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Like all science, research began as a completely manual process. Survey responses were collected in person or by mail within the Forties, and the outcomes were rigorously coded, tabulated, and analyzed for insight. Since then, the event of computer science and the Web has enabled scientists to collect large-scale data quickly and inexpensively.
Today, thanks to further advances in data collection, researchers can collect insights from anywhere on this planet (through various channels comparable to email, social media and web sites). What’s more, they’ll harness the huge computing power of the cloud to explore billions of information points concurrently – all made possible by market research software.
As SaaS market research platforms grow to be widely available, we now not need a team of researchers to conduct the research. Anyone within the organization, including marketers and product analysts, can initiate a study on the touch of a button and get real-time insights.
Let’s start with the fundamentals and learn more about market research platforms and the role they play in today’s market research industry.
Related: 4 Phases of Market Research for Success
What’s an integrated market research platform?
Some integrated market research platform deals with comprehensive market research, including concept, recruitment, sampling, data collection and evaluation. It simplifies market research methodology and processes into an internet platform that makes it easy to use and repeatedly create insights.
Firms, individuals and research agencies use research platforms to collect and analyze data to help make decisions. Users can conduct research, generate results, and switch data into insights—all on one platform—with a mixture of survey, analytics, and reporting tools.
Why do we want market research platforms?
Researchers are actually less traditional than they used to be, thanks to the demands of today’s market research industry. Scientists are required to strike a balance between accuracy and speed. They’re expected to embrace technology while staying true to research methodologies. They’re asked to reveal richer insights, but to present them succinctly.
Nevertheless, these demands are easier to fulfill than to fulfill.
Not only are these tasks extremely difficult and time consuming to accomplish, in addition they create obstacles to what could possibly be a straightforward market research process using the tool.
Related: The Impact of Technology on Market Research
Advantages of integrated market research platforms
Integrated research platforms provide several advantages that address the anticipated demands of today’s industry:
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For the convenience of every platform user, all tools needed for market research might be integrated in a single place. For instance, qualitative and quantitative research are used for various use cases and subsequently require different tools. Thanks to the integrated market research tool, each functionalities might be consolidated.
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Because market research platforms are hosted online, they might be accessed anytime, anywhere, ensuring seamless collaboration between all stakeholders (thus streamlining the transformation of insights into motion). Research indicates that the long run is predicated on SaaS; according to Statista, the SaaS market was price about $145.5 billion in 2021 and reached $172 billion in 2022 and is anticipated to grow further.
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Unlike various market research solutions, single platforms require no programming knowledge and are easy to use, thus eliminating the skill gap or training required to implement them.
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With direct access to pre-profiled participant panels, the integrated platforms are suited to each short-term and ongoing (long-term) research projects.
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By utilizing the tool, you may conduct multiple studies without delay and generate insights faster, increasing the likelihood that your ROI will increase. For instance, a marketer can test different ads and run the one which is most interesting for one of the best reach.
Qualtrics report on trends in market research suggests that 67% of organizations planned to acquire latest market research technology in 2022 (up 7% from 2021).
Stages of implementing market research platforms
There are various market research tools available today. Listed below are some goals to consider before implementing them:
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Prioritize speed and accuracy: Within the era of shaky customer loyalty, generating insights just isn’t enough. The key is to generate higher quality information faster – before your competitors pass you by.
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Take your consumer research online: To make sure maximum research speed and efficiency without compromising quality, moving research-based activities online is the answer within the digital age we live in today.
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Increase adoption with research and marketing teams: While it’s true that scientists today are usually not so traditional, changes unfortunately are usually not fast enough to sustain with changes within the market. It’s crucial to communicate the advantages of integrated market research software to research agencies and organizations to increase awareness and long-term adoption.
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Select an integrated research platform: There may be a difference between a market research platform and an integrated research platform. It is suggested to implement a tool that might be seamlessly integrated with current (and future) systems to ensure less development and deployment work and an overall smoother research process.
Related: 3 ways to gain consumer trust with market research
Because integrated platforms are naturally adaptable, they permit for continuous development and modern evolution (since they’ll accommodate any future tools and methodologies). Which means that firms can shape research platforms at any time to meet their specific requirements. Latest requirements might be accommodated as much as possible, allowing for longevity that other non-integrated platforms cannot achieve.
Streamlining processes comparable to researcher-participant communication, data reporting and visualization techniques, with full automation of research, is not any longer just an idea, but an achievable reality thanks to integrated market research platforms.