Market Research can help organizations build a successful business by getting to know their customers better, refining the products and planning the marketing efforts. As we discussed in the previous blogs, market research can be a significant investment, which requires good planning and execution, yet it’s one that many successful companies choose to make again and again. In this blog, the technological advancement in the field of market research will be explored and also reasons why organizations should consider conducting market research today.
How has market research shaped until 2020?
In the past five years, there is a definite boom in the demand for more consumer insights. It is noticed that surveys are getting shorter while AI (Artificial Intelligence) and ML (Machine Learning) is used to enhance the data and discover hidden patterns. Today, companies want to hear directly from their consumers on the product or service feedback, almost immediately post usage. And mechanisms to gather such qualitative and quantitative feedbacks have improved significantly. Today we have online panels, mobile phone surveys, POS surveys, online focus groups, etc. which allows gathering information in a shorter time frame and almost in real-time. There are a lot of self-service platforms and websites where companies can administer their own short micro-surveys, mostly for CSAT (Customer Satisfaction) and NPS (Net Promoter Scores). Software like Tableau and Microsoft BI, Survey Development platforms like SurveyMonkey, Web Analytics like Google Analytics have all made it easier than ever before for companies to collect and synthesize large quantities of data with limited third-party assistance.
What can you expect in the future?
As we move to the new decade, companies who understand their customer better and align their brand, product or services to meet and exceed these customers’ needs and expectations are bound to win in the market. It is important to note that quantitative and qualitative research methodologies and processes will remain valuable as companies and brands will continue to measure and benchmark various parameters like awareness, satisfaction, and perceptions. What technology has changed is the method of data collection, speed of data collection and speed at which insights can be delivered.
Capturing data via conversational techniques like chatbots and intelligent voice agents are gaining prominence. These are very quick, unobtrusive, and has a familiar interface for the customers. Today, many businesses are turning to social media to gain insights on their customers, brand appeal, market trends, etc. Social Media Research has been cost-effective and can be used to discover trends in real-time. It also gives brands insights on the language of the audience to develop a better marketing strategy.
Why should you consider Market Research today?
Businesses, be it of any size, needs to equip themselves with information and insights to make informed decisions on starting up, innovating, diversifying and marketing. Customers today are exposed to a lot of options and business decision making purely based on intuition and experience may not be effective in this competitive scenario. Insights and facts based on research give you a much more accurate picture of the market. Conducting market research regularly is unavoidable to keep up with the market and consumer trends. Research is extremely beneficial in
- Identify the latest market and customer trends
- Understand the customer demographics
- Developing an effective marketing strategy
- Identifying new business opportunities and demand for new products or services.
- Understanding the competitive landscape
How can Adam Consulting help you?
At Adam Consulting, we have market research experts dedicated to delivering the highest quality data, insight, consultation, and support to meet our clients’ needs. With a collaborative team of industry veterans and specialized management consultants, we understand your business objectives and goals from all angles. With our deep expertise in the MENA market, we are positioned to provide you insights and strategies to overcome your business challenges in the region. At Adam Consulting, we focus on high business impact and delivering value to our customers.
For detailed information, professional advice, and cost-effective assistance to start a business in Dubai or anywhere in the UAE. Contact us today!
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