Researching your clients for market research!

Market Research Client’s needs are a lot of priority when it comes to the information they demand. With the current explosion of companies, a lot of trends go on with some irrelevant things to help clients with. Market research priority demands the baseline of understanding customer expectations.
Currently, the thin line of gathering enough research from publishers and accounting them to clients is on a tedious side. So putting forward the need to make the steps easier for clients is the call for the day. Below are some ways where clients can get help in preparing ahead of the changing landscape of market research.

The feedback!
Listen to your clients, if not personally, statistically. Opinions matter a lot, be it in bulk or small. When clients are unhappy about a report, it is a dead end. Market research reports cost a lot, so no matter what happens in future an unhappy client is surely not coming back. Client feedback will, therefore, help in putting aside major differences in understanding. Feedback options help a lot of processes these days, mostly in avoiding approaching a major list of publishers who do not have relevant content.

The opening part!
The reports that are opened primarily, is the first thing a customer holds on to with. Also, samples can be made accordingly, if there is a demand for a particular style. This will further help in fetching clients who can largely rely on the opening reports. Segmentation will be also a determinant, by reviewing what content is there inside the report.

Questions!
Most of the time, asking relevant questions to self is the best way to know about a market. The vision is not always as what is the best, but rather if the thing really fits. At times certain reports can seem logical enough to attract a crowd but fail in doing so. Therefore, often there is a need to ask relevant questions. These questions can also be answered on the client side, which largely improves the solution making. Some companies at a time use a syndicate research module to set analysis they did for themselves. These kinds of organisations would rely heavily on metrics. The competitors would be looking further to expand the markets which they aren’t familiar with. This is where the industry details come into existence, and questions about knowing consumer preference make the move.

Rejecting the bad publishers.
New publishers show up every moment. Clients are often not sure where the content is generated, and surely the bad experience will not come up front. It is therefore of an utmost need to determine the best publishers from the worst ones. Not an easy task, but helps in the long term to hold the base for clients. Potential quality is even increased with the right market research content. Few of the points to take care of are:
-Know the origin of publishers
-Check the website to know how long they have been working
-Are they quite functional and professional in delivering the content?
-How costly are the contents that they provide are
-Are the language and grammar good on the website?
-Do they produce on actual produce the market research content?
-Do they list the number of analysts they have been into account for?

It is not easy to follow the above process largely when there is an organisation to look for. Nevertheless, it is pretty much required to gear up the potentials and make a move for the clients. As clients are the base ground for various reports, the retention of each client is therefore necessary.

Partner Techs-Big Data and Artificial Intelligence!

Artificial intelligenceArtificial Intelligence is taking over a large chunk of technological advancement. Currently, the perfect match it preaches is that of Big Data. The reason being that Artificial Intelligence is taking large processing of complex data, much better than the traditional human processing way. Market Research is pointing a number of ways where the match will perfectly suit future technological domains.

The banking sector, for example, is using the foremost of AI and Big Data. Consequently, applications of bank systems are streaming lot of concurrent data region within a fraction of second. Furthermore, if any anonymous activity prevails the manpower involvement won’t gather much security protocols. The reason being, people cannot possibly process and analyze a large volume of data in seconds, like an A.I do. Activities like fraud and theft require much more attention and involvement than mere human decision-making capabilities. With hundreds of humans performing a task, the outcome still goes less than a single A.I.

A. I surely put forwards assignments in a much easier way than a human can. Market research ideas even put forward the predictions of new data reasoning in several domains such as healthcare and technology. Ordinarily, AI systems get smarter and driving data is easy as compared to stringent anomalies over the time frame.

Below are some technologies put forward by Market Research where AI is getting ahead with the Big Data power.

Anomaly Detection process:
This is a different process which has a name as outlier detection. The process consists of identifying items and events of certain observations which are hard to analyse and do not confirm a single and dominant pattern. Preferably, the anomaly detection process can detect many bank fraud cases. Other domains include fault detection process, system health monitoring process, network sensors and ecosystem abnormalities.

Graph Theory
The graph theory is a term used to define the study of mathematical structures. It subsequently put forwards the models which have pairwise relations between objects. The graph present in the context consists of vertices, nodes and points connected by edges, arcs and lines. This overall thing is at times too complex and requires steady hands other than a human’s. Consequently, with the advent of a graph theory, the insights into the relationships between data can be easier to obtain. One such example includes a bottleneck in the network which can cause a variety of problems and a root cause to the particular bottleneck can be put forward by an A.I.

Extrapolation
This is one of a kind of complex process where the pair of AI and Big data is useful. The process of extrapolation is done for an estimation beyond the value of an original observation range. The value is on a base with relationship beyond other variables. Situations like determining a trend is done, where executives of an organisation put forward views of the sustainability of that aim. This process can be largely put forward by Extrapolation. Linear trends make it a simple one and a simple line of the chart will make it tangible. The algorithms consist of polynomial, conic and curve equations.

Market Research is ruling several other processes which are holding the pair of Big Data and A.I on a prevailing scale.

Big Data shines in Healthcare domain

big data in healthcareIn the recent genre, Big data is generating a lot of hype in the changing technological domain. Consequently, it is becoming a hot and trending topic of discussion. On the health care front, it continues to incorporate ideas and challenges the healthcare professions. Nevertheless, the opportunities are humongous and there is an improving patient reliability status with the advent of several cost-effective procedures.

Big data is continuously growing to provide the healthcare technology sector with volume, velocity, and variety. Additionally, it is leveraging itself to a wide range of healthcare operations.

Error in Medicine: When there are human errors account into medicine, it largely decreases the reputation and stability of many healthcare organizations. Occasional errors are quite common and that results in an occupational hazard to many people, including patients. Ending up with wrong medication is often a problem with patients who cannot undo the damage caused. This can lead to fatalities like death at times. Big data is planning to put forward its effective platform consisting of research and technology in these areas, thus enhancing the overall process.

Hospital Bills and Expenditures: Huge amount of money is lost while tackling diseases that require the implementation of technology. Even time that we lose during a waiting period is of utmost importance. Hospitals and healthcare institutions can reduce this by executing Big Data’s process of analysis. The term that is popular is the use of predictive analytics. Certain firms even provide online consultations in mobile as well as web portals, providing information about the cost and time one spends at a hospital. This can, in turn, prepare patients beforehand and reduce their precious time in getting adequate attention.

Patient outcomes and Expectations: The particular expectation of any customer on a daily basis is the number of hours he/she is sleeping, taking medicine and other processes in consideration. While a physician can track them largely, but at the same time, there are considerable human errors that make the patient restless. Big data can help in providing wearable track devices which can monitor asthma, blood pressure and even help patients stay independent, thus reducing the unnecessary doctor and pharmacy costs.

High-Risk patients: There are certain patients who need utmost care immediately. Human intervention often fails in identifying the patients and can make the overall situation worse. These patients often use the emergency department often and hence can create a chaos on the hospital staffs and patients. Big data can put predictive analytics and able to reduce the number of Emergency visits to hospitals. Subsequently, it will identify high-risk patients and offer them the centric need and customization they require immediately.

Market research in technology and healthcare are promoting Big Data for a variety of reasons. The coming decade will address if the reasons are worth a catch or not.

The U.S sets new trade off on China trade!

U.S sets new trade off on China tradeThe current phase of US-China trade wars is not looking to take any pause soon. Consequently, tariffs of 200 Billion Dollars is on the go with President Donald Trump moving ahead with US imports of Chinese goods. As such import duties will be more viable with this current decision quotes Market Research Reports.

The whole Scenario.

Ordinarily, there is already 50 Billion Dollars of tariff on nearly everything America buys from China. In fact, China accounts for the largest source of imports for the USA. Currently, with the decision on board, the country is subjecting duties on those imports.

China’s Prospect.

China, on the other hand, is reviewing certain steps for sending delegations to Washington D.c. This would be a necessary action in the light of the U.S decision. Consequently, even a daily of China, made a statement about Beijing raising risks of prolonged trade battles. Market research domains cite this could be a battle between two of the world’s largest economies, hitting global growth.

The starting point of Trade revenue.

The tariff collection starts on September 24, 2018, on the other hand, the rates will only increase by the end of the year. This due to the fact that current U.S companies are suggesting time constraint to adjust supply chains to different countries.

Current situation cites the United States imposing around 50 Billion Dollars of Chinese products, pressurizing Beijing to make sweeping changes. Additionally, technology transfer and high tech industrial subsidy policies are also on the target.

The tariff’s effect will be showing gradually with China’s fourth-quarter data. Furthermore, the full impact of a 25 percent tariff will be seen the next year of 2019. The growth rate of China’s Gross domestic revenue is also on the target by 0.83 percentage point.

China’s Economy.

Consequently, the negative impact on China’s economy will be merely 0.7 percent. However, the yuan currency of China is less of about 0.3 percent from the U.S Dollar. The 6 percent slide from June aggravates the 10 percent tariff rate at the considerable margin.

 

Market research, a useful tool?

Market Research ReportsMarket research reports refer to information and data collected on a large scale which helps in manipulating a specific market focused solely by an industry or even a startup. By evaluating strategic business ideas, market research reports helps in developing a solid base for people who look out for focusing varied fields as well as some well-known areas.

Market research reports view solely on gathering and interpretation of knowledge about certain organizations and/or individuals, using statistical and analytics derived from the researching team.

Depending on the requirements, there are distinct categories related to an extensive market. Listed below are some of the sought out categories.

Technology: Several retailers in the technological field focus on the process of increasing the sale of their software and hardware products. Additionally, software companies while launching a new product rely broadly on the market segments. Technological market research reports are priced at a greater side due to their triggered growth in recent times.

 

Healthcare: Healthcare market research is intended to meet the requirements of healthcare experts and/or hospitals. Subsequently, the data that has been accumulated is a culmination of current trends in healthcare and pharmaceutical grounds. Advanced categories are further divided into, greater health awareness, lifestyle-induced diseases, and increasing insurance trends that penetrate growth.

 

SWOT analysis: Alternatively called as a SWOT matrix, its described as a preferred an imperative planning technique used to have an overall grasp on weakness, and various timeliness. Considered as a protective measure in market research segment, Swot analysis even focuses on outgrowth of threats that may arise during the future context of the company’s growth. Identifying and using Swot is important as it gives an idea of later steps of acquiring the purpose.

 

Energy and Power: Globalization aids to rapid growth as well as a decline in energy sources. Consequently, new, as well as predominant industries, rely heavily on market research influencing energy and power grade. This domain largely focuses on chemical, coal, nuclear as well as electrical sectors and the outgrowth encompassing them.

Further dividing market research reports, the strategy formation is modulated by secondary measures which include:

  • Sizing the various market segments.
  • Validating and analyzing customer needs.
  • Landscaping the competitors and their position.
  • Narrowing possible concept testing.
  • Filling up gaps between customer needs and competitor’s offering.

For building an empire, organizations rely widely on the market research. They need proper vision and maneuvering. Nevertheless, how well-established a company is, it is essential to have a long-term viable market analysis for all the new products or services it wishes to introduce. Furthermore, entrepreneurs who aim to start a fresh business expectancy gain a competitive advantage and a grip of the challenging landscape.

 

4 ways market research has transformed in 2018

Market Research ReportsThe technological innovations and digital environment has revamped the industry of market research. Today’s market research reports are shaped by advanced data formation tools and speedy techniques to hold analytical and critical information with precision. Marketers view research reports from a very broader perspective and a completely different approach than the traditional research held.

AI transforming the engagement:

With tech giants like Google and Amazon incorporating artificial intelligence into maximizing the consumer engagement, AI will soon transform the way market research is conducted. The industry will receive a greater impact with the big leap.

This will also encompass making of questionnaire and field management. The enhanced computing power and big data analytics may also be changed with the introduction of artificial intelligence in the study of the market. The role of data scientists will become wider and crucial in the industry.

Emphasis on soft skills:

As conventional market research reports were limited to data and statistics, in the technology-powered world, more emphasis will be given to the soft skills and how the report is analyzed by the researcher. Every business anticipates to have a dynamic impact on the consumer and hence the they will expect the research conducted to offer insightful information which can help them lead the market.

Impact of Political instability:

The US election and Brexit events have already shown enough influence on the market. The political instability factors play a critical role in the nurturing of market conditions. Researchers’ predictions may be affected by these unpredictable changes in the market. Especially the international market can possibly witness a trade war and other disorderly market situations.

Faster research with integrated automation:

Along with AI, another contributor to the market research transformation would be automation. This will enable a smooth research process which will have better technologies to improve the quality of the market research reports.

With a gamut of information being collected through technology market research reports the future of market study has begun experiencing already. It will interesting see how the demand for market research industry will open new opportunities for the researchers.

 

How to Use Market Research to Validate Insights

market researchResearch is necessary for a someone who urges to be an ‘informed marketer’ and take wise decisions for the company. However, such firms are often found adrift in too many data and statistics. A market research report ideally reveals more than mere data and statistics and draws out crucial market insights for the company. The only lacking part in the whole process is when firms do not understand how their approach is expected to be. Market insights influence the decision making of a marketer, but how?

Here’s how the market research reports typically help companies to get ahead in the market. You, as a marketer can use these strategies and employ in your company to get the best of a market research report.

Collecting the comparison points:

When you receive a market research report, collect the information which would assist you to make a comparison between the various segments and how they influence the market. Compare these different segments and direct your business in a way that would merge well in the industry environment and help you outplay the business game.

Deepen your knowledge of the market.

The best kinds of research reports help you understand the ‘why’ factor in the report. A market research report is never about mere data and statistics but it digs out the analytics further and reveals a deep understanding of the market. It helps you comprehend where the market is going and where does your company stand. A well-researched report never misses out a trend, growth driving factors, and the latest technologies while giving you insights on its application. With this, it also exhibits opportunities to pursue the

Assess the competitive landscape.

The competitive analysis and insights from the rivalries business functioning can be difficult to find which is possible through the research reports such as SWOT analysis. When you study the SWOT analysis of your competitor, it eventually helps your organization to understand your company better where your company is and what it needs to do reach the determined goal in the market.

Research reports help you understand the key players in the market and their role which impacts the market trends. Furthermore, the report assists identify the companies which are disrupting the market. You can scrutinize the market performance of different companies and make your business plan accordingly to outperform them all.  

Fill in gaps of consumer knowledge

Seldom, customers discover a new utility in an old product which you can help you market your product smartly. The market research reports explore new products and categories which may change the perception of your customer about the product. Reports help set trends instead of following the old ones. They put forth the role of technology while helping you influence the consumer behavior.

Disseminate insights across the organization.

When you disseminate the industrial insights with the employees, they can carry out the assigned job and the research reports do the down to the ground to get in-depth analysis. It essentially educates the personnel on a deeper level. They can assimilate the information well and incorporate better implication into the work. The market research report especially helps sales meetups and presentations better with every new developmental move. It further helps get executive reviews and planning sessions for the employees.

 

A touch of AI can change marketing altogether

artificial intelligence

It is not the harvest you reap but the seeds you plant. To be a successful brand, it is important that you ace making your first impression. And that comes from marketing your product well. Your pitch must send out a voice that the service or product you sell is completely worth the buyer’s money.

It is important to note that today’s target customers are not a mass. You must have a very specific target audience. And then, it is important to deliver the right message, to the right person, at the right time. It is easy to tell that modern-day marketing requirements cannot be met with traditional methods. This is where technology comes into the picture.

Technology and marketing

Technology has been looked at as an aid to healthcare systems, as a contributor to better information security on the virtual network, but what about marketing?

Any marketing industry analysis would voice out the immensely important contribution of technology in fulfilling the needs of all the marketing channels available. This has been rendered possible by the manifestations of smart technologies and self-learning algorithms of a specific technology called Artificial intelligence (AI)

AI is seen as one of the best possible products of the actual human brain. This branch of technology is being employed in almost every sector of the global market and is penetrating deeper each day. It has been in the market for years now, but with more traction being gained by it marketers are becoming increasingly dependent on it. For everything from extracting insights to developing new strategies, AI is a capable aid.

Perks of using AI as a marketing tool

  • Insight-driven decision making
    AI will assist you in scraping the internet for the possible leads and their contact information from their past buying behavior. It can also collect feedback from buyers to give you real-time data. AI can also send and customize outreach emails for customers giving the business a personalized approach. Insights derived from buying patterns after this can help you make much more reliable decisions.

    Customers can also be interacted with through AI. Chatbots are becoming increasingly common on online websites. A customer’s concern or feedback can be attended without delay providing real-time insights along with allowing to maintain customer relations.

  • Optimizing ad timings
    The amount of time for which a marketing ad runs can be optimized based on the price of clicks or lead conversions. Even this can be calibrated in real time. This technique is comparable to primary market research in which feedback is collected through surveys. But what a customer feels about a product or service can be learned at that very instant.
  • Image recognition
    Primary assistance for optimizing ad campaigns can be done through relevance checks through AI’s image-recognition capabilities. However, this application is limited by a number of constraints.

It is important to note that, in the current day, tasks with a clear set of inputs, are the only ones that can be optimized. There continue to be roles that cannot be effectively played by AI. Contextual knowledge says that there will be advancements in the coming years that will allow AI to manipulate much more complex sets of data.

Better healthcare facilities but a poor patient experience?

 

 

healthcareThe healthcare industry has progressed a long way to reduce mortality rates and provide innovative solutions to disease diagnostic and treatment-related challenges. However, there continues to be a sense of worry when patients approach the hospital setting. This is irrespective of whether it is a general OPD visit or an admission for surgical procedures. Why does this situation continue to prevail and what can technology do to improve it?

The context of “consumer experience” in the healthcare industry

Experience is everything. You cannot have a brand-new car with multiple new features and a bad road to drive it on. The comparison may not be a direct parallel, but the situation is pretty similar. Technology has indeed powered today’s healthcare facilities with abilities that were only a patient’s dream a few years back. But the road to avail that service is not friction-less yet.

Market research says that the healthcare sector, as an entirety, scores very low on the Net promoter score table, a score that measures the likelihood of a customer to return or recommend a particular company’s service to others. This is definitely not a good sign.

What does it lack? When a customer is taken in for an invasive procedure, he may be comforted by the auto-regulated room temperature and a decreased complexity of medical instruments. But after the whole process, billing and discharge from the hospital is a mess because the patient has an insurance policy that covers his expenses but this could never effectively be communicated to the concerned people.

So, the first point of trouble recognized is the siloed nature of interaction channels.

Next, most doctors, especially the experienced ones, do not agree that a patient must have complete access to their health data. They believe that the patient may make wrongs decisions devoid of their advice.

This creates a high dependency of the patient on the healthcare system even for minor decisions that can be resolved at the point of care.

This hinders the process of a patient learning his own body. Instead, there must be a system where patients can rather communicate with their doctors effectively even from a remote setting. Not only will this help a person in understanding his own body better, it will increase their responsiveness to any change in their health conditions.

Can technology improve patient experience?

The next frontier in health technology is to improve patient experience. The dysfunctional healthcare system can find its ray of hope in the various innovations of the current day that aim at revamping the system to a more integrated model. The approach is to build relations. Transactions will follow.

  • Telehealth
    The trial phase of this technology is nearing an end with most medical institutions adopting it as mainstream. People have adapted to it willingly. So much that there are companies that even provide telemedicine-based genetic counseling from the actionable information acquired through their genetic tests. This is particularly valuable for cancer patients. Individuals usually wait long queues for such sessions. The wait time is now cut-down significantly increasing patient satisfaction.
  • Wearables
    Wearables allow their users to track their vitals. And more, now pregnant mothers can even use wearable to track the vitals of her baby. The technology of wearables is constantly evolving a plethora of its utilities are now being tested. This allows a person to be actively involved in his own care process. He is not dependent on his doctor in all situations.Wearables combined with telehealth services can allow a doctor to keep constant track of his patients and advise them instantly when things are about to take a wrong turn. Health risk mitigation is thus made more effective.
  • Software that can compare the costs of various services
    There are now apps that people can use to compare costs of various insurance policies available for the same coverage amount required. It has been noted that only if a person finds the service worth the money spent will he recommend it to others.When a patient purchases a policy, information can quickly be relayed to his usual clinic. The communication between every person involved in the healthcare network is bettered and each entity is aware of the situation at every instant. This builds an integrated base for the healthcare facilities to function on.

It has thus been established that functioning well with proficient doctors and administrative members isn’t sufficient. There need to be tools that can minimize the troubles a customer faces in the course of approaching and availing these services.

Is technology disrupting the market research industry?

If technology is a boon or a curse is the most debated topic in the current generation. While machinery and devices developed from scientific knowledge have varied applications in various sectors, the implication is that it has been disrupting the traditional methods. Technology that aids the better organization and analysis of data also takes away the jobs of data collectors and analysts. Tediously repetitive jobs requiring minimal creativity that were assigned to the unskilled laborers are all now automated. It is indeed true that some job titles have been given away to automated machines and the number of people required in a workforce has been decreased. But, does technology have the potential to uproot an industry as a whole?

Technology and the field of market research

Better accessible software for DIY research

Market research is claimed to have highly benefitted from the availability of better tools for the curation, distribution, and analysis of market data. But, on the other hand, many of these tools are easily available and have affordable, if not open, access. They are also convenient to use rather than featuring complex algorithms. Some software might only require data from you and evaluate all the parameters that you want to assess; the output being identified patterns, forecast data or concept validation.

Moreover, such aids allow a business to collect data like consumer behavior and feedback in real time. In the fast-paced business world where trends change without a prior hint, this will be highly preferred. This is what makes businesses invest in software rather than hiring research professionals. Not only does it make their project more affordable, it also reduces the dependency of the company on a third party.

Technology has also replaced human work within the market research industry. Text analysis sample selection and management and survey questionnaire creation and many other tasks can be accomplished using computers.

Complex consumer behavior

An indirect negative impact of technology on this turf is that consumer behavior is becoming increasingly complex. In today’s consumer-oriented market services are highly inclined to favor the will of the consumer strata. The purchase decision-making process that previously meant only a few clicks does not remain the same anymore. Return and refund policies, cancellation policies all of them add to the complexity of the whole buying process. Buying habits have thus drastically changed. It is difficult to accommodate such data in the conventional analysis formulas.

At this cusp of a dramatic change, existing market research companies are seeking a way around this problem.

The optimist’s viewpoint

What market research professionals need to understand is that the newer concepts are not destroying the idea or need of market research altogether. What automation and technology replace are the market research methods. Researchers must focus on lowering their costs, enhancing the accuracy of their research and improving on the speed by themselves employing improvised versions of the analytic tools. They must look to thrive the test of time and the dynamic market trends.