Each year there is a beast of a gadget that will rule the technological landscape for at least 12 months. It is easy to forget that the floppy disk that holds 1 MB of data is the king of data storage of its time. Today, it is common place to find devices that are able to hold at least 4GB of data and maybe more.
Market research is also like technology as it progresses over time. The introduction of new products has helped shaped how people are doing market research and how market research will be done in the future. Today, new tools are being introduced to replace the obsolete ones that can only do one thing or two. The new tools are more dynamic and flexible and able to provide ideas to concepts that only marketers of old can dream of. Let us take at the obsolete strategies that are being used in market research.
Commodity approach. Before Sony sold its first Betamax it had to sell it in some markets to test whether it will click or not. This approach comes with a price. The amount of potential losses is a risky proposition. Today, this strategy is no longer being used because there are brand influencers that help to bring attention to products and services. These people are able to come up with accurate sales forecasts without the need of risking capital and even can lead to bankruptcy. The new strategy that replaced the commodity approach moved the development cycle and decreased the risk at the same time.
Traditional research. Todayâ€™s researcher is no longer confined in viewing a bunch of people inside a room as research is trying to get into the minds of customers. Most of the research that is conducted today occur in social media. Companies are increasingly tapping the leverage being offered by outsourcing vendors to help them get data from people in the various social media platforms. The data that is collected in these platform are more uniform and the costs are lower compared to traditional market research where most of the researchers are clutching clipboards. Todayâ€™s marketing researcher will have to clutch a tablet or smartphone to find out what the customers are looking and what their wants are.
Interview approach. Interviewing customers may provide a human interaction but it is very costly and there is bias that can dilute the data obtained through this method. That is why most marketers are using tools to further their campaigns and help companies to build data that can lead to the development of the product cycle and enhance the offerings.
Todayâ€™s marketing research firms know the value of the shifting trends. As a business it is wiser to tap the leverage offered by vendors. It is faster, cheaper and better than doing the research in house.