Futuristic, the adjective, means “having or involving very modern technology or design.” The term was once used to describe how the world would be centuries down the road. Yet, we now find ourselves living right in the midst of futuristic times. As with many areas that revolutionize along with technological advances, the term, futuristic, has become a staple in the area of market research methodologies. Indeed, 2014 has never seen more opportunity for analysis of data. The total global amount of data is now estimated at approximately 4 zettabytes, with a zettabyte being 1000^7th bytes. As such, techniques for managing analysis of this massive global population of data must dynamically evolve as well.
Under these circumstances, it is important to ask yourself this question: has your market research provider embraced techniques that allow for accurate assessment of this vast population of data? While you may not understand the precise meaning of research terms, such as meta-analysis, algorithmic analysis, or predictive trend analysis, there is an easy two-part process that you can use to answer this question.
The first element is to consider the transparency of your market research provider with regard to the methodologies that they employ.Without this information, you have no foundation on which to base your conclusions. Specifically, your market research provider should offer you crystal clear answers to the following:
- How do they derive their market research findings?
- How do they analyze key market trends?
- How reputable are the resources that are utilized?
- Are both primary and secondary research methodologies employed?
- Are multiple resources utilized to confirm research findings?
Remember, the purpose of claiming market intelligence is to enhance corporate decision-making and to improve the profitability of your company. To do this, you need to know that your market findings are valid and trustworthy. At BioInformant Worldwide, L.L.C., we hold the belief that “small hinges swing big doors.” Meaning, when you are empowered with the right form of leverage, you can access exponential growth.
As a market research firm focused on stem cell market intelligence, BioInformant utilizes the following input resources. While input sources will always vary by industry, the key is to know precisely what input sources are utilized by your market research provider.
BioInformant Input Sources:
As shown above, transparency is key because it allows you to consider both the specificity and the reputability of the input sources that are utilized.
Once you are empowered with this baseline information, the next critical question becomes whether or not your market intelligence provider is employing futuristic techniques.
Specifically, is your market research provider utilizing techniques that are evolving and changing with the technology landscape? Do they have a growth mindset in which they are committed to continuously improving their market research methodologies? Are they aware of novel technologies that employ alerts, analytics, and tracking? Are they utilizing online databases to extract valuable trend rate data as soon as they launch? Do they have the capacity to stratify information by geography, using location-specific queries or enhanced tools for localization?
Because BioInformant aims to be as transparent as possible with regard to research methodologies, the following are examples of the individual resources that are utilized within each input category. Again, BioInformant is a specialty firm focused on stem cell industry data, and these individual resources will vary by industry. Nonetheless, you should also expect analysis of cutting-edge resources, no matter your niche.
Specific Resources Utilized within Each Input Category:
- Stem Cell Scientific Publication Databases - PubMed, Highwire Press, Google Scholar, Mendeley Crowdsourced Database, ScienceDirect
- Stem Cell Grant Funding Databases - NIH “RePORT” Database, NSF Find Funding, Grants.gov, Pivot, Grant Forward, The Foundation Directory, and Private Donor Statements
- Stem Cell Patent Databases - USPTO, European Patent Office, World Intellectual Property Organization, State Intellectual Property Office, and Other International Intellectual Property Offices
- Stem Cell Clinical Trial Databases - ClinicalTrials.gov and the International Clinical Trials Registry Platform
- Government & Legislative Databases - Congress.gov, THOMAS Legislative Database
- National Institute of Health Statistics - NCI – Statistical Tools and Data, NCBI Database, Medline Plus
- Technology Transfer Databases - Asian and Pacific Centre for Transfer of Technology
- Alerts to Track Key Industry Events - Google Alerts, Google News Analytics, Keyword Analysis, Online Ad Tracking
- International Surveys - Global Surveys of Stem Cell Researchers (Electronic)
- And Much More
While there has never before been such a vast population of data available, the techniques for managing analysis of this massive global population of data have dynamically evolved as well.
Have you chosen a market research provider that can empower you with current, precise, high-tech research findings that have been validated through multiple research inputs?
If so, you have an enviable edge.
For more information on how your market research provider can impact your business and the success of your market research process, check out some of our related blog posts.
Thanks for reading!
This post was written by Cade Hildreth, Head of Business Development for BioInformant Worldwide, LLC.