Technology has revolutionized market research. Now it is easier and more cost-effective for startups to gather data from their target audiences using online tools. Technological market research should serve to complement and augment traditional methods, not replace them. Here are a few ways tech can assist your marketing research:
Automated Surveys
Automated surveys have revolutionized market research by making consumer insights easier and quicker to uncover. Market researchers utilize automated surveys in support of various research methodologies – frequency-based (such as usage and attitude studies), longitudinal cohort research studies, key driver analysis segmentation pricing studies – all without needing any statistical expertise or requiring time-consuming manual calculations.
An automated survey tool can save researchers much time and effort, by handling many of the heavy lifting for them on the back end. For instance, screening out non-relevant or low-quality respondents. To get the best out of this technology in market research, it’s recommended to start administering multiple sessions of questions simultaneously or consecutively. It’s also important to do so while routing respondents according to answers given and quickly analyzing results in real time; providing live dashboard updates as new data is collected as these tasks alone could save researchers significant amounts of time and effort.
Automated survey tools make it possible to gather responses across a range of devices and platforms, from mobile apps and websites to face-to-face interviews and face-to-face meetings, making it easier to gain insights in unexpected areas while helping ensure that surveys don’t become tainted by respondents who respond quickly or don’t provide honest responses.
Online Surveys
Online surveys offer businesses and respondents an innovative alternative to traditional survey techniques like telephone or paper questionnaires, which are less prone to issues and provide a superior experience overall. Here are some key features that set online surveys apart:
According to this link – online surveys offer several distinct advantages over paper surveys: email, social media or website embedding can all deliver surveys to your respondents quickly and without geographical and time zone restrictions; their digital format also makes customization and adaption simple and can accommodate various research objectives; questions can be asked in multiple choice, rating scale or open-ended formats for optimal data collection for any analysis type.
Survey creation software gives researchers the power to monitor response rates and view preliminary results on an instant dashboard, providing researchers with real-time reporting that allows them to identify trends quickly and take immediate action if necessary. Finally, digital surveys make it easy to skip questions that don’t pertain to a participant, saving both parties time while increasing completion rates of surveys.
Social Media Monitoring
Social media monitoring can provide an effective means of gathering feedback from your target audience and understanding their needs. With this information at hand, it can help improve products and services to meet customer expectations more closely as well as track competitor activity and identify new business opportunities.
To use social media monitoring for market research, first create a list of keywords related to your business and products offered – this could include brand names, product names or combinations thereof. Next, set up a social media monitoring tool which will scan both internet and social media platforms for these keywords before storing results in a database for you to access any time later.
Social media monitoring data can be used to enhance customer service, drive sales and identify influencers to collaborate with. In addition, it can help optimize marketing strategy and measure return on investment – making social media monitoring an essential tool for any business looking to stay ahead of competition.
One of the primary advantages of social media monitoring is its real-time results, enabling you to respond instantly to any negative reviews that arise, potentially protecting your brand and avoiding public relations issues. You can use this real-time insight into customer response metrics for campaigns or product launches so as to see their performance more objectively.
Data Analysis
Market research is the practice of gathering information relevant to an industry or business environment and analyzing it to inform decisions made within it. Market research can assist businesses by providing them with insight into potential risks and opportunities, whether conducted internally by companies themselves or through outside outsourcing agencies specializing in this area. Its main aim is gathering consumer behavior data which can then be used to optimize products/services as well as develop improved marketing strategies.
At the core of all market research lies its scope; clearly defining it and creating relevant questions must correspond with that scope. Gathered data may come from primary or secondary sources and either qualitative (https://ori.hhs.gov/education/products/n_illinois_u/datamanagement/dctopic.html) or quantitative sources. Analysis involves taking this raw information and using various analytical techniques to spot patterns, trends and correlations – this analysis process may even be predictive or prescriptive in nature.
Statistical analysis is the preferred technique in market research. This type of data analysis involves calculating statistics like central tendency and dispersion that provide insights into a dataset being studied. Analyses can either be descriptive or inferential – each approach having their own advantages and disadvantages – with descriptive focusing more on understanding characteristics within a dataset, while inferential provides more advanced predictive abilities over larger populations.
