Companies want more from their market research data as they battle for market share in this struggling economy.That is the view of Nosheen Syed, chief executive officer of market research firm Mindmaps, made up of staff who were formerly with Research.bm.“Market research is probably more important now than it’s ever been,” Ms Syed said. “I think people are now more interested in information that will help them to keep customers and build market share. They want more aggressive research to help them work out how how to get individuals to switch.”Mindmaps conducts research for companies in a wide range of sectors, as well as public-sector organisations like the Bermuda Hospitals Board, and non-profit organisations.Ms Syed said many of her clients have seen their businesses suffer tough times, impacted by an apparent fall in the population and consumers cutting their spending. She felt 2011 would be even tougher for business than last year.For Mindmaps, that means coming under pressure to produce results that give an accurate impression of how members of the diverse Bermuda public are thinking and how clients can put that data to strategic use in a difficult environment.The company focuses entirely on market research, unlike competitors who offer advertising services as well. Ms Syed said this focus has allowed Mindmaps to become expert in market research and avoids potential conflicts, such as researching the impact of an advertising campaign designed by itself.Mindmaps, based in XL House, is a new company, but that does not tell the full story. It was founded by its employees, who left Research.bm en masse last year to set up their own firm.“As a group, we’d been working together for seven years, we’d worked hard and we got to the point that we wanted to work for ourselves,” Ms Syed said. “So we tried to purchase Research.bm.”The offer was not accepted. Ms Syed left to form Mindmaps and the entire staff went with her.Mindmaps is owned by its 15 employees, some of whom have been together for eight years.Ms Syed, who has 15 years’ experience in market research and has held senior positions with firms in Canada and the US, heads the team.She is supported by director of research Leslie Steede, who has a PhD in psychology from the University of Sussex, and research associate Wanda Mello, an accountant who formerly worked at XL.. Rhonda Steede is the field manager and Stephanie Lima the office manager.The diversity of Bermuda’s small community presents challenges for market researchers. Although a poll of more than 400 is required for scientific research, that in itself is not sufficient to gain an accurate impression, Ms Syed said.“If I speak to 400 people, maybe a high proportion of them are seniors, or 18 to 24 year-olds,” she said. “So then we can say your market share is x and it’s not likely to be accurate. So you have to use ‘soft quotas’ and go beyond the 400 and weight the data so it aligns with the proportions in the community.”Mindmaps uses local researchers. Ms Syed feels that not only will people feel more comfortable giving answers to a local person, but the researcher will be able to understand it more easily too.One of the company’s loyal clients is Butterfield Bank. “They are committed to the consumer experience,” Ms Syed said. “For the past six years, we have regularly measured their customer satisfaction as well as their brand image. They have made the data part of their overall plan.”Mindmaps has also been commissioned to carry out research for Butterfield in the Cayman Islands and Barbados, using the same model.The company also works for the BHB, providing information on patient experience. “The BHB is an organisation that’s committed to improvement through listening to the people utilising their services,” Ms Syed said.For more information, go to www.mindmaps.bm