Is there really a science behind market research? You bet there is!

December 2018

Quality market research is backed up by the science of statistical analysis. That’s important in ensuring accurate results. Anyone can claim to offer information and insights based on ‘research’ – but if that research is superficial and not conducted according to scientific principles, the data obtained is more than likely going to be misleading and inaccurate.Graphs With People

We all understand that anecdotal data can provide a certain level of insight, but obviously it has its limitations. Certainly, you wouldn’t base your marketing strategy on superficial snippets of information!

Yet it’s surprising how often superficial research and anecdotal data is touted on both digital platforms and traditional print media to make a case for spurious assertions about the foodservice market.

The reality is that the only way to gain accurate insights and analysis of a complex, multilayered market like this one is to engage a specialist who understands it and utilises the scientific principles of statistical analysis.

These principles include ensuring an accurate market research sample size and ensuring that your sample constitutes an accurate representation of the market you’re studying. You can read here about the perils of skewed sampling and how taking a sample that’s not truly representative – such as a small subset of the market – will not deliver an accurate picture or useful insights.

The way the data is collected – the way survey questions are phrased, the way interviews are structured, the length of time allocated to complete questionnaires – can also impact on the information obtained.

At FI Foresight we take the business of market research seriously. We know that decisions both large and small are based on the data we provide. So, we take the time and effort to identify our market, and we qualify every one of our survey respondents to make sure they’re genuine foodservice operators. The success of our business rests on our ability to delivery accurate data and authentic insights.

We utilise a combination of qualitative and quantitative data. It’s important to use both methodologies, as the information gained through qualitative studies helps to verify the quantitative data. You can learn more about the difference between qual and quant data here.

So, make sure that the market research you’re utilising has been obtained via scientifically developed methodology – that your sample size is correct, that is contains an accurate representation of the market you’re studying, and that it includes both qual and quant data for maximum value.

When it comes to Australia’s foodservice market, research of this calibre is not widely available from generalist sources. For accurate analysis and insights, you need to go to an expert like FI Foresight.