Evolution of Market Research from Traditional to New-age Methods

The rise in technological advancements has turned out to be a boon for the market research industry. Before the advent of technical advancements, people conducted market research by reading and analyzing data from various books, thesis, papers, etc. The market research field has depended on various tried and tested conventional methods for many years.

The new-age researchers still look at the old methodologies as indispensable methods of researching the market. Many researchers still conduct market research with the help of traditional methods for various reasons.

The authenticity and reliability of data differs from one method to another. Hence, it depends on what kind of data is required before the method is finalized. There is no obligation to enhance the data or sources to keep up with the pace of new technologies.

Traditional Market Research Methods:

The well-known fact is, no matter how modern or equipped the technologies become, it is difficult to replicate or replace the traditional market research methods. In-home panel discussions, focus groups, and one-on-one surveys are traditional methodologies based on face-to-face interactions for an organic response.

Unlike modern methods, the flow of conversation in these methods is natural and on the spot. The various facial expressions, actions, tone of voice, and other behaviors of consumers can be captured with the help of traditional forms of market research. Even though with the help of technology, all of these methods can be replicated with technologies such as video conferencing, the in-person feel and comfort are totally different, pure, and incomparable.

Adapting the New Age Methods for Market Research:

With the latest innovative ideas in market research, digital methodologies now offer various benefits, like online market research panels, surveys, online data collection, and many other methods. Modernization definitely helps with authentic qualitative research and can be conducted anywhere from homes to another another country, unlike traditional methods.

With the modern methods, researchers can create a comfortable environment for the respondents and who can then easily share the responses without any biased or cross feelings. There’s no scope for judgement by others, like in the traditional method of panel discussions, or any confusion in sharing thoughts, unlike in those one-on-one situations.

The various advantages of adapting to new technologies include:

• Cost efficiency and effectiveness
• Accelerated reverts and solutions
• Convenience and comfort
• Hassle-free and quick outcomes

We at IBI — Global Research Solutions have a good mix of traditional and modern market research methodologies for our clients. Depending on the requirements and concerns, we suggest and organize research methods that would best suit the brand or product to move forward.