Our Research Methodology

iDATA'S 9-STEP RESEARCH METHODOLOGY

The reports and consulting services by iData meet the highest standards of quality because each of our products go through a rigorous and systematic 9-Step Market Research Methodology. This methodology has been shown to consistently produce accurate, reliable, and relevant assessments of both present and future markets.

STEP 1

Project Initiation & Team Selection

During this preliminary stage, the research objectives and project scope are defined in detail. The research team seeks to identify and anticipate key opportunities and challenges facing the industry. 

Each research project comprises a team of senior analysts, support analysts, research managers, market consultants, account managers, partners, industry advisors, and key customers.

Our customers are able to participate in the research process by being involved in segmentation planning, the scope of analysis, and general research design.

STEP 2

Data Collection & Secondary Research

After the project outline is well defined, the procedural, brand level systems and relational databases are being developed. The required low-level data is then identified, and the fields are assembled into figures and charts. 

Once the organizational framework is complete, secondary research (i.e., data collected from all sources besides interviews) commences.

STEP 3

Interviews & Questionnaire Design

At the core of all iData research reports is primary market research. Interviews with industry insiders represent the single most reliable way to obtain accurate data about market conditions, trends, threats, and opportunities.

Effective interviewing is therefore critical to the success of every research project, and all iData research analysts undergo extensive training in interview designs, strategies, and techniques.

The experts interviewed include key customers, government regulators, marketing managers, sales managers, R&Dmanagers, business development managers, market research consultants, management consultants, trade press journalists, and company executives.

STEP 4

Primary Research

Valuable strategic insights are obtained from market participants at this stage. These insights are then used to modify market models and cross-verify secondary research and competitor insights.

Triangulation of data and insights from each respondent is performed by interviewing other experts within the same industry.

Interview results are then corroborated with estimates obtained from secondary research, including procedural study, brand analysis, and top-down models developed concurrently during the interview process. 

Any misleading information is eliminated at this stage.

STEP 5

Research Analysis

Following the completion of the primary research, the collected information is synthesized into an accurate view of the market status.

Base-year market benchmarking is created in order to establish a strong foundation for future analysis and forecasts.

STEP 6

Market Forecast & Analysis

After the baseline is established, iData Research uses a proprietary method to combine statistical data and opinions of industry experts to forecast future market values.

The methodology combines information on market trends, market maturity indicators, changes in regulatory policies, and other qualitative data to ensure that the forecast accurately reflects all the key factors affecting the market.

STEP 7

Strategic Opportunity Identification

After the core analysis is complete, iData analysts identify the competitors who are succeeding in the market along with those who are failing. By tracking the changes in market share, our analysts evaluate the effectiveness of their market strategies and provide strategic recommendations on how to succeed in the future.

Our clients use the insights and forecasts from our reports in the following ways:

  • Gauging timing and size of research and development activities
  • Helping production departments plan to gear up or gear down to meet demand
  • Assessing how quickly to increase or decrease sales force activities
  • Aiding in allocating management attention
  • Creating strategies for new product development
  • Supporting investment decisions
  • Aiding in the business planning process
  • Serving as a credible, independent check on company internal forecasts
  • Supporting acquisition strategies
  • Assisting in allocating marketing investments
  • Supporting company financial and cash flow planning

STEP 8

Final Review & Market Release

An integral part of the iData research methodology is a built-in philosophy of quality control and continuing improvement.

Each analyst team bears final responsibility for the quality and accuracy of their reports which is achieved through a process of cross-verification and comparison among alternative estimators.

Estimates are then verified and refined to help guarantee superior, accurate results for iData clients.

STEP 9

Customer Feedback & Monitoring

Upon release, we monitor our reports and consulting projects very closely. Every iData customer is encouraged to provide feedback, while free clarification and elucidation of any issues are gladly provided. 

iData research teams immediately correct any reported inconsistencies, mistakes or other errors to ensure that reports are accurate and up-to-date.

Our research publications are considered to be dynamic market databases. By constantly monitoring the markets on which the research has been performed, an enduring market research relationship is fostered. 

Interested to see the 9-Step Methodology in action?

close-link
close-link

Subscribe to MedTech Market News - Get exclusive analyst articles, monthly newsletters and iData offers

close-link
close-link
close-link
close-link

close-link