The Impact of Technology on Market Research

In the decade gone by market research was characterized by traditional methods. It has, however, given way to evolved technologies like advanced analytics, social media, improved data collection, software, etc. Today, companies can mine and analyze data across the globe in a matter of minutes.

Technological Revolution

Technology has revolutionized the pace at which data is being collated. One of the major reasons for this is the fact that most people today are connected around the clock through mobile devices. This means that they can connect with and collect information anytime and from anyone. This along with other technologies like cloud, analytics, and social media are driving this change.

●       Advanced Analytics

Collecting data and analyzing data are equally important. It is crucial for data to be analyzed methodically now that the avenues of data collection have increased. Technological advancements have revolutionized the analysis of data. Businesses can now strengthen customer relationships and maintain communication with advanced analytics. This, in turn, leads to customer retention.

●       Social Media

Communication between individuals throughout the world has been transformed by social media. It has also impacted business and communication tremendously. Market research has also witnessed an expansion since social media has stepped in. Google, Facebook, Twitter, LinkedIn, etc. are transforming the sector in a big way. Social media has evolved into a genuine and transparent platform for data. Market research can collect valuable data without compromising user privacy. This will go a long way in helping brands and companies to understand their customer preferences better.

●       Data collection

The most endearing part of technology in market research is mobility. Advanced software can collect feedback, consumer insights and engage both the consumer and the researcher, whether it's in the office, out in the most remote areas or on the go. The software enables researchers to be specific and focused on measuring data and feedback. It has also made the process of interaction and operation effortless and uncomplicated.

●       New Research Roles Created

New roles are being created owing to the evolution of technology. For those who are unemployed and are looking for career openings, new avenues are being created. New roles to strategize and process the vast data from social media and mobile data are emerging. It is also essential to ensure that this data is translated effectively which again results in a role requiring different skill sets.

Market Research Certification from MICA

For an individual to understand how technology has changed market research, it is essential to opt for a Market Research and Data Analytics Certification from MICA. The market research and data analytics certification from MICA is an excellent 12-month post-graduate program that is imparted through virtual classes. The other option would be a MICA Market Research Course.

Technology has made our day to day operations easier. Market research is no exception. it has successfully incorporated various applications of technology into its fold. This is mainly to improve the procedure of collecting, presenting and easily analyzing data. But the forecasts say that the coming years will witness many more developments in market research-driven by technology.