How KnowledgeHound Stacks Up
KnowledgeHound’s data discovery platform is often compared to Excel banner books, business intelligence platforms, and other survey analytics tools, and for good reason.
A data discovery tool can help your company socialize market research data, help your team pull actionable insights from past survey results, and create shareable data visualizations without having to learn advanced analytics or programming skills. But we’re under no illusion that data discovery is the right tool for every company’s needs.
Let’s break down how our data discovery product compares and when these alternatives might better serve your needs.
Data Discovery vs. The Status Quo
Many market research teams still operate by the old status quo. When third-party suppliers deliver a deck of results and a banner book that slices and dices the data along the lines you’ve asked them to investigate. It’s effective. It answers your teams’ questions, and it gives you a wealth of background information to go through.
This status quo is also cumbersome, and it can make it difficult to do additional analysis. Simply put, a banner book won’t give you the whole picture, and you’ll wind up with only the questions you initially asked. Microsoft Excel workbooks are not built to be searchable, and VLOOKUPs can only go so far in helping you locate the answers you’re looking for.
The main problem with banner books is that the survey suppliers retain ownership over the insights you’ve paid for. Of course, if you don’t have the analytics capacity to do this kind of detailed data processing in-house, this may be a fine solution for your team. If you like what you’ve got and you’re not looking for more from your market research survey results, there’s no reason to ditch the banner books.
The big difference: Data discovery can help you understand what information already exists within your company’s banner books. It cuts down on the time your market insights gurus spend locating the project owner to access more information about each survey and makes it easier to locate data points. KnowledgeHound allows researchers to look at the complete data file – questions, responses and tags – to get a fuller picture of the market and your audience.
How Business Intelligence Tools Support Market Research
What company doesn’t have a business intelligence tool of some kind in their tech stack? Microsoft’s Power BI, Salesforce’s Tableau, and each of their direct competitors has traits that may be worth your consideration.
For example, if you have Tableau, which is built to take on one study, it may not be the right place to aggregate and analyze your accumulated market research data. If you only have one dashboard for brand equity that needs constant tending, Tableau may be the tool for you.
Most business intelligence tools create superlative custom charts, but their data visualization tools are only accessible to those who know how to use the platforms, which can take extensive training and knowledge of coding languages, like SQL. There’s a steep learning curve for adoption, and these tools require clean data sets to pull accurate insights.
A BI tool may be sufficient for your market research team if you have a team of dedicated data processors, a centralized data set, and an efficient system for fielding questions from outside the market insights team.
If this doesn’t sound like you, consider that data discovery makes your market research data discoverable to more people with fewer required skills. KnowledgeHound’s team of data specialists will do the work of cleaning and tagging your data on an ongoing basis, and anyone poses a query within our data discovery platform by using our natural language search bar.
The Value of Traditional Survey Analytics Tools
Like Excel’s banner books, survey analytics tools like IBM’s SPSS Statistics and MarketSight might fall under the category of “the old guard,” and we don’t mean this as a pejorative. These tools have modernized somewhat, but they’re less flexible than contemporary data analytics tools built for market researchers, and they require a high level of expertise.
This isn’t necessarily a bad thing. If you don’t want to socialize access to market research data and the insights that come with it, SPSS or MarketSight are great tools to help you meet your needs, assuming you have researchers on your team who are trained on these tools inside and out.
SPSS and MarketSight currently operate on a market license model, under which users pay per license. As part of our commitment to democratizing data within users’ organizations, KnowledgeHound's licenses include unlimited users so that your data discovery platform use can scale with your company.
A Cloud-Based Customizable Data Discovery Solution
At KnowledgeHound, we’re not building a Swiss Army Knife. We’re building a true SaaS solution. Our product is a cloud-based data discovery platform that was built to integrate with survey providers and partners. We’re actively listening to our users and considering how they use our platform to make it even better.
If you’re looking for a hardcore analytics platform that’s only accessible to a few experts on your team, we’re not it. If you’re curious about how to pull more actionable insights from your banner books but if you don’t have the budget to add another platform to your system, you may be satisfied with sharpening your Excel skills.
KnowledgeHound’s data discovery tool can help your team get a better understanding of what you don’t know and enable your team to accelerate operations with data-based decisions. To learn more or see what KnowledgeHound can do to help your market research team, schedule a demo today.