Interpreting the Findings of Market Research Activity and Commenting on their Significance

Data analysis: An essential skill in interpreting market research data. You need to make sense of the numbers, percentages, and qualitative responses collected.
Trends and patterns: Look for these in the data to help understand what your potential customers are thinking and feeling. This could, for instance, inform the direction of a marketing strategy.
Visual presentation: Graphs, charts, and other visual aids can greatly help in understanding complex datasets.

Implications for the business: Identify how the findings could impact your business’s existing products, services, and marketing strategies.
Opportunities and threats: The research could reveal potential opportunities (new markets, product ideas, etc.) but also threats (emerging competitors, changing customer behaviours).
Recommendations for action: After interpreting the findings of the market research, suggest next steps that the business can take in response.

Consider the business environment: All findings should be considered in the context of the wider business environment. For example, changes in economic, legal, or social factors could have great influence on your research results.
Cross-reference with other data: Your market research shouldn’t be considered in isolation. Cross-referencing with other data (such as sales history or competitor performance) can bring greater understanding of the market.
Validation of results: It is essential to consider how reliable and valid the market research findings are. Ask yourself whether the same results would be obtained if the research was carried out in the same way again, and whether these results are generally applicable to the market.

Acting on customer feedback: This can often lead to real improvements in products/services and result in increased customer satisfaction.
Feedback mechanisms: Successful businesses usually have strong mechanisms in place for receiving and processing feedback. These might include social media, online reviews, or customer surveys.