The world of market research has undergone severe changes over the past 20 years. The technological advancement in marketing research has resulted in more efficient and meaningful data collection than ever before. In addition, the use of online surveys in the 1990s to introduce social media, Big Data, and artificial intelligence (AI) has changed the way market research is being conducted. The use of technology has facilitated the life of a market researcher and enhanced market intelligence. Additionally, emerging technologies have made it possible to go through real-time reports and data analytics. Thus, AI and machine learning will be effective tools to conduct market research at the highest level.
Benefits of Technology for Marketing Research
The benefits of technology for marketing research are as follows:
Multiple data sources: The introduction of new technology in market research has enabled researchers to gather a more holistic view of respondents by using multiple data sources. In today’s time, marketing researchers are just not limited to emotional data. They can also collect behavioral data, passive data, and attitudinal data by use of technology, such as user behavior analytics. These multiple data sources give an in-depth view of a person or a condition, allowing businesses to make more informed decisions. In addition, with technologies such as video analysis and social media tracking, brands can get an idea of how customers perceive various products/services to place customer-centric decisions.
Global reach: The use of technology in market research has brought the world closer, and accessing new participants across the globe has become easier. It opens up possibilities of choice for how, when, and where to research by allowing respondents across the globe to participate. Businesses can reach out to inaccessible demographics and overcome declining response rates by executing appropriate technology for each research study.
Improvised data collection methods: The improvised data collection methodologies such as mobile ethnography and online market research communities, give detailed feedback more easily than before. With advancements such as wearable technology, market researchers can track factors such as blood pressure, heart rate, and even skin temperature of the respondents. It allows relevant insights into a respondent’s feelings by interpreting the whole customer experience.
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