5 Perks of Digital Market Research
Just the phrase market research can make people feel overwhelmed. However, thanks to innovations in the market research industry, digital market research is fast becoming the go-to tool for fast and reliable market data gathering among market intelligence professionals.
In its early days, market research implemented traditional practices. Surveys, observational research and focus groups are the stalwart methods of traditional market research and are still commonly used today, with its obvious limitations.
Digital market research provides a cheaper and more effective method of market research, by simplifying the whole process of data collection. This implies that with a mobile device and passable internet connection, a business owner can collect data in real time about his products, competitors, consumers, industry, product prices across multiple locations.
We have listed a few perks of new age market research below. Enjoy!
1. Access to unlimited sample size:
One great perk of digital market research is the ease of access to unlimited sample sizes across various demographics. Using a correct sample is crucial to your research. Most researchers are often torn between choosing the right sample size versus staying within the budget. After all, a sample that is too big will lead to the waste of precious resources such as time and money, while a sample that is too small will not allow you to gain reliable insights. With digital market research tools like JAMA, researchers can conduct research with any sample size of the researchers’ choosing.
2. Real-Time and Proactive Reports:
Benjamin Franklin said, “An investment in knowledge pays the best interest.” While we talk of investment in digitization of data curation, achieving the interest to the best of our knowledge can certainly be manifested. The JAMA research apps’ digital technology has created the tool for accessing respondents throughout the country, plus gathers and processes insights instantaneously.
It has enabled companies to investigate real time life events of respondents any time anywhere. Such insightful information can enable the app generate reports that will be proactive and predictive for business growth rather. This particularly helps businesses keep a finger on the pulse of their industry with ready access to reliable customers, competitors and market information.
3. Live response from customer with Mobile:
Customers are now days online almost entire day, thanks to wide-ranging smartphones and low internet prices. In fact, mobile has the lion’s share of internet traffic. This gives obvious reason that people even on the move have the luxury to fill forms, respond to queries and offer vital insights for market research reports at any time or place.
Talking to the live subject sitting at the other end of the country can be considered as miraculous in the line of market research. With JAMA enabling features to receive text, audio and video responses is another positive aspect that researchers can jump upon to gather information.
4. Low cost investment for research:
US management consultant, Peter F Drucker rightly meant it when he said- “The new information technology, Internet and e-mail, have practically eliminated the physical costs of communications.”
The massive availability of customers online and self-serve digital market research platforms, do give a perfect blend for research at very low costs.
Digitization of research also creates the opportunity of using less human resource to collect loads of data at a very limited amount of time. Additionally, by going digital, companies can cut their market research budgets in half. From cutting down on travelling cost, cost of printing documents, recruiting field operatives etc.
5. High End research with sophisticated tools:
As we already have mentioned, technology has unleashed new horizons by availing industries with cutting edge tools for data mining and analysis. Interestingly software tools are available for research that can track down the bio-metrics of every customer. Such identification enables creating of highly customized products.
Mind mapping is also a similar trend that many high-end research companies have put their money on. It has enabled companies to segment, target and positing products so precisely that just the name of the product is enough for the brand to surfaces instantly in customer’s mind.
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GETJAMA’s mobile market research platform helps businesses understand the consumer through a combination of qualitative & quantitative feedback collection tools without disrupting the product experience.
