The Use of Technology in Market Research

Wherever the human capability faltered, technology came to the rescue — and market research is not different. Technology has caused a boom in the area of research by making it effective, efficient, and quick. With the market changing rapidly, there is little room for delay. Thus, technology ensures that everything in the research is immediate and large-scale.

How does technology help?

01. More reach:

Technology helps research go beyond the limits of place and time by entering new territories and time zones. Audiences can take part in a survey at their own convenience and from whichever place in the world they are. Moreover, technology helps target only those that are likely customers, thus saving brands the waste of time and money.

02. Inexpensive and fast:

With technology, there is no need to be physically present at a place. A simple survey can be circulated around and data will be at your fingertips. Social media, Artificial Intelligence, etc also help make the process much quicker and easier by providing huge data as well as the capacity to analyze them in a short time.

03. Better Quality:

Data is not enough if it is not relevant. Machine learning algorithms help sift through data and analyze only the ones that are useful to the brand. This improves and enhances the quality of research.

An instance of technological help in market research:

01. Virtual assistants

Virtual assistants like Alexa and Siri belonging to Amazon and Apple respectively help researchers by providing instant data on the number of website visits, bounce rates, time spent on each page, etc.

02. Chatbots

Chatbots can act as instant survey tools that help users answer questions without having to fill a separate form. In addition to that, chatbots can also solve user queries that help brands know how people are thinking and perceiving them.

03. Blockchain

Blockchain is a new and emerging way in which data can be shared via a two-way process between consumers and researchers. It will enable the storage of data in a transparent network that is accessible to all stakeholders of data.

Technology has helped create a level playing field for all by helping companies — big or small- to access data equally and inexpensively. With technology, the future of research is a promising one.