The use of technology in market research

Technology in Market Research

Technology plays a significant role in modern market research, enabling businesses to collect, store, and analyze valuable information about their customers and target markets. Various technological methods and tools are employed to gather data and gain insights into consumer behaviour and preferences.

Key Technological Tools and Methods in Market Research

Electronic Point of Sale (EPOS):

• EPOS systems are computerised checkout counters used in retail stores to process transactions. They capture data related to customer purchasing habits, including the frequency of purchases, response to price changes, and the impact of promotions.
• Example: A grocery store uses EPOS systems to track which products customers buy together frequently, allowing them to create targeted promotions and discounts.

Online Surveys:

• Online surveys are cost-effective and efficient tools for gathering customer feedback and insights. Businesses can create web-based questionnaires and distribute them via email or on their website to collect data from a broad audience.
• Example: An e-commerce platform conducts online surveys to gather customer opinions on their website's user experience, product satisfaction, and suggestions for improvement.

Databases:

• Databases store and manage customer information, allowing businesses to track and analyze customer behaviour, demographics, and preferences. Data stored in databases can be used for targeted marketing campaigns.
• Example: A subscription-based streaming service maintains a database of user preferences, enabling personalised content recommendations and targeted marketing emails based on viewers' viewing habits.

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The use of technology in market research

Benefits of Using Technology in Market Research

• Technology-driven methods, such as online surveys, are cost-effective compared to traditional paper-based surveys and in-person interviews.
• Data collection and analysis processes are streamlined and accelerated with technology, providing businesses with real-time insights.
• Technology allows businesses to segment their customer base using database information, enabling targeted marketing campaigns that resonate with specific customer groups.
• Electronic data capture methods, like EPOS, reduce human errors associated with manual data entry.
• Technology enables the customisation of surveys and data analysis, allowing businesses to tailor research efforts to their specific needs.

In conclusion, technology in market research empowers businesses to collect and analyze customer data efficiently and cost-effectively. It provides valuable insights into customer behaviour and preferences, aiding in the development of targeted marketing strategies and product improvements. Technologies like EPOS, online surveys, and databases have become indispensable tools for staying competitive in today's market.