Kevin Gardner, Negosentro | Technology has changed how we carry out our daily activities. Additionally, technology has brought a lot of changes to research marketing. The advancements in technology are enabling people to be more agile and efficient. Technology has made the job of market researchers easier. Here is how technology has changed market research:
1. Social media was incorporated
When you hear of social media, you should automatically think of Facebook, Snapchat, Instagram, LinkedIn, and Twitter. As time goes by, more and more people are enrolling in these social media platforms to be in check with what is going on around the world. Since social media is the place where you can find most of the people, which is where market research takes place. Market research is being transformed by social media in some fantastic new ways. Social media allows you to interact directly with your clients and get to know what exactly they want. These platforms are great for brand awareness and reputation management. The moment you learn how to use social media for market research, your target market knowledge will be enhanced.
2. There is an improvement in the collection of data
There is always new software on the market that can be used to collect data. Most people are used to the traditional methods of collecting data like interviews and surveys. Technology has enabled researchers to target what they measure and tell how fast they get feedback. Making use of 360 feedback allows employees in an organization to convey information amongst themselves. A good example can be a mood-sensing device that personalizes your shopping experience. Using such a device makes it possible for you to learn more about your customers.
3. Enhanced data analysis
As your company grows, the amount of data you collect increases as well. Therefore, you need to know how you will analyze all that data. Technology has made data analysis easy and sophisticated. If you have good analytics, you can use that to create stronger customer relationship management. A good example is 02, which is a mobile communication company that makes use of advanced analytics to improve customer retention and increases loyalty for so many years. When it comes to advanced data, you have to define your KPIs properly. Therefore, you will be in a position to choose what best suits your company.
4. Ability to create new research roles
As technology advances, the need for new skills arises. In other situations, companies are forced to come up with new positions that specialize in those specific fields. Nowadays, everybody has a smartphone that keeps them connected to the world the whole day. As an entrepreneur, you must look for ways to approach these potential clients. The new roles created in organizations ensure that the data collected from either social media or mobile devices are properly translated.
5. Big data informs research
A large amount of data collected by either online and offline methods provide market researchers with a huge pool in which they can come up with strategies accurately. Through the use of technology, you will be able to go through the data and delete the unnecessary parts. The good thing is that your level of confidence as a market researcher will go up because you know that you are using a robust data warehouse.
It is the best time to know your clients better. Most clients do not compromise on quality, if your product is substandard, they shift to another supplier instantly. You cannot afford to lose any client. Therefore, when you are carrying out your market research, interact with all your clients and make sure you deliver what they ask for. Spend your money on expensive technology, as long as you have done enough research. You will yield good profits.So, if you have not incorporated technology to your business, now is the time to do so. Do not be left behind.