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Why Would You Need a Psychologist to Analyze Market Research?

I was recently recruited to join the Eigenworks team as an analyst for buyer intelligence. It may come as a surprise to some that a market research company, specializing in win/loss analysis, would need psychologists on their team. In fact, it entirely makes sense.

I’m trained in social and developmental psychology and my background is in qualitative research analysis. Essentially, I take the type of data that can’t be quantified into numbers and equations and organize it into categorical themes. Whereas with hard data, you can easily quantify numerical values and scores into means, standard deviations, and p-values, qualitative data comes in the form of discussion points and interview transcripts. In this way, qualitative data can be considered soft. That doesn’t, however, make qualitative data any less important. On the contrary, it is usually in the qualitative data that the true underlying themes and reasons for data trends become apparent or explicable. We call that “getting the story” from the data.

This is where being a psychologist has its advantages. If there’s one thing psychologists do really well, it’s explaining the heck out of human reasoning and behavior. Most psychologists work with quantitative data as well, but there is always the end goal of using it to explain some sort of behavior or way of thinking. For example, a psychologist may ask you to rate to what degree you like chocolate ice cream, but then ask you for the reasons you like it. In this case, it might be that you rated liking chocolate ice cream very much; but without asking why, the psychologist can’t infer your reasoning. After asking why, it might be that you love the taste, or, perhaps less obviously, that it reminds you of visiting your grandma as a kid. Sometimes the reasons we do things aren’t as obvious as we think.

I’m a fan of the quote I’ve seen on some psych majors’ t-shirts that says something along the lines of: “Psychologists solve the problems you didn’t know you had.” It’s totally true. Here at Eigenworks, we gather and analyze interview data to determine the story around why companies do or don’t choose a particular service or product, and we present solutions on how our clients can build, or scale, from that story. Most often, the reasons aren’t the obvious ones, such as price or return on investment. Instead, the reasons are often due to factors such as trust in the company, relationship with the salesperson, or a sense of “this company gets me”. No amount of quantitative analysis on its own will give you that.

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I’m really excited to be starting this new research journey at Eigenworks. We have a lot to offer corporations both big and small, in an effort to help them win their customers. And once they’ve won their customers, we help them keep their customers. At Eigenworks, we get that a business transaction is more than just a business transaction: it’s about nailing what you offer to your customers, scaling it to where you want it to be, and maintaining it so that you continuously meet your customers’ needs.

Reach out to us today to find out what we can do for you. You can also check us out at the Technology Services World Expo 2016 in Las Vegas, October 17 to 19, where we’re exhibiting and giving a talk. Yours truly will be there; I’d be more than happy to chat with you about the problems you didn’t know you had.

Contact Eigenworks Today

For a related article on the psychology of win/loss analysis, check out "Do You Really Know Why Your Customers are Churning?"

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