Futuristic, the adjective, means “having or involving very modern technology or design.” In no other area has this term become more important than in the area of market research methodologies. Indeed, 2015 has never seen more opportunity for analysis of data, as the total global amount of data is now estimated at approximately 4 zettabytes, with a zettabyte being 10007 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, 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, as explained below.
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 baseline on which to base your conclusions.
Specifically, your market research provider should provide you with 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 for your stakeholders. To do this, you need to know that your market findings are valid and trustworthy. At our company, we have 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’s Input Sources:
- Scientific Publication Databases
- Grant Databases
- Patent Database
- Clinical Trial Databases
- Government & Legislative Databases
- National Institute of Health (NIH) Statistics
- Technology Transfer Databases
- Alerts to Track Key Industry Events, including Mergers, Partnerships, Funding Announcements, and Product Launch Announcements
- International Surveys
- And More
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, is your market intelligence provider 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 our research methodologies, the following are examples of the individual resources that are utilized within each input category. Again, we are 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
In summary, there has never before been such a vast population of data available and techniques for managing analysis of this massive global population of data must dynamically evolve 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.
To claim the guidance that will give you a competitive advantage within the stem cell marketplace, view our stem cell and cord blood industry reports.
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BioInformant is the only research firm that has served the cord blood sector since it emerged. Our management team comes from a BioInformatics background – the science of collecting and analyzing complex genetic codes – and applies these techniques to the field of market research.
BioInformant has been cited by prominent news outlets that include the Wall Street Journal, Nature Biotechnology, Medical Ethics, CBS News, and the California Institute for Regenerative Medicine (CIRM).