09 Jan Exploring the Evolution of Research Technology: How ResTech is Transforming the Market Research Industry
The market research industry is no stranger to the constant pressures from emerging research technology trends. The advancement, in many ways, has catapulted our field of work into a new era of data collection for insights professionals.
Remember when canvassers walked neighbourhoods with a pen and paper in hand? Well, that quickly evolved into calling centres calling extensive telephone lists.
Then came the y2k era of administering surveys both multimode (telephone and online) and online by email. And by 2010, interactive digital surveys became more prevalent, like SMS, QR codes, and pop-up website windows.
Skip ahead where DIY survey platforms, social media, and gamification (such as pausing in the middle of a game or YouTube video to conduct a survey question) are becoming quick, agile ways to support your survey data.
As insights professionals, we've experienced the unfolding of ways to collect data and achieve an accurate read on a desired target audience. But, in our most authentic nature, we love a good trend!
Quickly enters 'ResTech' - otherwise known as research technology.
A term that has transformed the MRX industry by combining technologies and tools to create more agile and innovative solutions to advance research evolution.
ResTech can be everything from simple task automation to SAAS, social media, video and remote collaboration, DIY solutions, interactive dashboards and even AI.
Stories of Market Research Powerhouse Guests
Within the last year, we have interviewed many great ResTech leaders in market research on Stories of Market Research: the Insightrix Podcast:
CloudResearch on their industry-changing data quality solutions that combine behavioural and technological vetting. Listen to the episode here.
Attest on their incredible consumer research survey tool that offers creative SAAS technology. Listen to the episode here.
And RealityMine on their passive metering, automatic content recognition, and geolocation tools. Listen to the episode here.
These are only a handful of the many ResTech firms that are doing outstanding work supporting the insights industry by empowering the many stages of market research using technology.
There are so many ways that technology is fuelling methods of traditional survey data collection.
How does ResTech support market research suppliers?
ResTech can support researchers and end-users with a flexible solution to access real-time data and prune specific insights to understand target audiences.
For example, automated feedback surveys triggered after an online purchase ask how satisfied you are with the recent experience.
The maturation of contacting individuals in real-time as they experience an interaction has forever transformed our end clients' ability to access survey data when and how they want.
As a respondent fills out a short questionnaire in a feedback form, the data in the backend is automatically stored and sent to a live dashboard where one can access the data and begin to understand their customer without waiting for a deliverable or project milestone.
ResTech takes care of unnecessary manual work in survey data collection by generating a connection between technologies to automate data collection, cleaning and analyzing the data, meaning much of the redundancy in traditional MRX processes is removed using automation.
As researchers, we are more efficient, less biased, more comprehensive, and more inclusive because of our ability to access respondents online.
Now one big (and we mean BIG!) caveat to this type ResTech is it does not replace the value of market research but provides a more excellent value by reducing mundane, day-to-day tasks.
Technology enhances what market research can accomplish – making traditional research processes much faster and more efficient, allowing insights professionals to supplement methods to help clients understand their consumers.
With ResTech accomplishing its task in the background, insights professionals can focus on those golden nuggets for better business planning. This gives you and your client back one valuable resource we all need more of – TIME! Time to dissect the insight and learn about your business. Time to connect the dots between what the data is saying and how to make it work for you. That is the true power of the human element within our industry.
As insights professionals, we must prevent insufficient data from impacting our studies, starting with fraud detection and prevention when managing online samples.
Greenbook states that 15 to 30% of market research data across the industry is considered fraudulent. And while fraud is quickly becoming rampant in a digital-first society, staying ahead requires vigilance.
So how do we avoid the embarrassment of insufficient data?
According to our friends at CloudResearch, leading experts in data quality market research technology, there are many steps you can take to be proactive in vetting the quality of the sample. Besides dedicated internal processes, CloudResearch suggests considering a market research tool (such as their data quality tool Sentry) to help improve data quality before it enters your survey.
Sentry is a pre-vetting system to screen respondents using technical and behavioural measures. Sentry gives clients data they can trust and increases the confidence in insights quality with less time returning to fill in hard-to-reach groups due to removing bad respondents pre-survey.
Want to learn how Sentry works? Jump into a recent Stories of Market Research podcast, where we interview some folks at CloudResearch who helped bring Sentry to life!
As consumers change and evolve rapidly, especially in the digital environment, insights will play an essential role in understanding customers and their needs. Technology will only increase the demand for more competitive research, allowing research suppliers to collaborate with others to provide mutual clients with high-quality research faster than ever before.
As end-client demands become more configured to agility and speed, research suppliers must protect the value of market research by using technology WHEN it counts. ResTech is a tool in our toolbox – it changes how we do business so we can understand why we do business.
Want to learn more?
At Insightrix, we will help you harness the powers of research technology to help conduct market research with speed and cost in mind to help you gain more valuable insights into your target audience. For more information, email firstname.lastname@example.org.
Episode 24: Passive Metering? Data Collection Ethics + Tools for Success: we talk with Billy Grant, Head of Product at RealityMine. Billy gives us a look into the world of passive metering through the lens of RealityMine – a state-of-the-art software buzzing in the market research industry. Billy gives us an in-depth look at how passive metering works and what types of businesses have successfully employed passive metering.
Episode 25: Consumer Research – A Post-Pandemic Lens: We talk with Jeremy King, CEO at Attest. Jeremy and Sharday discuss consumer profiling, creative testing, and how SAAS technology is leading the pandemic digital transformation.
Episode 34: The Significance of Data Quality in Market Research: Sharday connects with Leib Litman (Co-Founder and Chief Research Officer) and Cheskie Rosenzweig (Senior Researcher and Product Scientist) of CloudResearch to chat about the state of data quality in market research.
Too Important to Get it Wrong: The Consequences and Embarrassment of Bad Data Quality: https://www.cloudresearch.com/resources/blog/the-consequences-of-bad-data-quality/
Market Research Fraud is on the Rise — Let's Conquer It Together: https://www.greenbook.org/mr/insights/market-research-fraud-is-on-the-rise-lets-conquer-it-together/.