Market Research Requirements in Cryptocurrency Domain/ Verticals

Authored by Novus Insights 07/09/2022

The popularity of digital assets (blockchain-based) has increased significantly in recent times. Distributed ledger technology is evolving and the next logical step for the internet seems to be the creation of a virtual world with its own set of laws, systems of commerce, and technology, and businesses are already taking significant moves in that direction. We call it the metaverse, and market research fits perfectly in this new digital universe. It’s worth noting that market research consulting companies will use the metaverse itself as a tool. Virtually conducted surveys, interviews, and even ethnographic recordings can be used to create augmented reality experiences for all real-world operations. The main focus of a market research company will once more be on screening and verifying data to ensure authenticity. So, how is blockchain transforming market research, and what are the new strategies market research consultants can adopt to conduct superior marketing research analysis?

How blockchain is transforming market research?

Blockchain technology promotes disintermediation, assists in preventing click fraud, strengthens trust and transparency, and makes it possible to safeguard personal information more effectively. It also increases security, and allows for innovative loyalty programs. The market research and analysis industry is expected to undergo massive changes thanks to blockchain technology. It will not only give market researchers an edge in what they do, i.e, business market research, but also make their jobs simpler. Blockchain offers more than just a solution to an existing issue. Business consulting companies can now use a whole new plethora of specialized technology-backed tools that will significantly benefit brands as blockchain ultimately alters how data is owned, kept, managed, and shared.

Initiatives market research professionals can take in the metaverse

According to a Reuters study, the application of blockchain technology outside cryptocurrencies is anticipated to increase by over 60% over the next few years. Everything from internet shopping to identity management will be impacted by blockchain. Naturally, the market research consulting sector can gain a lot from this technology, which is billed to alter how market research consultancy works. Here are the three ways a market research company can benefit from the implementation of blockchain as a market research consulting tool:

Improved data authenticity: 58% of businesses actively create value from data, according to a recent Forbes survey. Additionally, nearly 60% of respondents stated that analytics and data are essential to their everyday business operations. Naturally, the entire system can only function if the data is reliable and correct. With blockchain, all the data inputs are not just precise, but also almost entirely tamper-proof. Additionally, all pertinent parties in the network will be informed if somebody manages to change anything, which will have an impact on the entire chain.
Better access to related data: Market researchers are able to provide more meaning to specific pieces of data if they have more related data, similar to how search engines use structured data to better understand websites and their services. Blockchain technology can make it possible for this data to link together so that people and organizations do not need to contact numerous sources to gather and evaluate relevant data.
Data gathering driven by smart contracts: A smart contract is just a set of rules that run on the blockchain and are automatically enforced when certain criteria are satisfied. It has the potential to completely transform the way market research is done, as it enables businesses to access customer data directly rather than through an ad platform (such as Google or Facebook) and to automatically pay the research subjects according to the quantity and quality of the information they provide. This not only gives customers control over the information they share with marketers, fostering trust, but also offers them a genuine reason to do so.

Final word

Blockchain will transform how the best market research companies conduct their responsibilities. It is the future and to get the best market research results, you must hire a proven market research company that knows how to leverage it. This is where we come in. Novus Insights is one of the leading marketing research companies in India, with the right expertise and a wealth of experience working with players across different industries. To discuss your requirements and get answers to all your questions about our market research and analysis services, call +91 124 414 2292 or +91 7428 225 350. You may also email contactus@novusinsights.com or fill out our contact form.