Market studies 3.0
A lot of’men d’Business and D’entrepreneurs often classify market studies as obsolete, and this idea could not be more false.
Market studies have a history very close to the development of almost all industries, and today’hui, research is more present than ever in business, especially if the’We talk about the digital world.
In this article, I will present the different ways in which this millionaire knowledge industry has evolved, as well as the incredible characteristics that’She currently has, which pushes us to the’Call: Market studies 3.0.
Are you ready to know the why of this name ?
Market studies 1.0
In fact, market studies were born at the time of the birth of the trade itself, because the seller, of word of mouth and in a very informal way, had the’habit of inquiring to find out what people wanted.
Little by little, he began to formalize and, from there, around 1911, the first department of’market studies has been opened in the United States, but no one’knew l’existence. It’is that in the 20s and 1940s that this profession began to gain popularity, the reason is that the’Use of surveys rose.
However …. with it came with wars, and new techniques of’sampling are introduced into the world of research which gives rise to the birth of qualitative research. Shortly after, in the economic boom of the’After the war, periods of prosperity have arrived, which favored the production and sale of goods, making research and development of the sector more competitive.We markets are really taken seriously.
Market studies 2.0
The 80s approached and this means a 180 ° turn for market studies, production and’commercial orientation gives way to the’consumer orientation, that’Does that mean ? Companies have stopped focusing mainly on the’obtaining more and more sales and have rather decided to focus on customer service.
Year after year, this consumer changed, became more and more difficult to understand and, therefore, selling something every day became more complicated, which posed new challenges for’industry.
In addition to these challenges, opportunities have multiplied, which has allowed’improve methodologies, d’increase research departments until’at 50%, as well as their budget, since now, not only human resources, but also technical resources were necessary.
Market studies 3.0
Today’Hui, we are faced with a new panorama, research has made a 180º turn, synchronizing all its efforts and methodologies with technology.
Market studies have evolved more over the past five years than’Over the past two decades.
This constant change has had an impact on speed,’accuracy, l’efficiency, cost and methods used to conduct research.
You read too much, n’is this not ?
In fact, c’is too much, and c’is why I gave myself the task of describing each of the phases and ways in which research has changed during these short but incisive years of research.incredibly enriching years.
Research is faster than ever
Surveys and research that lasted weeks or months can now be completed in a few days, or even a few hours. This reduction has enabled companies to make decisions’real -time business.
The results are generated immediately. This increase in speed is largely due to sophisticated applications and technological platforms capable of processing and synthesizing thousands of data.
In addition, you n’do not need to take so long to design the’instrument, you can easily find hundreds of models’Survey on the web, from which you can support yourself to create yours.
More online markets
I’One of the most disruptive innovations in recent years has been the creation of online platforms bringing together buyers and sellers of sellers’marketing studies. These platforms facilitated the’Purchase of »samples" (groups of people) and avoided recruiting a group for qualitative research.
A number of factors have reduced market research costs. I’one d’between them was the reduction in the hand of’work necessary to conduct an investigation; The software D’survey allowed researchers’automatize most processes much more easily, and C’is why fewer people are needed to set up them.
Another factor is competition, in itself, software D’Investigation did that’There is a competitive market in the region, which of course influences the decision taken by companies to be able to conduct surveys. And as data suppliers continue to’Expand their offer, companies have more than ever access to survey groups.
In fact, thanks to these low costs, small businesses were able to use these services which, until’to recently, they were inaccessible to them; now small businesses and entrepreneurs have the same possibilities as’a specialized organization to carry out research.
I’software use and L’automation of most research processes have improved the accuracy of the’market study, because they allow’carry out an audit and maintain data monitoring in real time, which has made it possible to reduce the’human error.
But why ?
Because the fact of’Having a unique and intelligent questionnaire format, which unfolds the question you must answer at that time, attenuated the bias of the’information entered in all studies.
This allows us to’Be sure that the questionnaire methodology is respected, if we could give a figure compared to a traditional study against a figure using technological platforms, the percentage of’errors in a traditional study would be 50% against one of 10 to 20%.
That’which can fail in a traditional uprising ? I’Investigation itself, L’administration and/or project management and management, traditionally the’Investigator and L’administrator are blind, everything becomes slower and if you make a mistake there’There is nothing to warn you.
And if the polls are wet ? Il n’There is no way to recover them, c’That is to say that the studies carried out in a traditional way are subject to many risks, which are divided into risks that the manager can control such as the training of his enumerators and’others that’He cannot control, such as loss of’information due to bad weather.
On the contrary, in digital, everything is saved and although the’mobile device is wet, all the’information is already in the cloud, d’where you can l’get in n’No matter what situation, in theory if we use technological platforms, we eliminate almost 100% from administrative errors, biases or poorly filled surveys and we are sensitive to 10 – 20% of errors for losses.
Automation of reports’insights
Modern tools D’market study allow customers to follow the’advancement of their study, even once it is finished. Current tools generate detailed data for users.
Today’Hui, the results are represented by a wide range of means to represent the data obtained, generally by dashboards in the form of attractive and interactive graphs and tables. The results are thus easy to interpret and detect problems and anomalies.
This way of generating reports is more useful when the results are read by different people, who generally have different capacities to interpret data.
Everything is mobile
Although L’market studies industry has been notoriously slow to adapt mobile technology, some companies make significant progress. US companies have increased their level D 300 %’market studies thanks to mobile devices. VS’is essential because most people use their mobile phone as the main means of communication.
Even companies that are not traditionally associated with market studies have been encouraged to conduct their surveys online.
Social networks have joined the party
The phenomenon of social networks has transformed in many ways the way in which market studies are carried out today’hui.
Facebook has more than 1.2 billion D’users, Instagram over 500 million D’Users, Snapchat 300 million, Twitter 300 million, Linkedin 500 million, and it should be mentioned that these platforms offer easy means to conduct surveys, from which automatic responses can be obtained. Some research projects by these ways may last only a few hours.
Collect the consumer voice
Social networks are’one of the most precious sources to obtain the’unsolicited consumer opinion and are available directly within the various departments of’a company.
The Voice of the Customer (VOC) is crucial for brands and agencies. He informs the departments of the customer service of the information necessary for the’Improvement of the’business.
VOCs helps educate brands on the’Specific orientation to be taken with each marketing initiative. The customer's voice can report health and reputation problems of’A brand, and even show potential sales opportunities, gaps to fill in products, and help define the commercial strategy.
Its headquarters is in the field of market studies, but its field D’action is much larger than what’industry could have planned, even in the past five years.
Improvement of the’data analysis
I’Data analysis D’customers' opinion and market studies have a long common history. And although methodologies remain an important element to make the voice of customers heard within businesses, social data (given their social network nature) have opened the door to a detailed world of’consumer opinions, needs and motivations.
This vast set of data, although’with its own challenges and bias, perfectly completes (and in some cases replaces) the data’opinion of traditional customers, providing details of’A discussion group at the’Survey scale. Social data also complements D’other forms of customer data and the market, which provide information not only on the’customers' opinion, but also on behavior in online spaces.
Connection of several online, social and offline data sets. Today’Hui, brands can understand what their customers feel about almost all subjects, they can also know where they are, what they are talking about, etc. Thanks to this information, brands can shape their methods and strategies in order to build an image completely centered on what customers want and’really be the engine’A customer -centered activity.
Today’Hui, it is no longer enough for brands D’Having a single channel for information, they need’A 360 ° holistic vision of their current customers, their potential customers and their target audience.
I’data analysis has become an essential aspect of modern market studies, and’increase in technology made the’Data analysis much easier and much more sophisticated.
Such analyzes today use’huch a wide range of methods, which facilitated the’increase in the number of variables tested, which increases the number of possible results.
In a single case, it is possible to generate detailed analyzes of’a particular situation and to link it to apparently disconnected problems.
I’Importance of large data is just as important; There are now D’Excellent tools that can help customers analyze large volumes of data and start generating important commercial ideas.
How technology changes market studies
We have asked various professionals of market studies, executives and consultants to’Explain how technology changes market studies.
Here are the quotes from three analysts of the’industry :
Francisco Calixto, specialist in data science and Bigdata applied to market studies at Synapsis Research
How do I see L’Adoption of new technologies in small businesses ? VS’is a process which, in small businesses, is still perceived as slow from the point of view of market studies. Even in medium and large companies, the’adoption was a conservative process which, although’There is a will to’Adoption, we s’waits for strategic allies to already have examples of success to guarantee results.
Compared to the rest of the world, I think that’There is still a long way to go in large companies in’Latin America. Although companies have already started a process of’Introduction of technology, implementation and’Adoption at the Asian or European level will take more time.
They may have to take a little more risk and s’combine with companies that can offer them these services. As I’mentioned, the biggest obstacle is that companies want to innovate, but that’They want to have successful successes in D’Other companies or industries.
Andres Vergara, Nielsen market leader for Peru and’Ecuador
How can I see the landscape of the’market studies industry ? Undoubtedly full of challenges, this corresponds to the reality of companies that’they support. The need to justify each penny invested by the’company, to measure the return on these investments and’Add value to L’company, continues to generate profound changes in the’industry.
The only constant in the’consumer environment is change. There are therefore certain points that the market in general will have to analyze in light new and varied scenarios which are presented.
The reality is that, both at the’global scale that regional – and more particularly in Peru – consumers are increasingly demanding and s’are waiting to have more choices, including new product options, which is an excellent opportunity for the’innovation and market knowledge.
In my opinion, Peru is a mature market for qualitative studies. I see a potential in front of’other countries in the’quantitative approach to business and’analysis, which before the current pressure on costs more easily allow the king of each study.
The world D’today’Hui changes at every moment and all this is due to technology. As’they’improves, data collection means and the way knowledge is generated’also improve.
These changes have also created new careers and new jobs in the field of market studies. This also means that costs will continue to decrease and that, at the same time, new characteristics will appear on the market.
I’era of market studies 3.0 will pass so quickly that we will soon be at the’Next step, you therefore know that if you are a business specialist, a senior manager or an entrepreneur, you should not hesitate to take advantage of this glorious moment of’accessibility.