How To Elevate Your Market Research Strategy For Better DecisionMaking
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Like any other science, research begins as a completely manual process. Survey responses were collected in person or by mail in the 1940s, and the results underwent rigorous coding, tabulation, and analysis for insights. Since then, the development of computers and the Internet has allowed researchers to collect large-scale data quickly and cheaply.
Thanks to new advances in data collection, researchers can now collect information from anywhere in the world (through various channels such as email, social media and websites). Additionally, they can leverage the immense computing power of the cloud to examine billions of data points simultaneously, all made possible by market research software.
Since the SaaS market research platform is widely used, we no longer need a research team to conduct studies. Anyone within the company, including marketers and product analysts, can launch a research study with the click of a button and gain real-time insights.
Let's start with the basics and learn more about market research platforms and the role they play in today's market research industry.
See also: 4 Market Research Steps to Ensure Success
What is an Integrated Market Research Platform?
The integrated market research platform supports end-to-end market research including design, recruitment, sampling, data collection and analysis. Streamline market research methodologies and processes in a single online platform for ease of use and continuous information generation.
Companies, individuals and research organizations use research platforms to collect and analyze data to support decision making. Users can conduct studies, obtain results and transform data into insights, all on a single platform, combining survey tools, analysis tools and reporting.
Why do we need a market research platform?
Today's researchers are less traditionalist than they once were, perhaps due to the demands of today's market research industry. Researchers must strike a balance between accuracy and speed. They are expected to adopt the technology while staying true to research methods. You are encouraged to come up with richer ideas but deliver them succinctly.
However, this statement is easier said than done.
Not only are these tasks extremely difficult and time consuming, but they also create barriers to the simple process of market research with one tool.
See also: Impact of technology on market research
The benefits of an integrated market research platform
The integrated research platform offers many benefits that meet today's industry needs:
For the convenience of all platform users, all the necessary tools for market research can be integrated in one space. For example, qualitative and quantitative research are used for different use cases and therefore require different tools. With built-in market research tools, the two features can be combined.
Since the market research platform is hosted online, it can be accessed anytime, anywhere, ensuring seamless collaboration between all stakeholders (thereby increasing the conversion of insights into action). Studies show that the future will be powered by SaaS; According to Statista, the SaaS market is valued at approximately $145.5 billion in 2021 and will reach $172 billion in 2022 and is expected to continue growing.
Unlike many market research solutions, the standalone platform requires no programming skills and is easy to use, eliminating any skills or training gaps required for its implementation.
With direct access to a panel of pre-profiled participants, an integrated platform is equipped to host short-term and ongoing (long-term) research projects.
Using a single tool, you can run multiple studies simultaneously and gain insights faster, increasing the likelihood of increasing your ROI. For example, a marketer might test several ads and run the most appealing ad for the best reach.
Qualtrics' Market Research Trends Report shows that 67% of companies plan to acquire new market research technologies by 2022 (a 7% increase over 2021).
Steps to adopt a market research platform
There are many market research tools today. Here are some goals to keep in mind before implementing them:
Prioritize speed and accuracy: At a time when customer loyalty is dwindling, generating insights isn't enough. The key is to produce better quality information faster before your competitors beat you.
Conduct your consumer research online: To ensure maximum speed and efficiency in research without sacrificing quality, in the digital age we live in today, it is essential to bring research-based businesses online.
Increase adoption by search and marketing teams: While it's true that search engines aren't what they used to be, sadly changes aren't fast enough to keep pace with changing markets. Communicating the benefits of integrated market research software within research institutes and organizations is critical to increasing awareness and long-term adoption.
Choose an integrated research platform: There is a difference between a market research platform and an integrated research platform. It is advisable to implement tools that integrate seamlessly with current (and future) systems to ensure less development and implementation effort and a smoother overall research process.
See also: 3 ways to gain consumer trust through market research
Since integrated platforms are inherently adaptable, they allow for continuous evolution and innovative progress (since they can integrate any tools and methods in the future). This way, companies can design a search platform to meet their needs at any time. The new requirements can be integrated wherever possible, allowing for longevity that other non-integrated platforms cannot match.
Streamlining processes such as researcher-participant communication, data reporting and visualization techniques by fully automating research is no longer just a concept, but a reality that can be achieved thanks to market research platforms.
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