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5 Ways to Use Market Research Technology to Your Benefit

A lot of people lament the loss of the “good old days,” but the truth is the rise of technology has been a huge boon for businesses, as well as consumers, providing a variety of conveniences that have translated into better products and better service. In the world of market research, in particular, technology offers the opportunity for faster, more efficient feedback, making it easier for everyone to get what they need when they need it. Take a look at five ways you can use market research technology to improve your company’s bottom line:

Perhaps the biggest benefit of modern market research technologies is the nearly instantaneous access it provides to consumer feedback. Proprietary databases of pre-screened, qualified respondents mean businesses can touch base with consumers whenever and wherever they want. Instead of reinventing the wheel each time they have questions — i.e., having to identify and gather and survey multiple groups — companies can immediately interact with any number of people who’ve already been vetted as reliable data sources. For example, our iMobileShare™, Lens™ and iShareBoard™ software programs here at Research America enable our clients to connect directly with consumers, meaning they don’t waste time, energy or money trying to locate the right people every single time they need them. They’re simply waiting in the wings.

Market research technology also allows for faster, more effective market segmentation. There are several ways to segment a market and technologies now exist that make it easier than ever to identify them all. Segmentation models such as Research America’s MapTrac™, Market Landscape Segmentation™ and PersonaSmart™ allow companies to establish connections among consumers, combining established data with other behavior-based sources to recognize new segments when needed. These programs can be used to consolidate survey information, drawing territory lines and sorting possible respondents according to certain shared features, which, in turn, can be used to predict the buying behaviors of prospects in the future. 

You can also use market research technology to deliver data for benchmarking. Our MarketView360™ supplies companies with a 360° view of their position within a market; with it, they can begin strategizing their growth, comparing themselves against details of their current market standing so that they are able to evaluate their progress as they make their way toward their goal(s).

Market research technologies can also be used to facilitate better market monitoring measures. Instead of manually tracking keyword searches, social media posts and other online chatter, businesses can rely on social listening tools (like our Chatscraper™) to automatically track trends for them.

Finally, market research technology makes testing especially efficient, providing companies with a ready-made audience with which they can evaluate product concepts, advertisements, marketing materials, content, packaging and more. Many of our clients here at Research America use our Clip™ Ad Test metrics and SwipeRight™ platform to test and help predict effective concepts of all kinds.

When used appropriately, market research technologies enhance the data available to companies, making it easier for them to identify, access, and retrieve actionable insights. To learn more about using market research technology for your company’s own specific advantage, please contact our team at Research America.