Understand how the elements in your market interrelate.

Businesses use correspondence analysis in their marketing research as a way of describing the relationship between rows and columns of categories and variables. A table of these data points could be two- or, for more complex analyses, multi-dimensional.

To illustrate, a company that wants to explore the link between gender and brand preference could use quantitative data to construct a table with rows for “male” and “female” and columns to indicate a selection of brands. The rest of the cells would reflect the average rating of each brand as correspondent to a consumer’s gender. These results would help the business understand not only where it stands relative to competitors but its competitive edge among men and women as distinct categories of user.

Correspondence analysis has a range of uses for market research analysts.

• Compare how a variable influences different categories of respondent.
• Compare how one group responds to a variable with how responses manifest in the general population.
• Develop predictive models that apply knowledge about existing users or respondents to prospective users, organized along the lines of distinguishing characteristics such as gender, race, or ethnicity.

Correspondence analysis also applies practically to marketing.

• Measure how different groups of consumers respond to your offering, and gauge which variables figure most prominently in their decision to adopt.
• Assess brand acceptance and loyalty in different groups of consumers, and determine what about the different groups’ beliefs or preferences influences their level of acceptance.
• Predict which of your prospective customers is likely to adopt a new product or service based on existing knowledge about their demographic.

FGI Research has the experience and brainpower to apply this analytical technique to any number of business challenges. We can develop the ideal study, collect the highest-quality data, and produce a report that matches your exact objectives.

Our values of service and customization drive each new project that we undertake. Whether you need us to handle your entire study from start to finish or simply to apply our analytic expertise to existing data, we will do what it takes to see that you succeed. Contact a representative today to explore your options.