5 Latest Technologies Changing the Way of Market Research
Market research is a process of understanding consumers and their needs. Any business needs to have a deep understanding of the customers before they design or launch anything new. The market research gives them insights into what they need, what they are willing to pay, and how to sell it. With the latest technologies in market research, businesses can now collect more data than they could have ever imagined possible.
Through the use of AI analytics, artificial intelligence, big data collection, and predictive analytics - businesses can come up with solutions that will solve the problems of their customers at scale. AI has been making its way into all aspects of our lives from healthcare to workplace productivity tools.
Our research and advisory company would like to bet on these latest 5 technologies that are changing the way of market research are:
1. The proliferation of 5G
Manufacturers and telecom companies will adapt their designs and networks to cope with consumers' demands in 2021, leading to a proliferation of 5G networks. In addition to urban dwellers, country dwellers will benefit from the increasing availability of reliable wireless connections. Automation and the Internet of Things (IoT) will undergo the most dramatic changes in the coming years & will pave the way for market research.
This means more mobile surveys for market researchers & a much wider scope for market research services. In addition, market research panels have an opportunity to integrate the data collection process with participants' everyday products: automobiles, home appliances, home systems, and businesses. These station points can serve as a data entry portal for behavioral data and/or serve as triggers for interactive research activities.
As COVID-19 takes hold, video ethnographic data collection has grown exponentially, an area that was traditionally conducted face-to-face. To ensure the success of these programs, we need 5G speeds and reliability.
2. Predictive analytics to track customer behavior
The term 'Predictive Analytics' refers to a variety of statistical techniques used to analyze historical and current data to predict the future. They include Data Mining, Data Modeling, and Machine Learning. Based on historical facts/data, an algorithm is developed that includes key trends and patterns, resulting in a Model. Marketing and market research solutions are made easier with predictive analytics. You can use it to examine, analyze, and research the various aspects of marketing, including survey results.
Predictive Analytics is changing the way we see market research today and leading companies are embracing predictive analytics by deploying complex algorithms to obtain crucial data and then convert it into meaningful data.
3. Automating customer surveys
Traditionally, customer surveys used to take a lot of time were inefficient and ineffective and produced low-quality results as a result. However, marketers and market researchers can now benefit from automation by receiving specific answers to campaign questions based on previous behavior. Such as how a target audience is responding, how well past marketing campaigns have done, which messages resonate with a target audience, where campaigns performed better, and more.
The automated process makes it possible to combine large amounts of survey data in a short period of time in order to drive smarter decisions and simplify human work. Researchers can spend more time analyzing results when data collection is efficient, allowing them to make better business decisions.
4. Voice recognition technology to gather data from customers
Market researchers are now looking at more personalized data sources from where they can intake data and can understand the lives of the end consumer in a better way and this is where this emerging voice recognition technology comes in.
It helps in collecting real-time data with virtual assistants such as Amazon's Alexa and Apple's Siri have an advantage over Google Analytics. These assistants can provide detailed data based on specific voice queries, such as the number of visitors to a website during a week or the average time visitors spend on a page.
5. AI for data analysis
The use of artificial intelligence (AI) has led to a new solution: Businesses can quickly scan vast amounts of market research data using algorithms developed with data obtained from public data warehouses. Artificial intelligence is becoming increasingly popular among e-commerce firms because it is cheaper than traditional market research methods. Unlike traditional market research sources, these AI-generated reports are available for anyone to browse, whereas traditional sources charge upwards of $4,000 for single reports.
AI will have a big impact on the way companies build their products when it is available and used in market research. A brand can make more informed decisions when they have access to an unlimited amount of information. Despite the advancement of AI, the market research industry will experience enormous changes, though the changes won't be noticeable and will slowly become more mainstream.
Conclusion:
The advancements in the rapidly emerging technologies is sweeping up the floors and with market research industry standing at the forefront is embracing these changes and leading market research agencies are now transforming themselves to cater to much larger needs and to a wider audience with technologies such as Artificial Intelligence, Predictive analytics and voice recognition gaining industry wide momentum
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