As the market research sector continues to operate in an era defined by advanced technology solutions, researchers should always be finding new ways to streamline their work for maximum impact. And with the “Market Research and Statistical Services industry … [worth] $3.3bn in 2022” (at least in Australia), adopting new technologies is vital for widening the scope of research and creating new opportunities.
Any market research agency would do well to leverage information technology (IT) solutions for the betterment of their work. Without these tools at their disposal, research firms are more likely to encounter obstacles.
Is there a downside to traditional market research?
In traditional market research, gathering information is dependent on focus groups and text-based surveys. While these solutions are not necessarily bad, they do come equipped with deficiencies that can undermine the usefulness of data, such as the topic limitations of a text-based survey or the fact that people tend to change their opinions to match others in a group setting.
Results born from this type of research may not be completely accurate since they tend to reflect a small group of people at a specific point in time. And with consumers’ needs changing in the blink of an eye, it can be easy for a market research agency to find itself with outdated information. Advanced technical solutions, such as artificial intelligence, mitigate the likelihood of this occurring, leading to more fruitful research and insights.
How can technology solutions change market research?
Information gathering is foundational to the market research industry and its institutions. Having the ability to efficiently capture and analyse marketing trends makes all the difference between an innovative business and a less-than-competitive organisation.
With that being said, when market research companies deploy robust technology solutions, they can take advantage of technology that evolves with the times – a surefire way of innovating their research processes and overall IT infrastructure.
Advanced analytics solutions
Nowadays, collecting data is a streamlined process thanks to advanced technology. But once this part of your research has passed, you need to derive trends from the information. Typically leveraging AI and machine learning, advanced analytics solutions provide market researchers with all the tools they need to uncover information that can be passed on to clients, allowing the latter to respond to the market with services that meet demand.
At the same time, with the amount of big data that organisations have to sift through today, having advanced technology that analyses this data quickly and accurately is a must.
With 4.80 billion people using social media in April of 2023, the value that these platforms contain cannot be underestimated. People share their thoughts and opinions on social media every day, giving market research agencies direct insight into what people expect from industries and companies. For example, organisations can use social media to see how people are using their services and products, helping them stay abreast of changing attitudes.
At the same time, social media’s casual nature can be leveraged to generate far more insightful data than traditional market research methods. Nowadays, organisations have access to social listening tools that monitor the public perception of specific brands. The information these advanced technology solutions gather can be used to adjust products and services, allowing market research agencies to provide the best possible advice to their clients.
Thanks to advanced technology solutions, market researchers now have the ability to use predictive analytics to forecast the actions and wants of customers. In short, predictive analytics examines data to anticipate possible future scenarios. When used as a market research technology solution, predictive analytics can help researchers better predict changes in the market, enable data-driven decision-making, and reduce conjecture.
Any market research agency knows that the business and market landscape is unpredictable. But with technology solutions like predictive analytics tools informing their decisions, market researchers can feel confident knowing that their conclusions are relevant and accurate to the needs of consumers.
Innovate your market research agency with advanced technology solutions
Market research is invaluable for any organisation that wants to enhance its competitive edge and relevancy. But for market researchers, it’s their bread and butter, and to ensure that their service offerings can exceed client expectations, they need to have a set of advanced technology solutions within their business.
At Platform 24, we offer IT services designed specifically for the market research sector and its companies. From securing quantitative and qualitative research data with dynamic cyber security tools, to sourcing and integrating the latest technology solutions, the team at Platform 24 can assess any market research agency’s IT environment and tailor a solution to meet their specific needs.