In today’s tech-savvy world, information technology and market research are two concepts that share a common bond.
More than any other industries around the globe, they are undergoing unprecedented change. This article focuses on how technology is changing market research.
Market research is vital to any company’s development process. It helps companies understand their customers and the markets they serve. With technological advances in the past decade, market research has changed a lot.
Let’s see how technology is changing market research!
Big Data Analytics
Market research has been around for a long time but has become more complicated recently. The advent of the internet and other technologies has changed how we conduct market research. It has made it easier to collect data, analyze it and use it to make good decisions. Click here to read more.
Big data is collecting and analyzing large amounts of data from various sources. It has become possible because of information from various sources such as emails, blogs, and tweets. This enables market researchers to get a more accurate picture of the situation in the market.
In the past, researchers would interview people face-to-face or over the phone. This method has drawbacks – you can’t ask follow-up questions or probe deeper into an issue.
You may also find that some people are reluctant to give honest answers during an interview if they don’t know who else is listening or watching.
Nowadays, companies can collect vast amounts of data from social media sites where people discuss their experiences with products or services. Researchers can use this information to get a more accurate picture of the situation in the market.
For example, suppose you’re trying to decide whether your company should offer free shipping. In that case, you could look at how many people mention free shipping when talking about other online retailers on Twitter.
Artificial Intelligence for Data Collection
Market research is a vital component of business planning. Technology has made it easier for companies to collect data about their customers. Artificial intelligence has several applications in market research, including:
- Customer satisfaction surveys. Many companies use AI to gather customer feedback using surveys that can be completed on any device with an internet connection. This technology allows them to automate the collection of survey data. It can help reduce costs and save time by letting respondents complete the survey at their convenience.
- Customer segmentation and targeting. Market research facilities are using artificial intelligence to develop better customer segmentation models. They can create more effective targeting strategies for their clients. This allows them to deliver personalized experiences to their customers based on what they know about them as individuals.
- Data mining and analysis. Marketers who want to discover more about their customers’ preferences turn to AI systems that use machine learning algorithms. These analyze large amounts of data from different sources, such as buy histories.
Augmented Reality Is Changing Collection of Visual Information
Augmented reality is a technology that overlaps computer-generated images on a user’s real-world view. It’s already being used in marketing and retail, but we expect to see more AR in market research.
AR has the potential to revolutionize visual data collection. It makes it faster and easier for researchers to collect, analyze and disseminate information.
Augmented reality could enhance survey questionnaires by adding graphics or video elements to questions.
This will make them more engaging for respondents and make it easier for them to understand what’s being asked.
The ability to overlay visuals on top of reality means that researchers will have more flexibility in how they present questions and collect responses.
For instance, they’ll be able to present questions in different languages. This way, they don’t have to worry about translation errors or missing responses from non-native speakers.
Voice Recognition Is Making Market Research More Efficient
Voice recognition is the next frontier for market research. Voice recognition technology is already being used in many ways. For instance:
- Automated phone surveys
- Voice-activated personal assistants
- Web chatbots
- Smartphone voice searches
Voice recognition technology has been around for years, but it’s still not as accurate as we’d like it to be. But, the software has been improving over the years, becoming more available and affordable.
This means that market researchers can now use this tool to collect data from a broader range of people than ever before.
Voice recognition allows you to conduct surveys with anyone with a smartphone or computer access. You can ask them questions, no matter where they are or what language they speak.
And because you’re not restricted by geography or time zones, you can work around the clock and reach more people at once than ever before.
Mobile Devices Make It Easier for People to Respond to Surveys
People are always carrying their phones with them, ensuring they will always be available when a market researcher needs them. Besides, mobile devices allow for more convenient and private responses and shorter survey times.
Respondents do not have to wait for long periods before returning surveys through mail or email.
Social media sites like Facebook allow companies to reach consumers through ads on their pages. Facebook allows companies to target specific groups depending on demographics and interests.
This enables them to find the most receptive audience for their products or services. This form of advertising also allows companies to see how many people have seen their ad.
They can gauge its effectiveness based on these numbers alone. They don’t have to rely on sales numbers as proof of success or failure done in the past.
Technology has changed the way we do market research. Taking a quick look at how we carry out this vital task, we can see some huge benefits to using technology in our work. It saves time, effort, and money and provides more accurate results.
The tools we have come to rely on are being updated and improved upon. Further changes in market research will develop as technology advances further.
Yet, the future looks bright for this aspect of the job market. Most people are taking a positive attitude toward technological changes in the workplace.
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