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With the growth of technology and the internet, the market research sector also has to revamp itself and meet the demands of modern business. Here are some of the common challenges faced by market research and the resolutions.
Market research involves several complex stages and covers a diverse group of participants. The purpose of market research in the business world is to gather information about the customers and use the insights for competitive advantage. Each stage of the research process is undergoing a rapid transformation in response to technological and social changes.
Digital transformation is bringing a new set of challenges for market researchers. Researchers now have to integrate data from various sources and also learn to integrate the latest tools and platforms in their research process. Apart from this, the fast-paced world requires quick and efficient research where results are produced within a short time frame. The future of market research centers around the latest technologies such as AI and automation.
Let’s proceed to examine the challenges faced by market researchers and how to resolve them.
● Choosing the right technology – Technological progress has introduced a plethora of tools for accurate data mining, analysis, and decision-making. Market researchers have to stay updated on these technological advancements and understand how to choose the right tool that suits their research purpose. The tools may not deliver what they promise and using the wrong tool could result in poor quality research and waste of time and money. The market researcher should have good exposure to technology and develop the ability to assess the latest tools and select the right one for the research.
● Tight deadlines- The majority of market research is carried out to provide cutting-edge intelligence to businesses. Hence, there is a need for research to keep up with the lightning speed and agility of the modern business. This creates pressure for a fast research process that delivers within deadlines. Market researchers can leverage the latest technological advancements such as automation, standardization, and artificial intelligence for a quick and efficient research process. AI can optimize processes and also improve the use of DIY tools.
● Multiple data sources – The data for market research is available from multiple sources such as social media, the Internet of Things, structured and unstructured, and third party research. Combining the data from these sources can provide detailed insight for the researcher. However, identifying the right source of data is not an easy task and requires the market researchers to be innovative. Market researchers have to think out-of-box and identify new data sources that are best suited for the company’s requirements.
● Retaining the human touch – The entry of technology should not overshadow the human dimension. Market researchers are finding themselves being submerged in the flood of data and technology and often conduct research to meet the pressures of business. This method has to change and shift back to prioritizing human needs. The true need for research is to study the motive behind human actions and understand their pain points. Researchers have to focus on defining the research question from the human angle and identifying a story in the results.
It is clear that market research has to keep pace with technological advancements and the fast-moving business world. Growth in market research is mainly due to the increased demand from businesses for data-driven insights that support decision-making and help them stay competitive. To deliver the best results, market researchers have to understand the business, its customers, and also develop a broad understanding of the core skills and techniques. They have to leverage the latest tools to give provide information within the deadlines.
There is an opportunity in every challenge. The flip side is that each hurdle is a step for the research team to reinvent their process and deliver superior results.