Over the past couple of decades, how market research is pursued has been completely transformed. Brand market research has now become quick, extensive and easy. And we owe the amount of data collected and the ease of analysis to technology. New advancements in technology, such as market research software, have enabled us to capture consumers’ purchase journey and patterns. What’s interesting is that technological developments have allowed us to back customer data with qualitative research, rendering the decision-making more rational.
The use of technology is especially critical to startups and small businesses since it helps them avoid risks and pitfalls. Read on to find out the major impacts and benefits of technology on market research:
Quick Mass Results With Online Survey Tools
Customer feedback is one of the most effective and reliable market research methods. The modern market research software allows businesses and startups to roll out surveys that target a group of people. The surveys can be sent directly to customers via email so that they can reply as per their convenience. Moreover, the data collected is accurate and the analysis is quick and easy. Using survey software you can identify:
- What attracts your audience?
- Weaknesses and areas of improvement
- Risks associated with a new release
- Potential market areas, and much more.
Unfiltered Data Through Social Media
Social media is a transparent and easily accessible platform for interaction between not just users but between customers and brands too. Platforms like Facebook, Instagram, Twitter, LinkedIn, etc. allow consumers to express their opinions frankly without compromising their privacy. This helps huge and small businesses collate valuable data and understand their consumer better. Social media can be used to:
- Collect mass customer feedback quickly
- Gauge the difference of opinions
- Identify locations where their consumers are most active
- Engage with their consumers every day
Strategic analysis is as important as customer data collection. Hence, businesses these days rely on research analysis tools for their quick and easy analysis. Analysis tools enable the conversion of huge data amounts to meaningful reports without the scope of human error. The biggest benefit is that these automatically generated reports let you browse through the past data. How you can use strategical analysis for business growth:
- Target the focused audience at the right time
- Compare past data with the present and predict outcomes
- Get a deeper understanding of customer requirements
- Improve customer retention, etc.
High-Volume Big Data
The concept of Big Data is not new but hasn’t been adopted by small-level businesses yet. It allows brands to collect huge chunks of data, both structured and unstructured. It is a passive form of data collection which tracks customer behaviour in the background. The quality of high-velocity data collected through this technology is recommendable, but brands can reap benefits only when they can analyze and use the data efficiently. Benefits include:
- Better decision making; in a survey by New Vantage Partners 59% of respondents experienced significant success
- Decrease in expenses
- Improved customer service
- Fraud detection through pattern and anomaly identification
Quick Analysis Of Huge Data Using Artificial Intelligence
AI helps businesses produce huge data and augments the research with its creative intelligence. With its features such as Natural Language Processing (NLP) and Natural Language Generation (NLG), programs can write personalized reports using customer feedback based on keywords. The data produced is accurate since technology eliminates human bias. Here are more benefits of AI algorithms:
- AI algorithms ask survey follow up questions based on what they have learned from the past responses.
- Algorithms make certain assumptions and generate reports, hence saving time
- They automatically perform repetitive tasks with the same precision and without getting tired
- Constantly engage with your audience through chat-bots
Advanced technology in market research has helped us discover an evolved approach to data. It has changed the face of brand market research. But what’s to come will cause a stir in the market. That’s the thing about advancements; they never stop!
Author Bio: Bhavika Sharma is a survey designer at SurveySparrow, where she designs surveys that work by making them more conversational and engaging, fetching 40% more responses. When she isn’t designing killer surveys, she loves to travel in search of adventure and to meet new people. Her travel experiences have taught her the importance of conversation and that is what she brings to the table while creating surveys or content for her readers.