Business startups and market study have become inseparable factors. Market research or study is the basic concept of understanding the overall conditions of the marketplace and all of its components. These components include customers, products or services, competitors and current conditions in the industry. Traditional methods of analyzing the market have come a long way in the past few decades. The conventional tools and techniques are now combined with modern methodologies and inclusion of information technology has made the thing more interesting.
Struggle between Traditional Vs. New Market Research
According to the experts, today’s business research has become the ultimate struggle between technology and statistics. There is great debate about the ideal use and importance of both traditional and new market research methods. This debate is similar to old and new science methods. The biggest drawback of the traditional methods of data collection is the limited access to information due to limited samples and the amount of time these methods take. Most of the traditional analytical methods are time consuming, which do not gel with today’s fast paced lifestyle. Many traditional methods of analysis also overlook anomalies, which could remove entire sets of data without further processing.
New market research on the other hand is concise, crisp and perfect blend of essential, conventional methods and advanced technology. Information technology is working as a savior for modern day researchers, who are on the quest of accurate, elaborate and reliable information. The requirement for the amount of information needed and the limited time that they have at their disposal makes IT all the more essential. Hence, naturally many experts are claiming information technology to be the future of business analysis. It is swiftly replacing the boring, plain statistics with interactive and fast paced analysis with graphical representations.
In an effort to gather data at rapid rate, many analysts are not able to track all the aspects concerning their project. Many researchers from across the world are on the quest of searching for new ways of data integration, apps and technologies that can completely replace the tactical data research of the past. However, one needs to understand the basic requirement of conventional data and statistics analysis in modern day industry research. The biggest problem of modern companies is that they now rely on insights rather than techniques. In a way it is same as going back to the future where they are concerned about the insights but are apparently forgetting the importance of what happened in the past.
Stats from the past help spotting major traits of the customers and build strong research insights as well as strong marketing strategy. No matter how time consuming is the traditional process of data collection, the stats it brings always helps generating vital cues for brighter future of the organizations.