How is technology changing market research?

Market Research in India which was once dominated by traditional methods is slowly giving way to evolved technologies like social media, advanced data collection software and analytics. Companies can today mine and analyse data at the drop of a hat with the help of global panels.

The world is becoming a smaller, more accessible place with the help of technology. For a researcher, technology has created the ability to access respondents across the globe, collect and process insights instantly, and peek inside the life of respondents whenever and wherever they are; all in real time.

Some of the most exciting technological advances in marketing research involve the integration of multiple data sources, permitting a holistic view of the person or situation. Unconscious motivational-emotional data can now be integrated with passively collected data, such as bio-metric measurements via wearable devices or smartphones, and social media or other digital data. Market research will continue to evolve as we shift toward creatively combining new data inputs and developing models that lead to more practical applications.

Big data and marketing research will converge to help businesses produce more meaningful insights. Brands can make more strategic decisions in a faster amount of time by using more behavioral data, attitudinal data, and advanced analytics. Using data mining and visualization and predictive models can also help with the different states of the customer life cycle including acquisition, churn, retention, up-sell/cross-sell, and collection effectiveness. Businesses can increase revenue, resources, and productivity by using a combination of big data and traditional marketing research.

An example of Technology-Based Market Research Revolution can be seen in one of the newest methods of understanding customers’ shopping patterns. This method utilizes scanning technology and is called Scan It! It has been adopted by grocery stores in the US. Shoppers are asked to carry a scanning device with them throughout the store. They are permitted to avoid the check-out line and it also helps them take advantage of customized discounts as they shop.

The amount of market research data collected when shoppers use this device is astounding. The previous purchasing behavior of the shoppers can be retained on a loyalty card that may be activated as the scanner is deployed, so location-specific discount offers can be provided to the shopper when he moves through the store, and his response to the location-specific ads can be tracked.

The impact of the scanner on customer loyalty, spending levels, and buying behavior all become available to the market researcher. This is what the new research revolution looks like.

Mobility is the biggest advantage of technology in market research. Advanced software can gather feedback and consumer insights whether in the office or out in the most remote areas and help engage both the consumer and the researcher more effectively.