Technology has a huge effect on our daily routines, communication patterns, and use of space and time. It has a strong evolutionary change effect on the world and is important in that it creates constant rounds of change and flux which are associated with path-dependent processes like how the past is affecting the future. Businesses and Industries are no exception. On the fundamental level, market research is used to identify the changes in user behaviour and the industry itself. Times are changing fast ever since technology has entered our lives and revolutionised the way we operate and interact. It is responsible for changing consumer trends faster than ever. Traditional market research is not getting the job done in today’s world. Marketers who continued using methods such as questionnaires, interviews and focus groups for decades pay testament to traditional research’s usefulness. However, rather than helping them win, these same strategies that once worked for large companies are now causing them to lose sales and market share. We will examine how technology impacts market research in this article.
These days businesses are blessed with a massive amount of data to analyse in order to tap into their customer needs. With the vast amount of data to handle and the ever-changing market, it often slows the process of getting the needed results with the old methods. Standard methods are too slow, so by the time a company acquires the results and then further goes ahead and analyse, the market can switch to some different trend. Agility is the future of business and the speed of getting to the required insight is one of the most important aspects of getting ahead in the market and staying ahead.
Digitisation and technology have enabled market research to unlock new potential just like any other industry. Tech-enabled market research allows companies to speed up their traditional market research in a cost-effective way. This kind of research is performed by firms that apply more cost-efficient, digital methods to gather the same data and information as before that used to require a large workforce and consumed so much time.
With the advent of the internet, smartphones, and advancement in data collection, there is more data available on customers, their habits, and their preferences than ever before. Tech-driven market research makes use of these behavioural data sources and unlocks their value.
Nowadays market research is so much more than just analysing the demographics such as age, location, gender etc. Consumers are looking at the brand as a personality of their own extension thereby it is equally important to consider the psychological factors, not just the metrics. There are tech-driven market research companies that capture data and information across the globe and record product choices and consumer behaviour on their mobile phones. With the help of AI and Natural Language Processing technology, it analyses and structures this vast collection of text and images into powerful consumer intelligence. Brands use it to gain a deeper understanding of the natural, in-the-moment behaviour of their customers which helps them to identify how they can better serve their needs.
Today, nearly 90% of the market researchers say that they use online surveys regularly as it helps them obtain faster results and for its cost-effectiveness nature. Statistics show that 4.95 billion people use the internet as of early 2022, and that number is growing by 4% each year. If you analyze social listening mentions, you'd find that monitoring and managing misinformation are among the top five themes. These are the issues your competitors are focusing on. Since social media never sleeps, that means the potential for market influence doesn’t either and that is why you should incorporate real-time social media competitive analysis which will set you ahead of your competition and will act as a safeguard to your business.
Every day, millions of us share our ideas, needs, wants, frustrations, and desires on various social media platforms. For almost any consumer-related topic that you can think of, somebody out there will be discussing and posting about it. Therefore, by analysing this vast and rich data source we can identify known and unknown consumer topics and understand how and why they are trending among them and what are their needs or the market gaps. Furthermore, we can scientifically predict which of today’s emerging trends will sustain growth and most impact consumer consumption and purchase behaviour in the future. If you’re trying to create new product innovation ideas this is an useful information.
As time goes on, the impact of technology on market research will likely continue to evolve, driven by entirely new advancements in technology.