In this article, we explore five ways technology has revolutionized market research, reshaping how businesses understand and engage with their markets.
Market research is a primary cornerstone of the modern business landscape. And the rapid evolution of technology has brought about a significant transformation in this field.
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Artificial Intelligence Analyses
AI has driven innovation in every industry, and market research is no different. With the increasing use of social media and online transactions, vast amounts of data are generated daily. Once reliant on time-consuming manual processes and limited sample sizes, AI and machine learning are now harnessing this sea of data to unlock valuable insights at immense speeds.
Take ad testing, for example. Through sophisticated algorithms, AI learns from the ad performance metrics – how long people pause at an ad and how many clicks it gets. This knowledge is then applied to swiftly compare a new ad to a comprehensive database of previously successful ads. The result? AI can predict the potential performance of a new advertisement based on historical data, empowering businesses to analyze higher volumes of ads more cost-effectively.
However, the recent trend in AI has led to multiple startups offering AI-powered market research solutions, but without the expertise and experience needed to deliver optimal results. This is why exercising caution and thorough research is essential when selecting an AI market research company to partner with.
We highly recommend Mosaic artificial intelligence consulting services for all your market research needs. With a proven track record in the field and a diverse portfolio that includes collaborations with esteemed clients like United Airlines, Red Bull, and Levi’s, Mosaic has demonstrated its proficiency in leveraging AI for market research.
Social Media Listening
Have you ever had that uncanny moment when Amazon suggested the exact shampoo you were gossiping about with your friend? This seemingly magical alignment is not a conspiracy but evidence of the immense power of social media listening tools.
While you’re busy chatting on social media about life, the universe, and that shampoo, these tools are eavesdropping on every word you say or type. They capture your every emoji, hashtag, and meme.
Among the pioneers of this approach, Amazon stands as a prime example of leveraging social media listening to drive its recommendation system. It’s a marvel how Amazon’s algorithms can predict your preferences with astounding accuracy. Search for a book on Google, and book recommendations appear on Amazon.
Look up romantic gift ideas, and you’ll find couple rings and scented candles seamlessly integrated into your Amazon experience. In fact, Amazon’s recommendation system contributes a staggering 35% of their annual sales, a testament to the potency of harnessing user data for personalized marketing.
Amazon’s mastery goes beyond just recommendations. The platform’s keen attention to user behavior is nothing short of awe-inspiring. Do you keep revisiting a particular item repeatedly on Amazon—well, the platform notices. In response, it might sweeten the deal by offering more competitive pricing to entice you to complete the purchase.
This dynamic pricing strategy, changing approximately 2.5 million times daily, reflects the swiftness between consumer actions and the platform’s responsiveness.
No More Door-to-Door Surveys
Out with the clipboard-wielding doorknockers and in with the digital wonder of Google Forms! These digital survey platforms have recently become the norm due to their unparalleled ease of use, broader reach, and real-time results.
Researchers can effortlessly create and customize surveys tailored to their objectives, ensuring that every question aligns with their data collection needs. And these platforms allow companies to reach a global audience, from Timbuktu to Tokyo, in the blink of an eye, providing insights from every corner of the world.
The digital facelift doesn’t just stop at surveys but also extends to focus groups. The traditional model of assembling a large group of participants at a physical venue for an interview has been revolutionized by modern technology. Researchers can swap stuffy conference rooms for virtual hangouts on platforms like Zoom. And participants from around the globe can kick back and join the conversation without leaving their couch.
Biometrics
Integrating biometric measurement tools has sparked a revolutionary shift in how businesses gather and interpret consumer insights. Eye tracking is one of the most impactful applications of biometric measurement tools in market research. This technology allows researchers to precisely monitor and analyze where an individual’s gaze is directed when viewing stimuli.
For instance, researchers can pinpoint exactly which elements make your eyes linger when designing a new product packaging. A simple color, layout, or placement shift can significantly influence consumer interest. Similarly, in UI/UX design, eye tracking provides a window into how users navigate a digital platform. It follows every swipe and tap, giving app designers a heads-up when something’s confusing or needs a makeover.
Biometric measurement tools are not confined to research labs; they are finding their way into real-world applications. One notable example is the biometric POS kiosk tablets in retail stores across Russia. These tablets leverage biometric data, including age and mood analysis, and then recommend stuff just for you.
For instance, if the kiosk detects a person over 21 looking cheerful and energetic on a Friday night, it might offer a discount on a bottle of whiskey at the checkout counter. In addition to discounts, the kiosk provides valuable incentives such as product location maps, coupons, and eco-friendly alternatives! Amazing, isn’t it?
Voice Assistants
Voice assistants are yet another layer of technological innovation that has reshaped market research and consumer engagement. Like social media listening, each interaction with Amazon’s Alexa becomes a piece of data contributing to a digital profile of the user’s preferences, habits, and interests.
Every time you ask Alexa to tell you a joke or ask about the weather forecast (because who looks out the window anymore, right?), you’re not just talking to a friendly voice assistant. Nope, you’re leaving digital breadcrumbs of your life. Your quirks. Your cravings. And Alexa’s taking notes. All those interactions, the “Hey, Alexa, remind me to buy more toothpaste” and the “Alexa, shuffle Taylor Swift,” are all building blocks of your virtual persona.
This trove of information is not confined to Amazon’s vaults; it is shared with a network of as many as 41 advertising partners, who, in turn, harness this data to refine their advertising strategies.
Conclusion
The technological revolution in market research has ushered in a new era of data-driven decision-making, where businesses can understand their markets with unprecedented accuracy and speed. From AI-driven insights to biometrics, from online surveys to social media listening, technology has enabled market researchers to tap into a wealth of information that was previously unimaginable.
In this landscape, the role of marketing data attribution becomes paramount, offering businesses the ability to analyze and attribute the success of their marketing campaigns to specific touchpoints or channels. Implementing effective marketing data attribution strategies empowers businesses to optimize their marketing efforts, allocate resources wisely, and refine their strategies for maximum impact in the dynamic digital marketplace
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