Continuous data collection combined with time series analysis offers a more complete view of changing trends and patterns in your survey data compared to single-point analysis. This article explores how to implement time series analysis effectively and its key applications in market research.

What is time series analysis

Time series analysis converts data collected over time into meaningful insights by breaking it down into specific time intervals or “waves”, helping you identify consumer and market trends, such as seasonality, cyclic behaviour, and hidden patterns across multiple research waves.

How to set up effective time series analysis

The effectiveness of time series analysis depends on systematic data collection, which involves well-defined, consistent sampling at planned intervals, such as weekly, monthly, quarterly, or annually.

Conjointly offers multiple approaches to help streamline your continuous data collection:

• Self-serve sample for agile, iterative data collection
  • Duplicate sample definitions across multiple survey time points with a few clicks.
  • Schedule data collection in advance to ensure timely insights.
  • Adjust bid per complete response and targeting filters to optimise your research based on previous rounds.
• Predefined panels for end-to-end, continuous data collection
  • Access specialised pools of respondents for long-term studies.
  • Tailor panels to your specific audience requirements.
  • Benefit from fully managed data collection for peace of mind.

You can also combine multiple participant sources in your experiment to fit your project requirements and needs.

Applications of time series analysis in market research

Systematic data collection and time series analysis can track changes across many different business variables. Here are four examples of many possible applications:

Discovering consumption patterns and market trends over time

In today’s fast-paced business environment, understanding how consumer and market trends shift is crucial for businesses to identify and capitalise on growth and innovation opportunities.

By conducting market research regularly and analysing the data using time series analysis, businesses can identify patterns, trends, and anomalies in consumer behaviours and market dynamics that might not be immediately obvious. This information can help businesses adjust their strategies and positioning in response to changes in the market, such as launching new products to address an unmet need or targeting specific groups of customers at different times of the year.

Monitoring changes in customers’ price perceptions

Continuously measuring customers’ acceptable price ranges provides businesses with valuable insights into setting competitive prices for products and services in the rapidly changing market.

By conducting Van Westendorp Price Sensitivity Meter over an extended period and analysing the data with time series analysis, businesses can uncover customers’ acceptable price ranges at different times. This information can inform pricing and sales strategies, such as the price levels during peak periods and the best time and frequency for sales promotions or discounts, ensuring prices remain competitive while still maximising revenue.

Understanding shifts in consumer preferences and attitudes

By analysing consumer preferences and attitudes over time, businesses can gain insight into which products or features are favoured by their customers. This helps businesses adjust their offerings to meet their customers’ needs better.

Additionally, businesses can make proactive changes, such as adjusting marketing strategies and implementing new customer service initiatives to improve customer satisfaction and increase sales by understanding which factors are most important to their customers.

Tracking the effectiveness of claims and ad messages over time

In today’s competitive business landscape, tracking how consumers perceive product claims and advertising messages over time is crucial for a business to maintain the reliability, uniqueness, and relevance of claims and ad messages.

By conducting claim tests with their target audiences monthly or quarterly, businesses can stay aware of changes in consumer perceptions and adjust their products and marketing strategies to remain appealing to their customers.

Conduct iterative, continuous market research with Conjointly

Are you looking to conduct tracking studies or collect data continuously for your business? Conjointly’s team of research experts are here to help.