What鈥檚 the difference between market research and data analysis? Both are critical forms of market intelligence that help businesses make better decisions. Understanding your market is essential for growth, whether it’s what to sell, who to sell it to, or which sales tactics to employ.
Data analysis, also known as market analytics, is an indirect form of market research. It involves analyzing data added to customer profiles from online sources such as purchasing activity and location. Market research, on the other hand, is the primary method of gathering direct intelligence from consumers right from the beginning.
Direct efforts like customer surveys and data scientists analyzing online data both aim for the same goal鈥攎arket intelligence. In the past, businesses conducted their own market research. Nowadays, with the advent of big data, they often rely on specialized market research companies.
There’s a high demand for data scientists, whether you want to hire in-house or contract one of the many market research firms to gather the intelligence your business needs. Let鈥檚 take a closer look at some of the leading market research companies and their services.
1. Nielsen
Nielsen is among the most prominent market research firms globally, offering services worldwide. The company claims to cover over 90% of the world鈥檚 GDP and population. With its headquarters in New York and around 50,000 employees globally, Nielsen focuses on measurement and data analytics, retail analytics, and consumer panel measurement. Clients include Nestle, Twenty-First Century Fox, The Coca-Cola Company, and Unilever.
2. Kantar
Founded in 1993 and based in London, Kantar offers consulting, data, and insights services. Over half of Fortune 500 companies turn to Kantar for market research, and it employs more than 30,000 people. Kantar鈥檚 core services are data solutions, consumer panels, managed services, and survey design & fielding. Prominent clients include Volkswagen, PepsiCo, Diageo, and the European Commission.
3. IQVIA
Based in Connecticut and North Carolina, IQVIA specializes in human data science for the life sciences industry. With a robust solution called IQVIA CORE, the company integrates analytics, information, technology, and domain expertise, employing over 70,000 people. Core services include research and development solutions, contract sales and medical solutions, and technology and analytics solutions. Notable clients include Georgetown University, Nova Biomedical, and PatientPoint.
4. IPSOS
Founded in 1975 and headquartered in Paris, Ipsos provides research in public opinion, media, advertising, and marketing. It has fewer than 20,000 employees but is renowned for its top-notch services. Core services include creative excellence, brand health, innovation clinics, market strategy and understanding, customer experience, market measurement, retail performance, and quality measurement. Clients include Zillow, Ad Council, and Budweiser.
5. Gartner
Established in 1979 and based in Connecticut, Gartner serves the communications, computer hardware, software, and IT industries through a subscription-based model. Known for its Magic Quadrant, Gartner offers exclusive access to content featuring published research and a network of 2,300 research experts. The company employs nearly 20,000 people. Over 70% of Global 500 companies use Gartner鈥檚 services, with prominent clients like The Coca-Cola Bottling Company United.
Market research is crucial for business success. Without it, companies would struggle to deliver the products and services that customers need and want, leading to inefficiencies and higher costs in every department. Whether you choose one of these leading firms or another market research provider, your business will benefit from the insights offered by data analysis and direct market research.
