Market research is analyzing and evaluating the market for a new product or service. Organizations must understand their target market, and this is done using various techniques like online surveys, social media analysis, focus groups, and more.

To ensure that your market research team is getting the most out of these techniques, they must access the right technology. The right technology can help improve data collection and make everything more efficient. Technology can also help reduce errors and provide actionable insights that you can use to improve your product or service.

This article will discuss the importance of Market Research and how to adopt technology for the market research teams to become more effective and efficient at the same time.

What are the Technological Trends for 2022?

The market research technology is evolving fast, with new trends every year. Here are some of the most exciting things we should expect soon.

  1. Automation

One thing that will become more and more common is automation. Automation can help to streamline your workflows and improve your efficiency. It may be a bit scary at first, but it isn’t any different from hiring a new employee; it just happens to be an employee who doesn’t use up precious office space or get distracted by personal phone calls.

  1. Artificial intelligence

Artificial intelligence (AI) is no longer something that exists only in science fiction stories. Today’s AI can perform many previously only possible tasks through human labor, such as data analysis and market research.

  1. Machine learning

Machine learning is related to artificial intelligence, but it takes things a step further. A machine can learn how to do specific tasks on its own by analyzing large amounts of data that have been collected over time.

Identifying the Obstacles to Technology Adoption in an Organization

The way a market research team operates is changing. The evolution of technology is at full speed, and it impacts businesses that rely on data to make decisions. With the explosion of new technology, a technology adoption strategy is the only thing that will help your organization keep up.

Let’s start with something we can all agree on: change is hard. But moving to new technology isn’t just about getting your team comfortable with new tools—it also means ensuring your staff has the skills necessary to use those tools. 

Your team needs a method for assessing which technologies are worth adopting and which ones aren’t. And then, they need a process for recommending and bringing those new technologies into the fold.

Regardless of the quality of your work, if you cannot convince others in your organization to use these technologies, you are back to square one. Here are five ways to increase the adoption rate of new technology in your market research team:

  1. Identify what is preventing people from using technology.
  2. Understand how people learn and break down complex topics into small bite-sized chunks that are easy to assimilate.
  3. Focus on the benefits and not the features of new technology.
  4. Create incentives for adopting new technology by asking employees to develop unique ways to use it to make their job easier or more enjoyable.
  5. Make it fun! People need the motivation to keep going through long, arduous training sessions, so find ways to make the training fun and exciting.

Establish a Technology Investment Strategy

A good technology strategy has two components: The first is a strong understanding of your business goals, priorities and overall culture, and any workflow barriers and efficiency issues currently being experienced. The second is a solid grasp of the available technology solutions in the marketplace.

We recommend that you think about your company’s goals. What are your priorities? Do you want to dominate a market or become more efficient? How can technology help you achieve those goals?

The next step is to consider what kind of infrastructure will be needed to support these goals. If you want to expand globally, you may need a tool with multiple languages and currencies. If you’re going to centralize operations and workflows, you can integrate with other teams within your organization. If you’re looking for rapid growth, it may make sense to outsource some responsibilities.

Finally, budget plays a role in every technology decision-making process. Having an accurate idea of the budget amount before time will help guide all of the decisions above.

How can researchers make technology work?

Keep up with the times to get the most out of your market research. As technology advances, so do the tools available to researchers. 

In recent years, we’ve seen new advancements in data collection and analysis. These new technologies have allowed for more accurate and timely results than ever before—but only if the research team is willing to adapt and adopt them. 

Some people may fear a loss of control or think that they will lose their job over adopting technology; however, there is no need to worry about the future of technology adoption in research. The most successful companies will be those who understand how to make technology work for them—and that means starting on the inside by investing in their researchers. 

The first step is recognizing where your company is at now. You wouldn’t eat a meal without knowing what’s on your plate, so why would you start a research project without knowing what’s already available to you? 

Take inventory of what you already have: what resources? Who experts? What do you want to learn? These questions guide you in the right direction when investing in new tools and technologies for your next research project.

Final Thought

The time of market research dominated by the old and traditional method is over. New technology such as automated market research platforms like the one provided by GrapeData is here to make the work of Market Research teams easy. They make insight easy, data collection fast and develop a new methodology to make market surveys enticing. Check Grapedata out today to get started.