Market Research Transformation
Technology has had a significant impact on market research, resulting in a new generation of speedier and easier-to-use technologies that assist firms in discovering what their customers believe.
Market research is, at its foundation, a subject that aims to assist us in keeping up with change. But, to keep up with the market, even market research must evolve.
Due to continued strain on budgets and timeframes, the need for faster and more comprehensive insights has grown, which has only been intensified by the coronavirus epidemic.
These elements have been crucial in pushing the evolution of market research, which is focused on technology. Everything from automated, do-it-yourself market research platforms to artificial intelligence (AI)/machine learning and neuroscience are now part of the traditional market research toolkit.
These technologies have become an important part of the global consumer insights engine, allowing businesses to stay on top of their customers’ rapidly changing behavior.
Technology has improved what market research can currently do. Thanks to an innovative methodology that may be used as an alternative or supplement to established methods, typical market research processes can now be accelerated, making them more efficient and cost-effective. It’s also assisting brands in developing new approaches to one of market research’s most fundamental questions: what do customers think?
Here are a few instances of the various technologies that are driving a change in market research procedures.
Insight-seekers have benefited from automation because it has reduced the time between putting a survey out in the field and recovering valuable customer responses.
Deliverables that once took weeks to complete can now be finished in as little as a few hours thanks to automated market research. The market research process has also been improved through automation, which has made survey research more reproducible.
Firms can obtain input on innovative concepts or test their creativity faster by entering a few simple parameters into a templated online survey rather than recreating the question each time.
Platforms for market research (Do-It-Yourself)
DIY market research is in high demand; in fact, ESOMAR expected that by the end of 2021, the industry would be worth $1.3 billion. DIY market research platforms like Marketplace are democratizing insights, allowing companies to get customer feedback much more easily than before.
DIY platforms also help marketing research teams be more agile by allowing them to bring smaller projects in-house and execute them as soon as the need arises.
Simulated settings are another area where technology has improved market research. Take, for example, packaging testing. You may get a better feel of how customers will react to your product by presenting it on replicated shop shelving, which is less expensive than utilizing a mock shelf. You can still get a sense of which packaging will stand out on the shelf regardless of the type of simulated environment you’re exposing your sample audience to.
Neuroscience for the general public
The application of neuroscience to online market research, which improves our understanding of consumers’ emotional responses, is one of these approaches that is gaining in popularity. Facial coding is one of the most important insight tools in the neuroscience profession.
When used in ad testing, facial coding technology allows marketers to watch how people react to their creativity by studying their facial expressions and eye movements and then decoding these emotions to expect sentiment.
This method has transformative power because it avoids implicit biases that are common in self-reported measurements of emotional reactions.
Artificial intelligence. “AI“
The ability to process large amounts of unstructured data at scale is another technological advancement.
Market researchers can now check larger and more complicated datasets with faster turnaround times because we now have so much data about consumer behavior (sometimes supplied by consumers themselves in the form of social media posts, online reviews, and other digital content).
Market research tools incorporating artificial intelligence (AI) can make quick work of this data, providing new insight into what customers are thinking and identifying trends that were before impossible to spot.
When applied to a classic market research assignment such as ad testing, AI and machine learning can compare creatives to a database of commercials, determining whether the ad would do well based on previous results.
One technology development at a time, we’re improving market research.
As customer behavior evolves at a rapid pace, insights become important in boosting organizational agility. Market research is becoming more democratized while still providing high-quality intelligence, allowing firms to move.
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