While many entrepreneurs rely on the conventional methods of understanding their customers, several of them are taking resort from new techniques. New market research is evolving as a completely new concept of analyzing and evaluating the marketplace. Latest technological advancements and general socioeconomic changes have created a huge hope for development and innovation in the field of industry research as well. Along with the traditional methods like focus groups and telephonic surveys, business analysts are making an increased use of advanced methods.
Highlights of New Market Research Methods
One thing, which is not hard to notice here, is there is not much if a radical difference between the traditional and new marketing research methodologies. In fact, the only difference is the application of advanced technologies to the conventional methods. Following are some of the exclusive practices, missing from the traditional tactics.
1. Easy Data Collection
Advanced tools like Google Analytics and predictive recommendations provided by various websites help businesses and experts all the essential information. These tools provide all the data about the website visitors, their interests, language and the number of pages that they visited. All this data is available without having to spend much of a time, which makes researching process highly effective and fast. Also known as, Big Data Mining, this process reduces most of the time required for data collection, which can be utilized for analysis.
2. Observational Research
Rather than surveys and other self-reporting methods, new market research believes in experimentation. Experiments about the innate buying habits and consumer mindset highly depend on observations. Observing how the customers are reacting to a certain products is easier than asking them to predict about their reactions in future. New business analysis works on the same thinking.
3. Human Touch
Inclusion of various personalized techniques like biometrics, neuromarketing and gamification, etc. help researchers to understand the customers better. These tools give direct access to the natural response of the customers. Along with biometrics, methods like virtual shopping, live-audience response and methods like behavioral economics help entrepreneurs study their customers in a multidimensional way.
4. Smart Phone Research
Smart phones, tablets and advanced gadgets are easy to use for industrial analysis. Numerous application programs and marketing campaigns promote customer participation, which helps researchers understand market scenarios better. Methods like SMS surveys, GPS and location awareness software, Smartphone designed surveys and mobile ethnography methods help them gather rich contextual data that provide essential focus on client behavior, thinking pattern and buying preferences.
5. Social Media Market Research
This is the most evolving field of business analysis. The entire web is dominated by social media, which also help industrial experts to understand the online social behavior and delivery mechanism of social media. Online surveys, forums, polls and online marketing are some effective ways of connecting directly with people, for a powerful insight about their mindset as target customers.