New Methods and Resolutions for 2014
Versta Research’s winter newsletter comes out next week, which will focus on some new approaches to faster (and cheaper) market research. In the meantime we have been thinking a good deal about where to invest in new methods and innovation during the coming year so that we continue to make our work better and smarter for you. Here are five areas we will focus on:
Bayesian Statistics — The newest statistical approaches to market research are reaching back 300 years to Thomas Bayes who first suggested using conditional probabilities in statistical inference. Doing so is now practical with advanced computing power and techniques. The theoretical underpinnings and the implementation of Bayesian statistics are complex, but we’re focusing on integrating these approaches more and more into our work.
Measurement Techniques — There are several new measurement and modeling techniques that have become accessible in the market recently, such as menu-based choice modeling (a type of advanced discrete choice modeling) and newer types of measurement scales (for example, Linescale). We are planning to bring techniques like these into additional projects for clients when they allow for better and more realistic modeling.
Infographics — Infographics are not necessarily new, but with several online tools now available, they have become more accessible without spending tons of money on fancy graphic designers. Of course good infographics do require an investment of time, effort, and thought to develop the appropriate skills for telling graphical stories. We’ll be doing a lot of that in 2014.
Mobile Methods — Using mobile methods and optimizing for mobile devices has moved from being the latest cool technique to being an essential component of how research is done. On one recent project we had nearly one in five online respondents completing their surveys with mobile devices. All of our upcoming work will be designed with this in mind.
Data Integration — The sources of accessible data for research purposes are multiplying as fast as the sheer volume of data. It is easier than ever to get both quantitative and qualitative data, and to tie it all to secondary data from the Census Bureau or Department of Labor or from private data aggregators like Google or Yahoo. More and more we have been launching multi-method studies and integrating data from multiple sources; we expect to be doing a lot more of it in 2014.
We are always excited about the work that we do, and honored by our customers who come to us for expertise and help. Here’s to a fantastic 2014 — our sixth year of helping clients turn data into stories!