Technology is present around us in every small step of our lives, improving several parts of our lifestyle. Additionally, technology has the power to change some industries forever, and market research is one of them.
Businesses must know critical details about their customers to help them create better concepts, and market research can significantly aid them in this process. The good news is that market research companies can now leverage technology to improve all their operations. Market research is what enterprises need to have a competitive edge, discover the latest market trends, find out more about consumer behaviour, and make decisions with these ideas in mind.
Market researchers have turned to technology to improve their methods of gathering data and gain more insights into customers’ behaviours. Technology can bring several advantages to market research operations, as it can boost productivity, reduce costs, and increase efficiency greatly. Many technologies can be used in market research processes, and we will explore some of them in this article.
Artificial intelligence (AI)
AI has proved to be one of the forefront technologies that can reshape market research operations, as artificial intelligence can perform tasks associated with humans. AI can improve market research, as it can gather a large amount of data, more than any human could. So, AI can offer more solutions and a better idea of customer behaviour. Market researchers can greatly improve their tasks thanks to AI, as this technology can boost efficiency and automate plenty of tasks that humans can later analyse.
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR are other technologies that have the potential to revolutionise the market research industry and help it thrive more than ever. These virtual environments can change the market research sector forever as they bring innovations into this sector. For example, AR and VR can be used to better understand consumer behaviour, test products in an optimised way, and make an analysis from the early stages. Plus, these technologies can also bring more accessibility to the research industry, which is something important for market researchers. AR and VR are less expensive than other feasibility analyses, product concept testing, and consumer behaviour interpretation methods. Brands can integrate AR and VR technologies to help customers better test a product, like viewing it in their physical surroundings. This can help individuals worldwide improve their decision-making and see if they like the product before shipping it. This also removes the cost associated with returns.
Real-time market research
Another great advantage of technology is that it can encourage real-time feedback, which can help market research companies improve their operations. Thanks to this real-time data, a company can see when a customer is looking to buy a product, and then all the marketing efforts can make customers finalise a purchase. However real-time market research can indeed be a helpful source, but companies need to change some things in their strategy to include real-time results. Still, real-time feedback can offer a better perspective on the consumer’s past, present, and future habits. Savanta market research company is a great example of a business that focuses on offering their clients the best experience thanks to powerful technology and data.
Microdata
Often, big data is the top topic, but microdata is also essential to consider, especially as it has an important role in market research. Microdata refers to a consumer’s activity, and it is important to analyse it to discover more information. Microdata can be what businesses worldwide need to better understand their customers and create more targeted campaigns.
Eye-tracking
Eye-tracking can also be a great technology to use for market research. This research method can analyze where a person looks and, in this way, offer better insights into what they are thinking. And now, thanks to technological advancements, it has become possible to track the eye’s movement. This occurs thanks to high-resolution cameras and infrared light, as they can be valuable analysis tools for market researchers to examine the eye’s movement in response to several stimuli. The results can unlock consumer reactions and real-time emotions, offering valuable insight into consumer behaviour.
Wearables and the Internet of Things (IoT)
Market researchers can also gather data thanks to technologies like IoT and wearables, which are now so popular for plenty of people worldwide. IoT technology implies the connection of some objects and devices to exchange data with the help of some real-time embedded sensors. And now, IoT technology can be embedded in a large variety of devices with the help of sensors. The result? Market researchers can gather plenty of information about their customers and what they do in their everyday lives. With the data figured out by market researchers, companies can design amazing products specially created to their preferences.
Social Targeting
Another technology that can be used to improve the operations of market research companies is social targeting, where businesses can post several things that are specially related to a specific audience. This has become important and can even maximise the results of a marketing campaign, as it is better to make campaigns, especially for an audience that can relate to the products and services of a business. This targeting section could be made based on gender, age, language, behaviours, and interests so companies can develop campaigns, especially with these criteria in mind.
The bottom line
Now, companies can use plenty of technologies to enhance what they are offering to their customers. And luckily, this also applies to the market research industry, as technology can reshape plenty of processes from this sector. With the help of technology, market researchers can collect data more effectively and then analyse it. However, technology should be seen as a great addition to this sector, not as a replacement, as humans are still needed. Still, the collaboration between humans and technologies can indeed reshape the market research industry, as technology can automate several tasks while humans can use their magical abilities to understand consumer behaviours better.
