Strategies Most Innovative Companies in Market Research Adopt to Reach Success
Let’s have a look at the top industry innovations and strategies in market research.
In this digital age where competition is rife between companies, innovation has become a necessity for survival. Strategic planning, digital transformation and fast response to the latest market and industry trends are earning the leading market research companies the acclaim, customer loyalty, and growing revenues. Let’s have a look at the top industry innovations and strategies the most innovative market research companies use to succeed with them.
Market Research Industry Innovations
Automation, Artificial Intelligence, biometrics, and Big Data have been revolutionizing market research in recent years. Let’s look further into how these technologies are rewriting the rules of the market research industry.
The difference in speed and accuracy between automation and human resources cannot be contested; particularly, when there is a large volume of data to gather and analyze. Hence, companies now make use of market research software like automation to improve data collection and analysis for fast, satisfactory results. The place of automation as a top market research software could be assigned to:
- Speed up productivity
- Increase accuracy
- Eliminate poor methodologies
- Drive smarter decisions
Innovative companies now integrate data collection and analysis by using market research automation software. With Phone surveys (CATI) and Online Surveys, chunks of data can be sliced and diced accurately, in split seconds. They are then processed to focus on customers’ responses. A market research software like automation acts as a model to stay on pace with industries that are constantly on the move to succeed.
Artificial’ Intelligence (AI)
AI for research is another top market research software that eases up the tasks field of consumer engagement and survey development. By incorporating the effort from Artificial Intelligence, innovative companies can gain more insights into their target audience. Here, two things are important:
- Text analysis: discovers what the audience feels about the brand’s emerging topics in terms of intensity and frequency.
- Machine learning: uncovers predictive patterns of consumer behavior. Then, unique measures are taken to improve consumers’ experiences. Also, to improve the organization’s target and content of marketing.
Given that, the feedback for these engagements can be processed and read through: a complete face-to-face, field survey solution (CAPI); a call center management that keeps track of consumers’ activities and performances; and SMS surveys.
Besides AI and automation, a couple more trends are creeping on us. Biometrics is an emerging trend in today’s neuro market research software. Most top innovative companies use various biometric technologies to unveil consumers’ cognitive and emotional responses towards a certain product or service. With biometric systems, market researchers can size up what is going through their participants’ subconscious minds. This strategy effectively produces accurate results with the use of:
- Functional magnetic resonance imagining (fMRI): scans and measures the consumer’s brain to understand what product or service works best for them.
- Webcam for facial coding: decodes the underlying emotions of participants through their facial expressions. This helps to understand what they feel towards a particular product or service.
- Electrocardiograph (ECG): monitors consumers’ heart rate and helps marketers observe responses towards the emotional backpack. By monitoring heart rates, marketers can have a clearer picture of how the consumer responds to rendered services.
According to Vidas and Hyman, with big data now measured in Zettabytes (that is, 1 billion terabytes), innovative companies that make use of this trend, can create over 2.5 exabytes (that is, 1 million terabytes) of data on a daily basis. This large volume of data can be used to process and analyze a large scale of customers’ offline and online behavioral patterns, thoughts, emotions, and reactions. On this, the focus includes:
- Consumer behavior: big data analyze consumer’s thinking, societal influences and decision making processes. It gathers relevant information based on these criteria. Such innovative companies can predict consumers’ preferences more accurately.
- Consumer sentiment: big data carefully reflects customers’ attitudes and perceptions towards products. With sentiment analysis, market researchers can easily decide on how and where to improve interactions.
Core Principles of Innovative Market Research Companies
Market leaders are normally able to keep ahead of the park for a number of reasons: they may have the best market research software, can handle the biggest industrial projects, or their market research tools are the most accessible by price. Still, the main success reason can be because of a set of organizational principles working for them:
Clarity in Organisational Beliefs
Digitization brings about the diversification of services. It makes it easy for employees to get things mixed up in the process. The fundamental ideas of a good platform for market research must be impressed upon employees and clients. These beliefs comprise a clear definition of innovation in line with the goals of the company.
Leveraging Multi-marketing Channels
Innovative market companies leverage numerous channels to generate fresh ideas. The social media, conferences and the internet inform companies about emerging trends. With the right market research software tools, these channels help them gain insights into their audience’s preferences.
Endorsing Collaborations and Customer Engagement
Companies that have succeeded as a platform for market research place importance on team collaboration, the engagement between customers, employees, and decision-makers facilitates a free end-to-end flow of ideas. By keeping communication channels open, the relevant information is generated.
Innovative market research companies are all about continuity. They employ market research to solicit different ideas that match their target market. This goes beyond just having the best market research software, although the latter is also pivotal, and presupposes continuous innovation in view of industry trends.
Sophie Zoria is a passioned journalist writing about tech and marketing trends, mobile apps, and design. Check out her Medium page: https://medium.com/@sophie_65309