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4 Ways New Technologies Enhance the Value of Market Research

4 Ways New Technologies Enhance the Value of Market ResearchVarious forms of market research – from simple to sophisticated – have existed for about as long as organisations have been trying to work out what people really want.

The key difference between the past and the present, not to mention the very near future, is the dramatically enhanced value we can extract from rapidly evolving technologies in the market research space. Indeed, the possibilities are close to endless. However, advanced hardware and serious computing power are often required to make these possibilities a reality.

So, how does modern technology help you gather meaningful customer (and prospective customer) insights and make more informed business decisions?

 

CAPTURE DATA EVERYWHERE

These days, just about any company can take advantage of affordable radio-frequency identification (RFID) systems and methods to transmit data. Meanwhile, the emergence of the Internet of Things (IoT) means we can capture that data from almost anywhere and anything. That includes products, processes, services and targeted locations.

More intelligent devices with built-in Wi-Fi capabilities and data-capturing sensors also mean more comprehensive consumer information for more researchers, brands and entire industries. This includes the health, retail, home automation, smart wearables and manufacturing sectors, to name a few.

 

ANALYSE DATA EFFECTIVELY

Of course, to analyse all this amazing data and apply it in useful ways, we need access to greater data storage capabilities than ever before. This is where data storage solutions like powerful servers and workstations come to the fore. They allow you to efficiently and effectively process enormous amounts of information. This information will guide your future marketing, advertising, and product or service development strategies.

 

GET INTERACTIVE FEEDBACK

Your business may not have reached the IoT stage just yet. However, even a ‘back to basics’ approach to gathering data can still work wonders. Particularly in certain situations where your target audience is available right there, right now. Whether you’re representing the company at an exhibition, launching a new product or service, or actively engaging in direct market research activities with designated sample groups, you can use electronic equipment like tablets, internet kiosks and interactive voting systems – all wirelessly connected to the cloud – to quickly gather live audience feedback on specific issues or questions.

 

CREATE WITH CONFIDENCE

At the end of the day, market research isn’t about simply gathering as much information as possible. It’s also about gathering the type of comprehensive yet concise information you can actually use to make better decisions. Through the latest data analytics platforms and solutions in the shape of both IT infrastructure and intelligent software, you should be able to form a clearer picture of the direction your business takes over the coming months and years. Let technology guide you in the process of new product development and testing to reach successful outcomes.

Want to discover the latest tech for quality market research? Get in touch with Hire Intelligence today.

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