Data is gold in the age of technology. Finding trends in data allows organizations to create more targeted ads and products. This is all possible thanks to the work of market researchers.
Where does the data come from?
Market researchers collect data through surveys, phone calls, focus groups, and social media. This data can also be bought from different companies or collected in-person. Surveyors play an important role as they develop questions that will extract key decision-making data from consumers.
Market researchers then use statistics and data analysis to find important trends in the data and predict how a consumer group or industry will react to an event, service, or product.
Where does it go?
Most of these trends and predictions are sold to advertising companies, campaigns, or organizations’ Research & Development (R&D) or marketing departments. With this valuable information, organizations can create content, products, and advertisements that will have a greater impact on their consumer base.
In the past, market researchers had a heavier reliance on physical data-gathering. Since the emergence of the internet and social media prominence, market research companies are investing in large data processing technologies.
Market researchers have more data to sift through than ever as more organizations shift to online platforms. Market researchers now collect key information from a website’s homepage to develop even more accurate trends and predictions.
What’s in store for the future?
Market research companies will continue to rely on data processing technology to sort data and develop useful trends and predictions.
As data security and ownership are more openly discussed, there might be significant changes in how easily market researchers can collect these large quantities of data as legislation is implemented.
That’s something both consumers and market researchers can expect to shift current marketing trends and data collection for the future.