In a recent episode of the Bazz Show, an intriguing conversation took place with Kevin, a market research professional who delved into the intricacies of his field. While the entire podcast was filled with valuable insights, let’s focus on the key takeaways from Kevin, who shed light on the fascinating world of market research.
1. Finding Your Niche: A Personal Journey
Kevin shared his journey of discovery, emphasizing the importance of finding a niche within the broad landscape of market research. After a series of diverse experiences post-graduation, Kevin stumbled upon the world of global commercial real estate research. This exposure allowed him to grasp the interplay between data analysis and the global economy, sparking his passion for the field.
2. Beyond Coding: The Art of Collecting Data
Contrary to the notion that market research is solely about coding and analytics, Kevin revealed that data collection is a crucial starting point. He stressed that many educational programs tend to focus on teaching coding skills without addressing the challenge of sourcing data. Kevin explained the necessity of being resourceful and creative when collecting data from various sources, including title companies, web scraping, and AI programming.
3. Diversity of Skills
Kevin emphasized that successful market research requires a diverse set of skills. While coding skills play a role, the ability to engage in thorough research, extract meaningful insights, and communicate effectively are equally important. Kevin highlighted that the desire to uncover answers and a genuine curiosity are the driving forces that set exceptional market researchers apart.
4. Adapting to Different Audiences
Kevin underscored the importance of tailoring research outcomes to specific audiences. Whether presenting to banks, investors, or other stakeholders, the data needs to be structured and distilled in a way that addresses the concerns of the respective audience. Being able to answer the “so what” question and communicate insights clearly is a key skill for any market research professional.
5. Learning by Doing
Throughout the discussion, Kevin emphasized the learn-by-doing nature of market research. He described how the process often involves trial and error, starting small, and gradually building a systematic approach. Learning from mistakes, understanding data trends, and honing logical thinking are essential aspects of becoming proficient in market research.
6. Data Scientist vs. Market Researcher
Kevin challenged the distinction between a data scientist and a market researcher, suggesting that the difference could often be just a matter of terminology. He emphasized that both roles involve answering questions through data analysis and research, with each professional bringing their unique blend of skills and experiences to the table.
In conclusion, Kevin’s insights shed light on the multifaceted world of market research. From the importance of effective data collection to the art of tailoring insights for diverse audiences, his journey highlights the blend of technical skills and analytical thinking required for success in this field. Market research, it seems, is not just about crunching numbers; it’s about weaving stories from data and unraveling the mysteries of various industries.