Role of Business Transcription in Market Research

by | Published on May 10, 2022 | Business Transcription

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Role of Business Transcription in Market Research

Market research teams use general transcription services to transcribe interviews, focus groups, and phone surveys. This type of transcription is an audio/video-to-text version of the recorded audio/video. The transcribed text file can be used for further analysis of the interview or phone survey, while the recordings can be used to verify the transcription.

The market research industry has been using market research transcription services for many years now. Market researchers use transcripts from interviews conducted in person, over the phone, or online. The interviews may be recorded with more than one person present at a time, which means there will be multiple speakers talking on a single recording. These recordings are carefully transcribed into accurate transcripts that enable market researchers to quickly analyze the data they have collected, and come up with suitable solutions to business problems. This is particularly important when a deadline has been set and it needs to be met. A quality transcription service will always provide accurate transcripts in quick turnaround time.

Following are the different ways in which transcription helps the market research industry.

  • Easy reporting and note taking: Market research involves note taking and reporting. However, taking down notes manually can be a highly time-consuming, tedious task, and prone to errors. Once the manual note-taking process is done, the notes should be reviewed again to ensure that there are no errors. Sometimes, these notes are double-checked to ensure accuracy. All of this consumes time that can be devoted to doing something more productive. So, the most efficient method of getting a report or note of meeting is to record the session and get it transcribed with the help of professionals. This allows you to review the transcript sooner, make notes and highlight. You can also request the transcriptionists to provide time stamps and annotate the finished transcripts.
  • Improves workflow with integration: You may have advanced digital tools but it can hinder your workflow. Sometimes, when you record a focus group interview, you may have to compress it and convert the files to a usable format before uploading it to a video player. All of this can affect your workflow. Professional transcriptionists make the transcription process easier and the files can be easily converted. This helps to save time and also minimizes the chance of accidentally deleting any important files.
  • Hear everything clearly: Recording focus group interviews saves time but transcribing these can be difficult as there are multiple speakers. When there are many speakers, there will be difference in accents or people talking over each other, and everything may sound garbled. This can result in missing out valuable insights of the discussion. Transcription is one of the best ways to get such recordings transcribed, find valuable insights, and create reports that are useful for businesses. Hiring a transcription service helps the market researcher to focus on the interview and ask the right questions instead of juggling between note-taking, asking questions, recording the discussion etc. The researcher can ask follow-up questions and make sure that everyone gets a chance to speak. This helps to record the focus group interview properly and get it transcribed accurately.
  • To get quality insights: Qualitative research can greatly benefit from transcriptions. It focuses on gathering information through open-ended questions and dialogue. This means that instead of focusing on “how many,” it asks “what,” “how,” and/or “why,” and may necessitate a lot of reading between the lines. You can better comprehend and analyze focus groups, in-depth interviews, video feedback, audio recordings, and other audio and video data with market research transcriptions. It’s also a means to ensure that you can keep up with multi-speaker films or audios, and that your data is as precise as possible.
  • To include subtitles: Transcription is the first step towards generating closed captions and subtitles for your video data. Subtitles and closed captions open up a wide range of possibilities and opportunities, including the ability to undertake global research. You can conduct research in any language and with transcription, you can target other demographics, with subtitles translated into numerous languages. This helps you to perform customer research, qualitative research, in-depth interviews, and other tasks without having to worry about language difficulties. It also helps you to target certain audiences, collaborate with multinational teams, and gain new useful insights.
  • For searchable and shareable texts: When you transcribe your massive amount of video and audio material, you will get searchable and shareable texts that can help you with your research in a variety of ways. This helps you to cut down on the time that it takes you to complete a task, and make everything work more efficient and straightforward. With searchable and shareable text, you can highlight parts and cross-reference your data with previous data or other research details, add notes and observations, translate specific words or phrases and many more.

In the modern business world, the importance of market research cannot be overstated. With accurate transcription of interviews and discussions, businesses can get a detailed view of the market and customers they serve, as well as their competitors. So, reach out to a reliable business transcription service that lets you transcribe interviews, discussions, surveys etc. into valuable insights that are useful for the growth of the business.

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