Market research is a good investment for many types of businesses. Apart from data gathering, market research is proven to be most insightful when associated with social media and sentiment analysis. It can be conducted in-house by forming your own market research team to gather, filter and analyze large volumes of online conversations. However, many businesses found it costly to maintain a team of individuals and a solution they turned to is the use of automated methods in customer insight analysis. That was when they have not yet realized that there is an alternate for companies to secure a team of skilled analysts, a substitute that won’t break their budget and won’t have them invest too much time on doing data collection, management and analysis. It is to partner with a reputable market research services provider that can accommodate their needs and share the same objectives with them.
A company providing outsourcing research services is not difficult to find since there are a lot to choose from. Some providers offer end-to-end market research solutions while some only offer piecemeal work processes such as data collection, source management or sentiment analysis. For every work process, it is possible to find an application or software to do it. But what is really the difference between data processing by programmed applications and by an actual team of qualified researchers?
Below are the reasons that our market research team came up with:
- Language – Social media is now a communication medium which people use to air out their views and opinions on personal events, products, political and public events, and brands. And because social media does not limit the language being used by its users, most of the time, people use colloquial terms that machines and technology are unable to process.
- Changes – As company preferences change and as the market changes, adjustments need to be made. Adjustments in parameters can be quickly implemented with an actual team of market research staff as compared to many configurations and test runs that should be made with applications and tools. Also, it is likely that a paid upgrade is necessary to enjoy the benefits of enhanced and up-to-date software.
- Trends – In a large data coming from various social media networks, there is usually, if not all the time, a trend that can be seen. Data collected may be uniform but trend spotting is what you are after. Relevant and accurate trend reports can be obtained after a thorough evaluation by a qualified researcher. Human analysis can deduce the trend and derive an analysis from this. Precision is the key in determining a trend and the human factor can easily and accurately provide this.
- Opinion – Opinion based on findings are given by humans and not applications. With a team of market research experts, you are sure to receive an insight on how you can further develop your products or campaigns. This is easier on your end because this can help you save time on brainstorming how to further develop your standards.
Social media is widely used across the globe, thus a good source of market opinion. Technology is awesome because there’s development and because it’s the easier route. But there are instances where having a team of qualified individuals still is the better way, i.e. data analysis.
Market Research Outsourcing is no longer limited to simply being a cost reduction strategy. It has ventured into becoming a necessity to businesses. Outsourcing market research to a qualified team of experts and professionals will help you develop processes and insight that can help your business.