Harnessing the power of online market research
Two recent reports show how market research can now harvest precise information from the digital footprint businesses and consumers leave in their wake.
Two-thirds of those organisations conducting market research have moved market research online, using technology such as Zoom focus groups to allow them to test new products and customer services.
Here are some key findings from the reports:
Technology means market research can now analyse what people really think
A recent article for the BBC indicates that researchers can use Artificial Intelligence (AI) to cost-effectively analyse a businesses or consumers’ real thoughts. A study was conducted by looking at patterns that emerged from readers looking at 100,000 articles
- “Once they click onto a page, we begin to see a pattern emerging. We can’t do this in any other way than using AI and the cloud, you would be in your grave before you’d finished reading all those articles!”, explains the study’s author Jason Brownlee
- The patterns demonstrate different ‘behaviours’ – unlike responses to traditional market research based on clipboards, checklists, questions and multiple-choice answers – which aren’t always entirely truthful
And what’s more technology has even been developed to track ‘unconscious responses’ such as facial expressions!
Market Research has gone virtual
A second report reveals 60% of market researchers have moved all their work online. It’s easy to see how that can be done for quantitative research – Omnibus surveys have been a staple of the sector for some time. But now many businesses are using Zoom focus groups or similar technology for qualitative research.
Zoom groups can allow market researchers to conduct qualitative research by providing participants with relevant stimulus at a fraction of the cost of hosting physical focus groups.
According to the report, the ideal structure is to use a moderator and 3 groups of 8 participants. What’s great about Zoom, or other platforms like Microsoft Teams, is that you can change the settings to record and even transcribe, meaning you can analyse the feedback easily after the event.
How market research reveals what you really think BBC
How market research reveals what you really think Research World