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How is technology changing the realm of market research?
24/09/2021
If there’s one thing that can be considered the most important reason for the convenience we have access to in our everyday lives, it has to be technology. Technology has played a massive role in transforming so many industrial sectors that today, it is an integral part of how we live our everyday lives and how businesses grow and conduct themselves, ranging from how we consume information to how we interact. And, when it comes to leveraging technological advancements to excel, it is important to adapt first and then understand how they can be integrated into your businesses. As a reliable firm providing high-end market research services for a long time, we know the market research industry has left no stone unturned from this perspective.
Over the last few years, some groundbreaking technological developments have had a huge impact on the market research industry, not only benefiting market research firms in various ways but also benefiting consumers. Today, market research is a complex procedure and requires constant regulation and tracking. Here are the technologies that are estimated to be prominent in the field of market research:
1) Cloud computing
With Cloud computing, now it is possible to access information from any device, at any time, from any location, which is why it has become a significant market research tool. Cloud computing allows a market research company to provide their audience with a platform where they can share their feedback or inquires related to their products or services without worrying about the security of their personal information. It is a safe, secure platform which we all have access to 24*7 and is a great way to understand what your audience wants and how they feel about your products, which helps to come up with effective marketing strategies.
2) Video conferences
Since the COVID-19 outbreak, video conferences have garnered immense popularity because of the associated convenience. People stay indoors, work from home, and in order to adapt to this new normal without being less efficient, video conferencing has become an integral part of how all firms operate today. This technology has also significantly affected the market research industry by making data collection for primary market research easier and hassle-free. It will be effective because incredibly fast 5G networks will also enhance the smoothness of video interviews or conferences.
3) Artificial Intelligence (AI)
AI is one of those technologies that are slowly and gradually seeping into our everyday lives. We experience its effects every day without even realizing it, for e.g. song recommendations on Spotify, Google results, Google Maps, and smart speakers. With technologies like machine learning, neural networks, deep learning, and relational databases, AI is not just a fascinating concept today. It is an integral part of reality. Machine learning is vital when it comes to marketers predicting trends and consumer behavior. Research organizations can access a commercial AI service, like AIaaS, which will enable them to leverage AI for several purposes without spending or risking too much, which will lead to powerful insights.
4) Big data
Big data and market research are complementing each other in today’s marketing landscape. It allows you to understand the behavior of your audience and their preferences, and also allows you to create content that is focused on customers whenever there is a strong need to enhance brand recognition and ensure customer retention. The more data you have today, the more patterns you can detect that represent your audience’s preferences, their needs, how they perceive your products or services, and what they truly want.
5) Automation
Automation is already playing a huge role in the growth of many industries, like banking, healthcare, retail, and automobile. Companies are experiencing higher profits, fewer risks, and more expansion opportunities. Moreover, they are also enhancing their services without any inconvenience. In the future, there will be more automation in various aspects of market research, like sampling and survey building. Text analyses will also get better at understanding context.
6) Analytics
With the rise of analytics technologies, AI has jumped one step up on the pyramid of its applications. It will help organizations and people see a clear list oftheir the options, thereby helping them make better decisions. Organizations, like oil and gas agencies and medical firms, will benefit from machine-assisted decision processes. With the use of platforms like Microsoft and Google, it will be easier to identify patterns, understand complex data sets, and predict future trends as well as the trajectory of the market.
In conclusion, technology is playing and will continue to play a huge role in transforming the market research industry, including advancing market research techniques and improving operational efficiency. It would also increase the need for innovation in terms of how we perceive data collection and market research techniques.
We, at Novus Insights, as one of the leading global market research companies, consistently ensure that we integrate each and every technological development that’s bound to improve our research services, operational efficiency, and data collection techniques.
