The pace at which technology is changing has also changed the way we do our daily work and has also changed market research.
Technology has not only facilitated the life of the market researcher but also boost the market intelligence. In addition, the emerging technologies have made it possible to have a quick glance at real-time reports and analytics of collected data.
Artificial intelligence and machine learning will, therefore, become an indispensable analytical tool that offers innovative opportunities to conduct market research oriented at the highest level.
Here are 5 latest technologies that are changing the way we do market research
1. Survey application and data collection
There are many applications of surveys and data collection in the market, However, the one provided by GoSurvey. is perfect for field research, customer feedback, lead capture at trade shows and events, inspections, evaluations and any kind of data collection.
At the end of the day, market research is about deriving insights and reporting them to stakeholders. The paper-based research will extend any research project and delay the ability to do any meaningful analytics.
On other hands, online connected tablets can send survey responses in real-time while offline tablets store data and transmit responses when re-connected to the Internet via WiFi or Mobile Data Connection. There is absolutely no faster way to aggregate data, perform analytics and report results just minutes if not seconds after collecting the data.
2. Amazon echo and other virtual assistants
If you are worried how the new campaign will work?
A virtual assistant is good for marketers who need to be in line with real-time traffic data. Ask as broad or detailed questions as you like, from a monthly review to the average time spent by users on a given page. Just use the commands like "Alexa, ask the web analytics for a full report of today" and the virtual assistant will send your data in a few seconds.
There are changes in how consumers engage in content, commerce, and advertising, driven to a large extent by the rapid growth of AI home speakers.
Apple has Siri, Amazon has Alexa, Microsoft has Cortana, and Google has a new and refreshed Google Assistant, which can help in market research.
If you want to use Siri for market research, you can use the iPhone SE. You can use Google Pixel XL in the Google Assistant. In the case of Cortana, you can use the Lenovo ThinkPad X1 Yoga. And in the case of Alexa, you can choose the Amazon Echo.
3. Social media’s competitor's research tools
Facebook insight is a great tool to track the biggest competition over time. You will be able to access this trending feature only if your Facebook page has at least 100 likes.
What can you do with this tool?
- You can add competition pages to your watchlist and view information about their Facebook activity as well as other useful information.
- At first glance, you can see which rivals can be your biggest competition on social media.
The social analytics tools available in the market have many options on platforms, but they sometimes underestimate the power of YouTube comparison tool.
The best part of this tool is it's free and we can compare maximum 10 YouTube channels simultaneously.
4. Chabot’s: Future of market research
Simple and interactive chat-bots can be used to collect the data of millions of users.
Now with the new trend of Chabot, now user can effortlessly answer the survey queries in their social media application.
Whenever a research company plans for a new survey, a user can receive a notification within a second via this messaging application on their smartphones, without bothering to download an application separately. User inputs and live web chats for qualitative research can be handled directly using the available messaging application.
5. Big data and Artificial Intelligence
Market research has always been an industry driven by data. Market researchers collect certain data, analyze it after its preparation and then deal with its interpretation. Currently, however, we find large amounts of data, and only the latest developments in the field of AI allow the creation of intelligent data from large datasets.
Big data and artificial intelligence offer a wealth of new instruments for market research.
The present and future of market research are limitless.
Market research is influencing technologies with advanced capabilities.
At this moment in the world of market research, the sky's the limit of what will come. Eventually, it's all about getting to know your customers better. These emerging technologies will make the impossible possible by making each and every data available that is needed to target the right customer at the right place.
In future, real-life Bots and Chatbots can be used to collect data from the user in an interactive and friendly way by capturing their emotions at the same time.