Market research is a core activity for any hopeful entrepreneurs. In fact, it’s essential to entrepreneurs at every stage of their journey through the business world. Strictly speaking, market research should never stop for any business since the market evolves around us so rapidly in today’s age.
Keeping pace with trends in customer habits gives you invaluable insight into where your product or service fits in the market. Knowing your audience - how they feel, what they like, what makes them tick and how you can enrich their life - is the key to creating demand for your business.
It’s no mean feat carving out a place for your business in such a saturated market place. Today we can buy anything and everything online, and it’s because of this frictionless buying experience that a lot of consumers don’t create strong bonds with the businesses they buy from. This lack of affinity with brands makes consumers so difficult to understand, so deep market research is required to get to the core of what it takes to win over this new age of customers.
While you should definitely be seeking these casual customers, strong market research skills will help you seek out and create brand evangelists who will fly the flag for your team in the wild. Market research isn’t easy though, so invest in tools that can help you along the way.
Market research today: How audio to text is picking up the pace
There’s a range of methods for collecting market research materials, each of which has its pros and cons. While questionnaires and online surveys tend to reach a lot of people and show trends in general, it’s qualitative research methods that get to the most authentic and useful data. Qualitative methods of market research are those that create long form responses - it’s not a yes or no checkbox questionnaire, it’s a lengthy interview with deeper, more nuanced questioning involved. Qualitative data is the good stuff that you can really sink your teeth into as a business, so you should harvest as much of it as possible.
Audio to text software platforms like transcription services from Trint are making waves in speeding along the process of qualitative market research, such as interviews and focus groups. Trint helps businesses create text transcripts of conversations using automation and AI from recordings of your conversations, which lets your team direct conversation and questions without disrupting the flow of the conversation or distracting the process with note taking.
Now that market researchers can simply record interviews or focus groups and transcribe using intelligent software, they can focus their time on getting the most useful answers from subjects and really investing energy into sessions. Trint’s transcription software picks up the slack and converts the audio to text in no time, so it’s ready for the team to analyze by the time they’re back in the office.
What does the future of market research look like?
Market research relies on authentic sampling - getting the truth from your sample market and finding a true representation of your target audience is the name of the game. Thanks to advances in technology, market research teams have been able to prioritize creating environments that encourage focus group and interview participants to feel comfortable enough to share their true feelings.
As technology advances, market research will shift into fifth gear, creating more opportunity for higher-quality results. With more advanced recording equipment, more ways to crunch huge sets of data and understand market research on a deeper level, and smarter technologies for transcribing qualitative audio from sessions, businesses will be well equipped to go deeper in their understanding of the market and of their customers.
Alongside the technologies that create this hyper-productive market research environment will be the accuracy of transcription software, which will increase and become smarter. With live transcription (also known as real-time transcription) now available, instant results are no longer a pipe dream.
As entrepreneurs continue their journey into this overcrowded, high-pressure market, market research teams will feel the pressure to better understand consumers on a deeper, more intricate level. Thanks to advances in transcription technology, qualitative research is slowly improving, and researchers can keep pace with the constantly evolving consumer environment we live in. Trint is on hand to make sure market research doesn’t skip a beat, and no valuable insight goes unheard.
Learn more about transcription for UX and market research teams. Or if you’re ready to start your journey to transcription relief, start your free trial now.