7 Astounding Ways Technology has Revolutionized Market Research

Collecting information from sources and people has become the easiest task. The same was a time-taking process in traditional era, when to communicate; we had to wait for days and hours together. But, with technology, contacting others is a piece of cake. With boom of internet, electronic devices, and advanced analytics software, improvements are seen not only among common mass day-to-day life, but also the way companies function, especially market research firms.

Today, revolutionized techniques are used to obtain data for quantitative and quality research. These help in forming best strategies to optimize businesses. Be it a simple email, a telephonic call, text message, dropping customer feedback to speaking with industry experts, technology has changed the face of communication and research methods utilized for commerce. Here are 4 major ways how marketresearch technology is shaping businesses.

Accountable Data Collection and Analysis

New software prepared to collect and analyze data is flooding market. Now, organizations can look beyond traditional techniques such as interviews, focus groups, and paper surveys etc. With internet and other technologies (mobile communication), the researches can be surer about type of industry analysis tools, targeted audience in receiving quality feedback. Powerful data calculation and collection methods are helping to save on time, investments, increase market share, and understand consumers much better.

Social Media Taps Unfiltered Feedback

People of every age and business are present on one or the other social media platforms like Facebook, Twitter, Goggle+, LinkedIn etc. A large amount of market research data can be procured from these sources regarding customer responses, noting their experiencing and views about a company product or services. These platforms are excellent for creating campaigns, brand awareness, and reputation management. A complete monitoring of social media channels for a company can grant it enhanced ideas for SWOT, and future strategies.

Real Time Results in Seconds

We can know about consumers view in a matter of few seconds. Tools like Google analytics and others assist in observing demographical and segment wise customer behavior, happening in real time. With such market research technology, it has become effortless for companies to keep a track of what customers want, need, and improve upon factors, which the organization lacks. Also, this has bettered possibilities to speed the supply, and fulfill required demands of the audience.

Enhanced Customer Relations and Management

Earlier with traditional means scrutinizing consumers’ needs was a tidbit a difficult job, which required huge investment in manual labor for industry analysis. With advent of technology, companies can reach customers faster, and provide them class facilities/offers etc. This has eased management of researches, market flow etc. inputting greatly in business profits, and its life cycle.

Cross-platform for Launching Campaigns

The agencies will deploy resources on the internet and new software that will help introduce new campaigns and strategies to a larger audience. There would be tools designed to analyze what people think of their products and services, without having to physically visit each and know about their responses. Moreover, the companies will tap more such platforms and partner with other competitors to enhance their technological skill by providing some value benefit to each other.

Getting People to Engage Promptly

Brands will progress hugely with popularity gained by customers engaging in the offerings. This will be achieved by novel technologies prompting consumers to perform a certain action, be it related to sales, purchases, information etc. This will aid researchers in garnering more feedback, while increasing the amount of hot leads, which can be pursued to close the deal.

Sensory Inputs to Track Behaviors

As discussed, devices and technology to crack what people feel would be of greater stress in the future and even present. Sensory inputs of the customers will allow researchers to know what the audience perceives about particular competition, product, or services. This can have a great impact on a business. The company will be able to understand how to shape their strategies aligned to the responses.