• Solve problems that have been left unresolved by the existing product/brand offerings.
• Identify opportunities and solutions for new products or services.
• Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

• Strengthen your market position.
• Help you identify your strengths and weaknesses.
• Help you identify your competitors’ strengths and weaknesses.
• Minimize risk.
• Center your customers’ experience from the get-go.
• Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

• What are you hoping to discover through your research?
• Who are you hoping to serve better because of your findings?
• What do you think your market is?
• Who are your competitors?
• Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
• Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

• Current customers
• Past customers
• Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

• “What is your age?”
• “Where do you live?”
• “What is your gender identity?”
• “What is your household income?”
• “What is your household size?”
• “What do you do for a living?”
• “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

• “How well does/would our product/service meet your needs?”
• “How does our product/service compare to similar products/services that you use?”
• “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

• “What are your biggest challenges?”
• “What’s most important to you?”
• “What do you do for fun (hobbies, interests, activities)?”
• “Where do you seek new information when researching a new product?”
• “How do you like to make purchases?”
• “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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10 Valuable Market Research Training Courses You Can Take Today

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It’s a world of life-long learning these days. Whether we realise it or not, we are constantly advancing, evolving and changing direction throughout our working lives. Some of these directional changes come with the natural flow of our careers or the way in which the business we occupy develops. Yet, for the other, much bigger part, we can take control into our own hands, grab the helm and steer with or into the wind for the best training and education to support our progression as both an insight professional and a person.

Professional development tools and market research training courses can be found manifold. Some are free online courses, for others you pay and have to attend in person – either way, let’s look at some of the recommended providers and 10 of their most valuable upcoming provisions.

Market Research Society, UK

The Market Research Society (MRS) is a world leading research association “dedicated to the support, promotion and enrichment of the research and business world”. Their courses range from introductory, over business skills, intermediate and advanced levels to specialisms. Most take you way beyond the traditional “Introduction to Market Research” that can often be found elsewhere.

If you are looking to up your market research game why not look at the two-day long: Unlock the Story - Commercial Storytelling for Researchers? Ideal if you want to develop your (internal or external) client consulting skills. Alternatively, get up to speed with visual story-telling for insight presentation, a must in today’s data cluttered world by hopping on a 1-day workshop: Infographics and Data Visualisation. This one has more of a playful learn-by-doing approach with some proper hands-on training allowing you to explore the tech with expert supervision. Both courses require in-person attendance at the MRS headquarters in London.

1. Commercial Storytelling for Researchers

Dates Wednesday, 13 June 2018 (Day 1 of 2) Tuesday, 20 June 2018 (Day 2 of 2)

Pricing Members - £645.00 + VAT Non-members - £945.00 + VAT Company Partner (non-ticket price) - £645.00 + VAT

2. Infographics and Data Visualisation

Date Friday, 24 November 2017

Pricing Members - £325.00 + VAT Non-members - £475.00 + VAT Company Partner (non-ticket price) - £325.00 + VAT

For more MRS training courses:  MRS Event Calendar

ESOMAR, Global

ESOMAR’s webinars go a long way and I would advise you to check them out but what caught my eye more recently was one of their new academic courses: The Principles of Mobile Market Research. Even as an experienced researcher, there’s always something new to learn, and with the challenges surrounding mobile (international) research, unbiased and secure data collection in particular, understanding current mobile market research best practice is certainly at the top of the learning list.

The course is a “new self-paced, PRC-approved, online short course from the University of Georgia and Marketing Research Institute International [which] adds to your skillset by teaching you what you need to know about the mobile market research phenomenon”.

3. Principles of Mobile Market Research

Date Enroll online at any time

Pricing Members - $459 Non-members - $499

For more ESOMAR training courses:  ESOMAR Global Training Calendar

UDACITY, Global

For the number-loving data analysts and researchers, UDACITY offers an online: Data Analysis with Python and SQL (Term 1), and: Advanced Data Analysis (Term 2) (nanodegree) program. You’ll be advancing your programming skills and getting to grips with complex datasets – with it all ending in your preparing data for analysis and creating meaningful visualisations. For Term 1 (3 months) there’s no coding experience needed, so you can dip straight in.

You can then tag Term 2 (also 3 months) on for the advanced data analysis element or start at this level if you already have Python and SQL experience. The program goes beyond the theory to practical statistic application - learn how to apply inferential statistics and probability to real-world scenarios. Ah, and there we are… back at the story-telling angle of things!

4. and 5. Data Analysis with Python and SQL (Term 1). Advanced Data Analysis (Term 2)

Date Online term style intake

Pricing Data Analysis with Python and SQL (Term 1) - £399 Advanced Data Analysis (Term 2) - £579

For more UDACITY training courses:  UDACITY Course and Nanodegree Calendar

BVM, Germany

For the German-speakers among us (myself included) BVM has some very interesting offerings. My current favourites, the 2-day: Customer Focus - Service Quality, Customer Satisfaction, Customer Loyalty and the 1-day: Introduction and Realisation of Behavioural Economics @ Market Research courses, both taking place in Berlin.

As insight professionals, we are all involved in customer research in some way – it’s key to business success after all. Both BVM courses have been specifically designed to take your customer research design and outcome interpretation skills to the next level, to challenge traditional market research techniques and inspire new approaches.

6. Viewpoint Customer: Service Quality. Customer Satisfaction. Customer Loyalty

Date Wednesday, 29 November 2017 - Thursday, 30 November 2017 

Pricing Members - 1280 EUR Non-members - 1600 EUR

7. Introduction and Realisation of Behavioural Economics @ Market Research

Date Wednesday, 27 September 2017

Pricing Members - 790 EUR Non-members - 990 EUR

For more BVM training courses:  BVM Event Calendar

GreenBook, Global

If you’d rather stay in the English-speaking realms, have a look at the upcoming webinar on GreenBook.org: Non-Conscious Behaviour. Measure it. Understand it. Drive it. Another embarkation into behavioural economics, here you have the chance to learn how behavioural research and design is empowering next generation insights and marketing including real life success stories. If you’d like to identify and activate against four, non-conscious factors driving consumer behaviour, then mark 12 October 2PM ET in your calendar for this webinar. (If you miss the live stream, a recording will be available.)

8. Non-Conscious Behaviour. Measure it. Understand it. Drive it.

Date Thursday, 12 October 2017 (or watch the recording at a later date)

Pricing Free

For more Greenbook training courses:  GreenBook Webinar Calendar (and past recordings)

ERA (Academy of European Law), EU

ERA provides useful resources, e-presentations, courses and tools around all things legal. Of particular interest to market researchers: Data Protection Impact Assessment: Best Practices. After all, we work with data on a daily basis and need to stay on top of the latest developments. Dip into this free e-presentation to get up to speed from the comfort of your own desk in your own time.

9. Data Protection Impact Assessment: Best Practices

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FlexMR, Global

Our entire content ethos here at FlexMR is that of education and inspiration. Whether it’s via our blog or our resource centre our insight experts are passionate about sharing their market research expertise, both generic and specialist. If any of the training courses above did catch your eye but you are unable to attend, here are a selection of related FlexMR blogs and free whitepapers for perusal at your leisure.

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Whether it is a free webinar, an online course, an in-person training session or a full academic program – there’s a wealth of educational resource out there, with a fitting offer for everybody. And if all else fails, don’t forget that your colleagues are wandering information sources, too. We all have our passions and unique skill sets; just get chatting the next time you meet at the water cooler!

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We are The Insights Empowerment Company. We help research, product and marketing teams drive informed decisions with efficient, scalable & impactful insight.

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Lucia leads our European expansion by fostering strategic relationships with international agencies and corporate researchers.

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6 Market Research Methods & What They Reveal About Your Audience

Market research, when it’s done well, makes sure that you step into any market with your eyes wide open and a strong understanding of what your target customers will best respond to.

But how do you get market research right? What methods should you use, and how can you entice your target market to talk to you?

Today, we’re going to go through everything you need to know about market research, from why it’s important, to the best methods for your brand.

Table of Contents

Why marketers should care about market research

Qualitative vs quantitative research method, 1. consumer behavior observation, 2. market and competitive analysis, social media listening and analytics with keyhole, 4. surveys and online polls, 5. focus groups and market testing, hashtag analytics and tracking with keyhole, final thoughts, 1. what are primary and secondary research methods, 2. what are paid market research surveys, 3. what is the difference between market and user research, 4. what are common mistakes to avoid in market research.

Market research is vital for everything from pitching your marketing messaging to building customer loyalty. Some benefits of good market research include:

• Helping your brand to give customers exactly what they want.
• Strengthening your position in the market.
• Minimizes investment risk by helping to inform decisions.
• Identifies threats to avoid and opportunities to grab.
• Gives insight into competitor strengths and weaknesses.

Qualitative research has qualifiers. Qualifiers are markers of confident uncertainty. Qualifiers are necessary when data is opinion-based, or isn’t underpinned by numerical data.

So, qualitative research tends to deal in opinions and descriptions. In market research terms, qualitative data tends to come in the form of customer opinions and feedback. It’s gathered using open-ended questions such as “What do you like about our product?”.

Qualitative data is very useful for understanding nuances that can’t be revealed by numerical data. That being said, it can be difficult, costly, and time-consuming both to gather and to analyze.

Quantitative data, by contrast, deals in quantities. Quantitative data is all about numbers. Numerical data based on metrical analysis forms the backbone of quantitative market research. Quantitative customer surveys will use answer formats that can easily be entered into a graph or chart, such as “Yes/No” answers or “Rate X on a scale of 1 to 5”.

6 Market research methods to gather audience insights

The best market research will combine qualitative and quantitative methods for a complete, nuanced, and easily understandable picture of their target market and its needs.

When done well, consumer behavior observation takes a ‘fly on the wall’ approach to consumers. As the name suggests, it involves monitoring consumers to see how they behave in natural settings. 

If you run a bricks and mortar shop, consumer observation would involve watching how your customers behave in your store. You might note down things like the displays that catch their eye, which products they linger over, the route they take around the store, how they respond to atmospheric features like scent, lighting, and music. After a while, behavioral patterns will emerge which will help you to arrange your store and products for best effect.

In an online context, consumer behavior observation will rely more on behavioral analytics. For example, you might look for patterns in page traffic, bounce rates, purchasing behavior, and so on. This will yield valuable insights into the pages and products that catch consumers’ eyes, elements of your website they find frustrating, and so on.

Market and competitive analysis involves looking at your wider market context and taking a peek at how your competitors are faring.

Competitive analysis is a very strategic way to improve your position. Learning more about your competitors and the ways that they engage your primary market helps you to gain a competitive advantage, both by utilizing their more successful strategies (but better!) and differentiating yourself so that you stand out.

In order to analyze your competitors, you need to understand your market. So, before you start, define your primary and secondary markets, including the products you’re pitching at them, the consumers that occupy them, and the competitors also in that space. 

Then, you can start competitor analysis. This can involve everything from signing up to competitor marketing materials to reading their case studies, looking up their publically-available metrics, and monitoring their brand mentions.

Less glamorous brands that struggle to make a splash on social media can benefit a lot from market and competitive analysis, especially when it comes to things like SEO. For example, smaller SaaS brands are unlikely to get a statistically significant amount of brand mentions on platforms like Facebook. But they could benefit from reading a relevant SaaS SEO case study.

3. Social media listening

Social media listening is a powerful way to gain deeper insights about your brand and how your target audience thinks about you. Put very simply, social media listening involves monitoring social platforms for mentions of your brands, engagement with your brand materials, and so on. 

Social media is a very qualitative market, so it’s worth bearing in mind that a lot of what you hear will be opinion. Rather than taking everything you learn personally, look for broad patterns in your brand mentions. For example, if a lot of people are raving about a certain feature of your product, build on that in your next marketing campaign.

Social media listening is where Keyhole comes into its own. Keyhole’s Social Listening Analytics Suite will constantly comb the internet and log all mentions of your brand. You can use this to easily see how widespread your brand mentions are, and to take the temperature of discourse about your brand.

Keyhole will also alert you if something changes in your brand mentions. For example, if you suddenly get a spike in mentions and coverage, Keyhole will let you know.

This allows you to take action quickly. If you’re getting traction for good reasons, you can leap on the opportunity. If it’s for bad reasons, you can quickly dive into damage limitation mode and save your brand from a PR disaster.

Social listening is one of the very best ways to understand how your brand is perceived by your audience. With Keyhole, you won’t miss a single mention.

Online surveys and polls are a good way to gain nuanced consumer insights and get a read on general customer satisfaction. There are various different types of surveys, designed for both qualitative and quantitative research.

Many brands use popups to offer quick surveys to customers based on their experience of the product, site etc. Popup surveys are usually quick and easy for customers to complete, and they’re a good way to get a lot of data very quickly. That being said, some consumers find popup surveys frustrating, and they do add an extra layer of friction to your site experience.

Longer-form questions and surveys allow you to get detailed information from your target customers on a wide range of things. However, it’s harder to get responses to these surveys as they take up more time. In order to encourage people to take more detailed surveys, some brands offer incentives like gift cards or entry into a prize draw.

This method involves bringing people who fit your target audience profile together and holding in-depth interviews and discussions about your product, your marketing messages, your competitors, and so on.

Focus group discussions can be very productive. People will reveal personal insights about your product/service and what they’re looking for that would be hard to glean through other market research techniques.

Market testing is a form of market research that sometimes occurs in focus group settings. This involves handing out product samples to your focus group and asking for feedback. It could also involve showing your customers different types of marketing content and asking them to rate or comment on them.

Market testing in a focus group context gives you the opportunity to observe how customers interact with your product or content, and draw insights that might not otherwise be possible. For example, you can observe non-verbal cues like frowning or enthusiastically grabbing a product. These cues might indicate discomfort or delight in ways that a survey can’t express.

6. Online market monitoring

Online market monitoring involves things like following market trends, perusing publically available sales data, watching follower counts, observing fluctuations in customer behavior, and so on.

Online market monitoring is particularly useful for quickly spotting and grabbing trends and opportunities. For example, many successful B2B SEO strategies involve closely monitoring the B2B market and taking advantage of keyword trends as soon as they appear. As B2B SEO is hard to achieve through means like focus groups and online surveys, online market monitoring is crucial to nail this tricky market.

You need a tool like Keyhole to get online market monitoring right. Keyhole’s hashtag analytics and tracking helps you to effortlessly measure every campaign you’re running, across every social platform. It will tell you what’s working, what isn’t, and what trends you could take advantage of.

And that’s not all. Keyhole can generate great-looking reports on your online monitoring with just a few clicks. This is great for seeing success trends at a glance and sharing them with stakeholders.

A good understanding of the market gives you a huge competitive advantage. But understanding doesn’t happen automatically. In order to gain the actionable insights you need, market research is a must.

Keeping track of your market, your target customers, and the ever-changing trends you could use to your advantage. It’s important to conduct regular market research. It’s also a good idea to monitor markets on an ongoing basis.

This is where tools like Keyhole come in. With Keyhole, you can keep close tabs on everything from social media engagement to brand mentions. It’s perfect for social listening and audience analytics. Why not get in touch today and find out what Keyhole can do for you?

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Frequently Asked Questions

Primary research involves getting data directly from the originator. For example, surveys and focus groups are primary research methods because they involve asking people directly for their own opinions and experiences. Secondary research takes data from a third party source. For example, online market monitoring is usually secondary research, because it uses pre-existing data and analytics gathered by digital platforms.

Paid market research involves rewarding people for completing market research surveys. Monetary incentives are a great way to encourage people to take market research surveys. It also allows you to create longer, more detailed surveys: people are more likely to spend time and effort on a survey they're getting paid for.

Market research studies a broad swathe of consumer behaviors, trends, and needs. User research is more focused on the specific needs and behaviors of product users.

Common market research mistakes include: -Not having clear research goals from the outset. -Asking the wrong questions. -Speaking to the wrong people. -Picking the wrong consumer sample. -Not analyzing your results properly. -Presenting your findings poorly.

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South Florida’s ‘Climate Tech Hub’ Gets $19.5M

The ClimateReady Tech Hub is one of 12 federally funded training and research centers focused on sustainable infrastructure to help with climate change.

MIAMI – South Florida got the nation’s first climate tech hub last year and now it’s getting money to make it run — $19.5 million that the Biden administration announced on Tuesday.

Fittingly, much of the initial federal funding will go toward training and research that will be key to building a coastline more resilient to the rising seas that are the biggest threat to South Florida. It will boost “clean concrete” research headed by Florida International University and engineering and construction training programs led by Miami Tech Works.

FAU Study: 90% of Floridians Believe in Climate Change

“The production of concrete is a large contributor to CO2 emissions, so the need for cleaner concrete is extremely important and resilient concrete is critical in places that are vulnerable to climate change,” said Eric Smith, the Tech Hubs program director at the U.S. Department of Commerce’s Economic Development Administration.

“We really do see this as the first step in the program, the first set of investments,” he added.

South Florida’s ClimateReady Tech Hub, one of 12 around the country included in a first wave of federal funding, is touted as both an incubator for designing new ways to adapt to rising temperatures and seas but also a generator of “green jobs.” There are 400 members so far, including local governments, businesses, universities, organizations, companies and tribal partners.

This federal check amounts to the first seed money in an effort spearheaded by Miami-Dade County with a goal of creating 23,000 green union jobs with an average base salary of $83,000 over the next five years. The tech hub is fundraising for the remaining $50 million needed to meet that goal. There is a long way to go. They have raised $500,000 so far thanks to investments from the Knight Foundation, Citadel CEO, Ken Griffin and others.

“We have the biggest challenges and the best innovators — and now we have great capital to move these programs forward and its a demonstration to the world,” said Miami-Dade Mayor Daniella Levine Cava to the Miami Herald.

The tech hub is meant to be a bridge between entrepreneurs and institutions with academic experts. Local companies will have access to the expertise and facilities, and eventually a trained workforce. For example, FIU’s “Wall of Wind” facility that can imitate hurricane-grade wind, will be available to startups at no cost.

When the hub reaches its fundraising goal, some of the private companies will also see some money.

Some of the companies that are tech hub members are KINDDesigns and 1Print, which 3D prints concrete seawalls; Blue Frontier, a Boca Raton start-up that makes energy-reducing air conditioning systems; and Watsco, a Miami company that distributes energy efficient HVAC systems that is partnering with the CLEO Institute, a grassroots advocacy group, for HVAC system training — free of cost.

The aim of tech hubs is to strengthen regional economic growth and jobs – the county anticipates the ClimateReady Tech Hub will generate $41 billion over the next decade.

“We are the most entrepreneurial place in the country, and we want to make sure those entrepreneurs are unhindered in their ability to build the best products,” said Francesca de Quesada Covey, the Chief Innovation and Economic Development Officer for Miami-Dade County.

©2024 Miami Herald. Visit miamiherald.com. Distributed by Tribune Content Agency, LLC.

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Project Forecasting: The Ultimate Guide for Successful Project Management

July 5th, 2024

Forecasting success proves pivotal for project leadership.

Whether guiding product building, process redesigns, or business transformations, outcomes prediction stays key for balanced resource insight, risk mitigation, and stakeholder understanding.

Projects commonly involve many moving parts interacting intricately.

Failure to anticipate potential hitches, spending constraints, or prolonged timelines carries severe costs – spending overages, missed deadlines or quality diminishing. Here project forecasting shows its worth.

Forecasting describes analyzing current data, past tendencies, and subject matter know-how to foresee future performance insightfully.

This evidence-guided method empowers leadership to spot roadblocks proactively, adapting nimbly and making strategic calls to maximize success odds.

Whether tracking alongside or taking the lead amid complexity, project heads rely on prudent forecasting keeping undertakings on schedule, and budget, and delivering intended value.

This discussion explores valuable forecasting techniques for insightful steering, issue prevention, and collaborative advancement through shared sights on what moves ahead.

Key Highlights

• Understand the fundamental elements of project forecasting: time/duration estimation, cost projection, and quality assurance, and learn techniques for accurate scheduling, budget forecasting, and risk assessment.
• Explore various forecasting methodologies, including qualitative methods (expert judgment, market research), quantitative models (time series analysis, regression analysis), and the importance of combining techniques for robust forecasting.
• Discover the power of leveraging historical data and project analytics through performance tracking, monitoring, and advanced project management software and AI insights.
• Gain insights into best practices for effective project forecasting, such as stakeholder involvement, regular forecast updates, agile adaptation, transparency, collaboration, and c ontinuous improvement through lessons learned.
• Evaluate popular project forecasting tools and software solutions, including their AI-powered insights, data visualization capabilities, and integration with project management platforms.
• Understand the significance of embracing project forecasting as a catalyst for informed decision-making, driving project success, and fostering a culture of proactive risk mitigation and resource optimization within your organization.

Introduction to Project Forecasting

Project forecasting systematically predicts future project outcomes by analyzing current data, historical trends, and subject matter expertise.

It involves making informed estimates about key project metrics such as timelines, costs, resource requirements, and potential risks or challenges.

At its core, project forecasting aims to provide project managers and stakeholders with a comprehensive view of the project’s trajectory, enabling proactive decision-making and course correction as needed.

In project management, forecasting plays a pivotal role in ensuring project success.

Accurate forecasting is essential for several reasons:

• Resource Optimization: By predicting resource needs (human, financial, material) upfront, project managers can allocate and deploy resources efficiently, minimizing waste and maximizing productivity.
• Risk Mitigation: Identifying potential risks and challenges early on through forecasting allows project teams to develop contingency plans and implement proactive mitigation strategies, reducing the impact of unforeseen events.
• Stakeholder Alignment: Clear and transparent communication of project forecasts helps align stakeholder expectations, fostering trust and collaboration throughout the project lifecycle.

The key benefits of effective project forecasting include:

• Optimized resource allocation and utilization, minimizing waste and maximizing productivity.
• Proactive risk identification and mitigation strategies, reducing the impact of unforeseen challenges.
• Aligned stakeholder expectations through transparent communication, fostering trust and collaboration.
• Informed decision-making based on data-driven insights, enabling agile course correction when needed.
• Increased chances of project success by anticipating and addressing potential roadblocks early on.

Fundamental Elements of Project Forecasting

Accurate project forecasting relies on three fundamental elements: time/duration estimation, cost projection, and quality assurance. Let’s explore each of these elements in detail.

Predicting the timeline for project completion and key milestones is crucial for effective planning and resource management.

Several techniques can aid in accurate scheduling:

Techniques for Accurate Scheduling

• Critical Path Analysis: This method identifies the sequence of tasks that directly impact the project’s overall duration, allowing project managers to focus on critical activities and ensure they are completed on time.
• PERT (Program Evaluation and Review Technique): PERT is a statistical technique that accounts for uncertainty by using three-time estimates (optimistic, pessimistic, and most likely) for each activity, providing a more realistic timeline.
• Gantt Charts: Visual representations of project schedules, Gantt charts illustrate the start and end dates of project activities, dependencies, and milestones, facilitating better planning and communication.

Accounting for Dependencies and Resource Constraints

Effective scheduling must consider task dependencies and resource availability.

Project managers should identify precedence relationships between activities and account for potential resource bottlenecks or constraints that could impact timelines.

Techniques like resource leveling and critical chain project management can help optimize resource allocation and mitigate schedule risks.

Accurately forecasting project costs is essential for budgeting, financial planning, and ensuring profitability.

Several methods can be employed for budget forecasting:

Budget Forecasting Methods

• Bottom-up Estimation: This detailed approach involves estimating the costs of individual work packages or activities and then aggregating them to arrive at the overall project budget.
• Analogous Estimation: Based on historical data from similar projects, this technique uses cost information from past initiatives as a basis for estimating the current project’s budget.
• Parametric Estimation: Statistical models and equations are used to estimate project costs based on various cost drivers or parameters, such as project size, complexity, or duration.

Contingency Planning for Cost Overruns

Despite thorough planning, unforeseen circumstances can lead to cost overruns. Project managers should incorporate contingency reserves into their budgets to account for potential risks and uncertainties.

Additionally, regular cost monitoring and control processes should be implemented to identify and address variances promptly.

Delivering high-quality project outcomes is essential for customer satisfaction and long-term success. Quality assurance in project forecasting involves:

Defining Quality Objectives and Metrics for Project Forecasting

Clear quality objectives and measurable metrics should be established early in the project lifecycle.

These may include criteria related to product or service performance, reliability, usability, or customer satisfaction.

Clearly defined quality targets ensure that project activities are aligned with desired outcomes.

Risk Assessment for Quality-related Issues

Project managers should conduct risk assessments to identify potential threats to quality, such as inadequate testing, substandard materials, or insufficient subject matter expertise.

By anticipating quality-related risks, appropriate mitigation strategies can be developed and incorporated into project plans.

Project Forecasting Techniques and Methodologies

Project forecasting employs a variety of techniques and methodologies, each with its own strengths and applications.

The choice of approach depends on factors such as the project’s nature, available data, and the desired level of accuracy.

Let’s explore some commonly used forecasting techniques.

Qualitative methods rely on expert judgment, market research, and subjective inputs to make forecasts, particularly when quantitative data is limited or unavailable.

Expert judgment

• Expert Interviews: Subject matter experts with relevant experience are consulted through structured interviews to gather their insights, opinions, and predictions regarding the project’s future outcomes.
• Delphi Technique: This iterative process involves gathering anonymous feedback from a panel of experts, consolidating their responses, and sharing the results with the panel for further refinement, ultimately arriving at a consensus forecast.

Market Research and Survey Analysis for Project Forecasting

When forecasting new products or services, market research, and customer surveys can provide valuable insights into demand, preferences, and potential adoption rates.

Techniques like focus groups, conjoint analysis, and customer feedback analysis can inform forecasting efforts.

Quantitative models rely on numerical data, statistical analysis, and mathematical equations to generate forecasts, often leveraging historical data and trends.

Time Series Analysis and Trend Projections

Time series analysis involves studying patterns and trends in historical data (e.g., sales figures, project costs, resource utilization) to identify underlying patterns and project future values.

Techniques like moving averages, exponential smoothing, and trend projection are commonly used.

Regression Analysis and Causal Models for Project Forecasting

Regression analysis establishes relationships between variables (e.g., project cost and duration, resource allocation, and productivity) using historical data. These relationships can then be used to develop predictive models and forecast future outcomes based on input variables.

Combining Techniques for Robust Forecasting

In practice, project forecasting often benefits from a combination of qualitative and quantitative techniques.

For example, expert judgment can be used to validate and refine statistical models, or market research can inform trend projections. A multi-faceted approach can provide more robust and reliable forecasts.

Data-Driven Project Forecasting: Leveraging Historical Data and Project Analytics

Effective project forecasting relies heavily on leveraging historical data and project analytics.

Project managers can gain valuable insights and make more accurate predictions by analyzing past project performance and monitoring current project metrics.

Importance of Historical Data in Project Forecasting

Historical data from previous projects can provide a wealth of information for forecasting future initiatives.

By studying past project timelines, costs, resource utilization, and quality metrics, project managers can identify patterns, trends, and potential risk factors that may impact future projects.

This historical data serves as a foundation for developing benchmark estimates and fine-tuning forecasting models.

Project Performance Tracking and Monitoring

Continuously tracking and monitoring project performance metrics is crucial for accurate forecasting.

Key performance indicators (KPIs) such as schedule adherence, budget variances, resource utilization rates, and quality metrics should be regularly monitored.

This real-time data can be used to update and refine forecasts as the project progresses, enabling project managers to adapt to changing circumstances and make informed decisions.

Utilizing Project Management Software and AI Insights

Advanced project management software and AI-powered analytics tools have become invaluable assets in the forecasting process.

These tools can aggregate and analyze vast amounts of project data, identify patterns and correlations, and generate accurate forecasts using machine learning algorithms.

Additionally, AI-driven insights can help project managers simulate various scenarios, assess risk impact, and optimize resource allocation based on forecasted outcomes.

Best Practices for Effective Project Forecasting

While project forecasting techniques and tools are essential, adhering to best practices is equally crucial for achieving accurate and actionable forecasts. Here are some key best practices to consider:

Stakeholder Involvement and Communication

Effective project forecasting requires input and buy-in from relevant stakeholders, including subject matter experts, project team members, and decision-makers.

Involving stakeholders from the outset ensures that forecasts are based on diverse perspectives and that assumptions and constraints are clearly understood.

Regular communication of forecast updates and potential risks helps maintain transparency and alignment throughout the project lifecycle .

Regular Project Forecast Updates and Agile Adaptation

Project forecasts should not be static or set in stone. As projects progress and new information becomes available, forecasts must be regularly updated and refined.

This agile approach allows project managers to adapt to changing circumstances, make course corrections, and ensure that forecasts remain relevant and accurate.

Transparency and Collaboration within Project Teams

Fostering a culture of transparency and collaboration within project teams is essential for effective forecasting.

Open communication, data sharing, and cross-functional collaboration ensure that all relevant information is considered in the forecasting process.

Additionally, encouraging team members to challenge assumptions and provide feedback can improve forecast accuracy and buy-in.

Lessons Learned and Continuous Improvement

After project completion, conducting a thorough review and documenting lessons learned can significantly improve future forecasting efforts.

Analyzing variances between forecasted and actual outcomes, identifying areas for improvement, and implementing process enhancements can lead to more accurate and reliable forecasts in subsequent projects.

Project Forecasting Tools and Software for Project Success

A wide range of project forecasting tools and software solutions are available to support project teams in their forecasting efforts.

Let’s explore some popular options:

Overview of Popular Project Forecasting Tools

• Microsoft Project: A widely used project management software that includes robust scheduling and resource management capabilities, enabling project managers to create detailed project plans, forecast timelines, and allocate resources effectively.
• Smartsheet: A cloud-based collaboration and project management platform that offers forecasting features, such as real-time resource visibility, budget tracking, and scenario planning.
• PPM Express: A comprehensive project portfolio management solution that leverages AI technology to analyze project data and provide actionable insights into project performance, risks, and potential bottlenecks , enabling accurate forecasting and optimization.

AI-powered Insights and Data Visualization Capabilities

Many modern project forecasting tools harness the power of artificial intelligence (AI) and machine learning algorithms to generate accurate forecasts and provide data-driven insights.

These tools can analyze vast amounts of project data, identify patterns and correlations, and generate visualizations that help project managers understand and communicate forecasted outcomes more effectively.

Integration with Project Management Platforms

Seamless integration with existing project management platforms is a key consideration when selecting forecasting tools.

By integrating with platforms like Jira, Asana, or Trello, project managers can leverage the forecasting capabilities within their familiar project management environments, streamlining workflows and ensuring data consistency.

Embracing forecasting moves beyond optional to essential.

By utilizing data and evidence, past lessons, and refined approaches, leadership anticipates risks proactively while optimizing allocations and expectations upfront.

These steps ultimately stack outcomes in the project’s favor.

Productive forecasting weaves a fabric of practices – stakeholder participation, regular updates, plus cross-team transparency and learning throughout.

Forward-thinking teams supplement such basics with progressive tools and AI insights enhancing forecast precision and dependability over time.

Supported by reliable sights ahead, leadership maintains informed steering as plans evolve amid complexities.

For those whose duties involve coherent coordination and delivery amid ambiguities, forecasting emerges as a duty ensuring balanced ventures, partnerships, and returns on investments large and small.

When complexities abound, its gifts prove all the more valuable for progress together.

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How to Get More Benefits from 10,000 Steps per Day

By Lifestyle Medicine Staff

Many of you are familiar with the 10,000-steps-a-day walking trend, but you may not know where it originated. The idea of walking 10,000 steps per day did not come from scientific research; rather, it came from a marketing campaign for a pedometer ahead of the 1964 Tokyo Olympics. Since the Japanese symbol for 10,000 looks somewhat similar to a person walking (see image below), the pedometer was named Manpo-kei or 10,000 steps meter, and the 10,000-step-a-day walking trend was born.

We know walking is good for us, but what do researchers have to say about this 10,000 number? Is this the right amount of steps? What are the health benefits of reaching this number?

A 2023 research study showed 8,000 to be the sufficient number of steps to yield significant health benefits. In this study, participants who took 8,000 steps or more 1 or 2 days during the week showed substantially lower cardiovascular and all-cause mortality risk.

Stanford Lifestyle Medicine Movement & Exercise pillar member Corey Rovzar, PhD, DPT, puts the 8 and 10 thousand numbers into perspective. “What is more important than hitting an exact number is that you’re moving more throughout the day,” says Dr. Rovzar. “If looking at a pedometer and trying to hit 8,000 steps will help you move more, then it’s a great tool, but rather than fixating on an exact step count, I recommend you think about your day and envision opportunities to move.”

Rather than walking all 8,000 steps in one go, which would take about 80 minutes at three miles per hour, Dr. Rovzar recommends walking the 8,000 steps throughout the day, such as in the morning and evening and after each meal. For example, you could split the 8,000 steps (80 minutes of walking) into four, 20-minute walks. If you stick to the 10,000-step goal (100 minutes of walking), that breaks down to five, 20-minute walks. This recommendation is good news for those who sit at a desk since taking several short walks during the workday is a perfect way to take a break.

Ideas on How to Meet Your 10,000 Steps Goal:

• Take the stairs instead of the elevator.
• Walk more during errands by parking your car farther away from your destination or getting off the bus or train a stop early.
• Walk more during your work day by taking a “walking meeting” or walking while on the phone.
• Walking after each meal can help with digestion, blood sugar management, and cardiovascular health.
• Walk every morning, evening, and during your lunch break. Even 10 to 15 minutes of walking can add up to 1,000 steps.
• Use a step tracker to help you stay motivated and track your progress.

How to Get More Out of Your 10,000 Steps

If you’re already walking 8 to 10 thousand steps daily, you may be ready to take your walking to the next level. If so, Dr. Rovzar recommends adding modifiers to your walking routine to help you meet additional fitness goals, such as improving balance or building muscle.

Here are a few of Dr. Rovzar’s recommendations for intensifying your daily stroll and gaining more health benefits:

Cardiovascular (Endurance) Modifier:

• Interval walking training

Interval walking training involves alternating fast and slow walking cycles. Research recommends five intervals of fast and slow phases, each lasting roughly three minutes. The effort expended should be 40 percent of your maximum effort for the slow phase and 70 percent for the fast phase.

Muscular Strength Modifiers:

• Walk up and down hills or stairs multiple times

If you are looking for strength benefits, hills may become your new best friend. Walking hills or stairs not only has excellent aerobic benefits but also serves as a great form of strength training as your body resists gravity.

• Add ankle and wrist weights or wear a weighted backpack

Another strength training modification is adding weight to your walk, either with ankle or wrist weights or by rucking . The term rucking originated during boot camp training and involves using weighted vests or backpacks while hiking or walking.

Balance Modifiers:

• Take side steps
• March (i.e., lift your knees as you walk)
• Walk backwards

It is essential to perform balancing exercises as we age. Implementing side steps, marching, or walking backward are great ways to train your body to handle non-forward-facing movements, enhance joint mobility, and improve flexibility. Balance training is also an effective way to strengthen different muscle groups. For example, side steps engage your abductors, which are hip muscles involved in getting out of your car and transitioning out of bed in the morning.

Cognition Modifiers:

• Dual-task training

Cognition may also be enhanced with walking practices, like dual-task training. This practice involves performing a mental task while walking, such as keeping step time to a metronome or counting backward from 100. Combining the mental task with the physical action of walking forces the walker to increase concentration, which sharpens the mind and improves balance and stability.

Whole Body Health Benefits

In addition to the physical benefits walking offers, Dr. Rovzar says that walking provides mental clarity and well-being. Taking a step away from work and going on an outdoor walk can help you overcome mental roadblocks. Studies have found mental health benefits from walking outside in nature, including decreased cortisol levels, diastolic and systolic blood pressure, and pulse rate. While using a treadmill may be a great way to multitask and get in extra movement, there are considerable mental health benefits from taking a break outside, getting fresh air, and stopping to smell roses and pet dogs on your walk.

“We often strive to maximize our time working, but in reality, you might not be saving yourself time by omitting the breaks,” says Dr. Rovzar. “I recommend getting out of your work environment and going for an outdoor walk every couple of hours during the workday, even if it is just a five-minute movement hiatus to get your blood flowing.”

Practice of the Month: Walk 5 Days per Week for 30 minutes with a Modifier

Sample walking workout routine.

Dr. Rovzar advises exercising for 150 minutes weekly (which breaks down to five 30-minute walks per week). To ensure you’re improving muscle strength, balance, endurance, and cognition every week, Dr. Rovzar recommends assigning different modifiers to different days.

For example, here is a sample walking routine for the week (30 minutes per walk):

Monday: climbing hills on Mondays (endurance)

Tuesday: rucking (strength)

Wednesday: incorporating intervals of side-stepping, marching, and walking backward (balance)

Thursday: Interval training (endurance)

Friday: adding ankle and wrist weights (strength) while counting backward from 100 with each step (cognition)

If a 30-minute walk seems too daunting, Dr. Rovzar suggests starting with 10 minutes of walking and incrementally working your way up to 30 minutes daily. “Much of this comes down to goal setting,” she says. “If you set too lofty of a goal, it becomes unachievable, but if you break your goals down and perhaps try it just for a week, it becomes more likely you will remain consistent in attaining them.”

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