Market Researchers Increasingly Taking Advantage of Technology – Instead of Employing Statisticians
A problem results in questions – and you look to data for answers. You gather the data, and now it’s time to analyze it so that you can strategize for the next move for your organization. According to research by Shabbir and Gardezi in 2020, organizations that use survey analytic platforms improved their organizational performance. Putting a high value on market research puts your organization at a huge advantage. In today’s world, big organizations have used the power of data analytics to get a larger market share. For organizations to compete, the power of data must be harnessed and completely analyzed.
Finding a good statistician to do market research may take time. Statisticians can also be expensive, much more if you hire those with PhDs.’ And when you reach outside your organization for analysis help, because of lag times and competing deadlines, your statistician may not be able to provide the analysis on time. With the use of data analytics software, small businesses and non-profit organizations can help you compete with shops that have much broader budgets.
According to the 2021 Grit Report, strategic decision-makers of organizations identified companies like Qualtrics and Google as top-of-mind technology providers. The research report also showed that organizations that work at least occasionally with data and analytics providers have a more focused top-of-mind set of suppliers. Organizations who use the services of data and analytics providers see the service as separate from strategic consulting. Placing a value on using the services of data and analytics providers allows them to strategize well for their organizational goals.
In the same report, top-of-mind data analytics providers included Nielsen and Kantar. These are fantastic insights providers who do great work, but unfortunately, may be too expensive for smaller organizations. If you fall into this category, it might make sense to look for software or service providers that provide solutions that help you become self-sufficient.
The pandemic has shifted how organizations think. There is now more emphasis on the use of technology and automation to solve market research problems – especially in analysis. There has also been an increase in the specialization of technology. Before the pandemic, organizations relied only on one or a few companies for their technological needs. During this pandemic, organizations have realized the need for specialized technology solutions such as self-service data analytics.
References: Business & Innovation. GREENBOOK RESEARCH INDUSTRY TRENDS REPORT 2021 Edition. Shabbir, M.Q., Gardezi, S.B.W. Application of big data analytics and organizational performance: the mediating role of knowledge management practices. J Big Data7, 47 (2020). https://doi.org/10.1186/s40537-020-00317-6