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The changing face of Market Research

Technology is disrupting the fundamentals of businesses including Sales and Market Research (MR). As the boundary between the real world and digital world is diminishing faster than one can fathom, businesses are finding their processes rapidly changing to suit the needs of the day. Subsequently, it’s exciting to see how and why MR is gaining more importance than ever.

It is well known that data forms the basis of MR and the days are gone where it was painstakingly collected by traditional means including paper surveys, interviews and phone calls. The advent of Internet and consequent digitization has made data ubiquitous. Today, businesses can reach out to customers worldwide, collect and process information instantaneously while measure and manage their data in real time. Moreover, the growing popularity and usage of smart phones, social media and Internet of Things (IoT) mean ever flowing data. Perhaps that is why so much importance has been given to Data Analytics and its relative technologies like Big Data, Machine Learning Algorithms etc.

market research

With a digital data driven business background, understanding markets and customer behavior – the fundamentals of MR have completely evolved, come a long way shifting the focus from quantity to quality and gained immense importance. As competition is on a global level, with customers becoming more digital and demanding, MR has been looked upon by many progressive organizations to gain that extra edge needed to successfully compete and remain relevant. Today, MR can collect information like an organization’s worth, funding, technology alignment and spending.

Fortunately, technology too has kept with the pace and been helping businesses achieve their MR goals. Many automated tools are available now that help market researchers collect data across varied streams, slice and dice it in real time, unearth hidden business insights, gain valuable business intelligence and apply it faster to grab opportunities on the fly.

With the help of such emerging technologies and with a renewed focus to remain relevant by adopting agile, digital researching methodologies, businesses can gear up to survive in this demanding era of machines and experiences.

To conclude, there is no better time than now to be a researcher and be part of an MR team in an organization, which is where all is happening.

It’s time to change or perish. It’s time to embrace Digital MR.

For more such business thoughts, keep watching this space.

selva ganesh - research analyst

Contributed by:

Selva Ganesh G
Market Research Analyst

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