Technology has shifted world business towards a new skyline. This is reflected in production, marketing, management and even in market research domain.
The practice of Market research in its early days, implemented traditional practices. Survey, observational research and focus group are the stalwart methods of traditional market research and amusingly, are still commonly used. But they are confounding serious limitations. As President Obama himself said in one of his speeches that- we are left with no control over data anymore; shows the explosion of data that exists today. Plus, effort to clean them for effectiveness is another overhead.
Now let us peep into 7 advantages new digital market research techniques holds over the traditional:
1. Real-Time and Proactive Reports:
Benjamin Franklin said, “An investment in knowledge pays the best interest.” While we talk of investment in digitization of data curation, achieving the interest to best of our knowledge can certainly be manifested.
Digital technology has created the anecdote for accessing respondents globally plus gathers and process insights instantaneously. It has enabled to look into real time life events of a respondents any time anywhere.
Such insightful information can enable the business houses to generate reports that will be proactive rather than reactive. This particularly will expiate the estimation of trends making them more accurate and authentic.
2. Shift from data collection to data analysis:
Collection of data was a major hurdle in early days of market research. Reaching out to right people, filling questionnaire and running in the field under bad weather is not preferred by many. But with bulk of world’s population moving online collection of data has become a cake walk.
With advent of Web Analytics, tons of information about visitors to the website, including pages’ views, demography, behaviour pattern, screen resolutions, etc. can be gathered. This information can be understood and used to harmonise a website to its target audience. Amazon’s predictive recommendations via big data is a terrific example. With effective monitoring the products that user purchases or views and correlating those data with purchase histories of others, Amazon effectively present product recommendations to its customers.
3. Massive Reach out via social media with less time:
No one ever wondered that social media will become a market place a decade back. But it did. In 2016, Facebook with 1.65 billion, Twitter with 310 Million and LinkedIn with 433 million monthly users enthusiastically taking part on daily basis, marketers cannot ignore the potential research in social media platform provides.
In one of the edition of Harvard Business Review it published, “The exponential growth of social media, from blogs, Facebook and Twitter to LinkedIn and YouTube, offers organizations the chance to join a conversation with millions of customers around the globe every day.”
More so, honest and keen feedback on products and services are easily availed from customers through social media. And all these data curation can be achieved at a very less time too via social media. It is actually a big bonus when time is considered as a precious resource and achieving such insight at fewer time spans can definitely keep you ahead.
4. Accurate Target Research:
Best part of Digital Market research is that the targeting can be pin point! Taking quick surveys via email or requesting feedback via SMS can be possible with dead accuracy.
Such accuracy can do wonders with the results, giving high productivity.
Further Keyword and Adwords targeting through search engine like Google and deriving analytical reports furnishes a transparent result. These kind of precision boost the market research reports and provide companies with positive output.
5. Live response from customer with Mobile:
Customers are now days online almost entire day, thanks to varied smartphones and low internet prices. In fact mobile has taken lion’s share of internet traffic. This gives obvious reason that people even on the move has the luxury to fill forms and respond to the queries and offer vital insights of market research reports at any time or place.
Talking to the live subject sitting at the other end of the world can be considered as miraculous in the line of market research. With WhatsApp and Skype enabling features to talk with low rate is another positive aspect that researchers can jump upon to gather info.
6. Low cost investment for research
Peter F Drucker, the US management consultant rightly meant it when he said- “The new information technology, Internet and e-mail, have practically eliminated the physical costs of communications.”
With massive availability of customers online, clubbed with software tools that are available a low end, do give a perfect blend for research at low cost. Digitization of research also creates the opportunity of using less human resource to collect loads of data at very less amount of time. Additionally, cut down on travelling cost as well as printing costs of documents can assist a company in reducing budget by going digital.
7. High End research with sophisticated tools:
As we already have mentioned, technology has unleashed new horizon with availing cutting edge tools for analysis of data. Interestingly software tools are available for research that can track down the bio-metrics of every customer. Such identification enables creating of highly customized products.
Mind mapping is also a similar trend that many high end research companies have put their money on. It has enabled companies to segment, target and positing products so precisely that just the name of the product is enough for the brand to surfaces instantly in customer’s mind.
We at Infoholic Research, a global ICT market research and consulting organization, is capable of providing strategic and high-level market intelligence in emerging and niche technologies. Connect with us for any kind of research reports catering to your business needs.