Marketing is an integral element of business operations in any industry. It’s not enough to just produce quality goods and services – you need to get them out there and sell them. And this is impossible without market research and transcription. Market research involves getting in touch with your target audience via interviews and surveys to understand their personas, likes and pain points, so that you can craft or modify your products/services to appeal to them. To analyze the audio/video records collected from customer interactions, they have to be transcribed into coherent text. Today, in the new normal, digital transcription service providers have their hands full as businesses ramp up market research to gain insights about customer experiences and aspirations.
Reports highlight Importance of Market Research during the Pandemic
As the COVID-19 pandemic has changed social and economic dynamics, businesses will need to adapt and think of new ways to support their customers. This first step towards achieving this would be to understand their changing needs and concerns through market research. Here are the reasons why market research has a critical role to play in the present times:
- To Understand Market Trends: There are several factors at play which are affecting market forces such as the economic slowdown and job loss, COVID-19 vaccines and drugs and their impact, federal and state/local fiscal and stimulus responses, including any lock-down policies; and consumer behavior in the face of economic uncertainty (David Sprinkle, Publisher, Packaged Facts, www.marketresearch.com). Comprehensive market research can help industry players and market analysts keep track of trends and the evolving picture.
- To Analyze Customer Behavior: It has been found that customers are now more willing than ever to voice their opinions, aspirations and concerns online. Online research tools can be used to study customer reactions, and obtain tangible insights. Focused surveys enable companies to get in-depth information about customer attitudes. These strategies can help businesses identify growth opportunities and take informed decisions.
- To Identify New Market Niches and Potential New Customers: Even as it is taking its toll on the globe, the pandemic has also created opportunities for companies to take steps to address new needs along the way, notes a www.entrepreneur.com article. Market research can help companies find new niches and potential new products and services. Zoom, for instance, found massive success when it took advantage of the work-from-home policy that became the norm during the pandemic.
- To Gain Vital Insights about the Future: According to Plunkett Research, Ltd., with everything from telemedicine to online grocery ordering to streaming entertainment soaring during the pandemic, literally 10 years’ worth of growth in digital adoption and behavior were compressed into a few months’ time in 2020 (Jack W. Plunkett, CEO, Plunkett Research, Ltd., www.marketresearch.com). Market research is essential to understand whether this behavior will continue into the future.
- To Anticipate Potential Market Risks: Researching the market can help uncover potential economic and financial risks as well as likely factors to monitor as a source of market threats. Common market threats businesses face include new entrants or substitute products or services. Identifying threats and risks have become even significant for businesses to create products that offer customers value for money and stay ahead of competition in the present scenario.
Both primary and secondary research are utilized to obtain data. In addition to conventional tools like focus groups and surveys, market research now incorporates newer tools like social media data. The result is hours of recorded audio. Businesses need to analyze this information to understand the factors that drive purchases and conversions among their target audience, their competition, and their challenges. This is where transcription can help.
Organizations can rely on business transcription services to obtain accurate and detailed documentation the interviews, discussions and focus groups. Analyzing this information will help them understand market research results and use it for future development. The availability of audio transcription services and other advanced tools for data processing is proving invaluable during the pandemic as businesses now need to get market research results quickly and plan ahead.