What is Market data and how Fintalent can help you hire the best Market Data Consultants
Market data is a term used in business to define information about a market, generally market research, sales figures or price trends. It can also be used to refer to data from the securities markets that is being traded on an exchange.
In order to collect and analyze this information, businesses use companies such as Reuters & Bloomberg. Market data helps determine the success of operational strategies for maximizing profit margins and provide valuable insights on business opportunities. This can include assessing levels of demand for different products or services during specific periods of time, so it is often a prerequisite for setting up new campaigns. It can also be used to anticipate future trends, which is why it is important for businesses to know who their key competitors are and compare market data to make informed decisions about product development.
Fintalent, the hiring and collaboration platform for tier-1 Strategy and M&A consultants offers a platform for businesses to hire some of the best freelance market data consultants. Fintalent’s consultants are pre-screened to ensure only the best and most experienced consultants are made available for clients to hire.
Market data has benefits for investors, providing them with the information they need when making decisions about whether or not to buy or sell particular investments in accordance with current price trends. This is why it is important for investors to keep track of the market data relevant to their investments in order to gauge how well they are performing relative to other markets.
The term ‘market data’ relates more specifically to financial information, such as stock exchange related information. There are separate terms for ‘market research’ and ‘sales figures’ in this context. Market data can also refer to different jargon terms, such as ‘high-low’ and ‘opening range’. The former refers to the highest and lowest values that a security traded for during a certain time period, while the latter refers to the opening price of a security.
Because market data is used by both businesses and investors, it is important for professionals in both fields to fully understand the relevant terminology. Market data has become increasingly relevant for businesses over recent years because it provides essential information regarding demand levels, which affects costs of delivering services or products. Market view reports are key documents used by organizations in order to provide updates on developing markets.
Markets cover many geographical locations, industries and product types. For each market there is a different type of data: for example in retailing there might be information about customers such as their demographic profile; in financial markets about economic indicators; in telecommunications networks about telephony usage; in food production about livestock production.
The raw data collected through surveys, interviews, observation and experiments must be processed to produce market data. Market data is then used for all kinds of activities that might include:
making marketing plans;
These activities affect the welfare of markets. For example, by making decisions about the prices of products, market data affects individuals’ welfare through market competition and innovation. Marketers can use market data to help them decide which products offer the best value for money to consumers, so they help people to acquire more value-added goods and services at lower costs. Governments use market data to plan their economic policies.
Market data has many uses, but is not readily available for each market. For example, very little knowledge about the UK retail market is held centrally by the UK government. This means that companies must obtain this information themselves or collect it themselves by inventories or sampling which is expensive and often non-representative of the market as a whole. Another major concern about the UK retailing industry is that it has no standardized methodology for collecting its data; there are no agreed criteria for deciding how to sample customers’ shopping habits (what date to survey, what location/street to survey, who to include).
Three main methods used to collect Market Data
Surveys: Surveys are the most widely used method of collecting information about a particular type of market. A survey can be either quantitative (quantitative surveys) or qualitative (qualitative surveys). Quantitative surveys aim to identify and measure key features that can be used in making decisions about what actions to take; qualitative surveys aim to obtain data that is useful in understanding why people are buying products or services, or gaining insight into their purchasing behaviour prior to being polled. Qualitative surveys typically use non-verbal data such as transcribed interviews and other types of observation.
Inventory: The difference between a survey and an inventory is that an inventory uses a method or system to systematically count the size and value of all the products in a particular category (e.g., households) who use them (e.g., households). This method has been used for many years, but only recently has it become possible to do this on an industrial scale producing market-level data that can be statistically analysed as opposed to small area samples such as those conducted by the UK retailing industry for example. These types of data come in many varieties, but some of the most common are:
Surveys and inventories can be used for different purposes depending on the type of market being studied. Quantitative surveys are usually used to inform decisions about what actions to take, while qualitative surveys are often used to gain understanding about why people are behaving in certain ways.
Sampling: Survey research aims to obtain representative samples from a particular class of population. This is extremely difficult because it requires accurate records on each member of the population. Methods are available to minimise sampling error, but they are expensive and non-representative of the overall market.
Why you need Fintalent’s Market Data Consultants
The large costs associated with these methods has led to the development of a new type of market data: naturalistic data, which is data about the real world, not just an abstract representation. Naturalistic data can be used to understand why people’s behaviour is what it is and to gain insight into markets. For example, it makes it possible for marketers to see exactly what happens when consumers go shopping and how they choose products. This leads to less need for further research as the information required about the market is often already there in its natural state.
Fintalent’s market data consultants possess vast experience in dealing with marketing data and interacting with customers and clients and are therefore suitably positioned to analyze all forms of data including the more cost effective naturalistic data. Fintalent’s market data consultants therefore would not only contribute their vast knowledge to the growth of your business but would also lead to cost-saving decisions in the long run.