Money well spent
For many commercial enterprises the value of market research is literally priceless. It’s often the case that the bigger the endeavour, the higher value is placed on accurate, in-depth, rich market data. This is to avoid making any extremely expensive errors when it comes to launching a new product into the market, for example. Consumer feedback and input also plays a key role in product design and development, and implementing product marketing strategies.
The harvesting of this consumer/market data is usually a somewhat time-consuming and intensive activity, and often ongoing, as market trends in many sectors exist in a state of continual flux. Two of the traditional, tried-and-tested methods for gathering valuable market related data remain popular: interviews and focus groups.
Market research interviews
We’ve all seen, and possibly experienced, the simplest form of this – the traditional on-the-street survey which usually consists of a limited number of very specific questions regarding a product, service or other issue. However, most companies also carry out more in-depth interviews with a sample of participants representing a cross-section of the intended consumer base. This type of interview is usually lengthier and may be designed as a semi-structured interview, consisting of a certain number of pre-designed yes/no question items, accompanied by other question items designed to probe and explore certain aspects or issues more deeply.
Market research focus groups
As the name suggests, these typically consist of multiple participants who engage in a guided discussion focused on a certain topic, or issues and aspects of whatever is being researched. Again, the facilitator will guide the group, but also allow for the emergence of individual points of view and the development of tangential but relevant discussion.
Both methods are invaluable in terms of gathering rich, timely, and ultimately essential data for companies to subsequently act upon.
Supporting high-value decision making
Needless to say, so much talking leads to an enormous amount of recorded information. Optimisation of this data is often a primary concern, since it requires substantial resources to obtain it. So in order to get maximum benefit from it, and provide greater accessibility to the data obtained, it’s normal to have such interviews or focus group sessions transcribed to include in the full report of the market research. Scanning a transcript for relevant keywords, phrases and data is much easier than trying to do the same with audio or video format, thus making analysis by marketers, product designers and others much easier.
High quality, accurate transcriptions of market research provide those invested in the research with the full value of their consumer input, in a precise and easily-referenced format, on which to base further discussion, and ultimately corporate decisions and product strategies. Large and small companies, as well as data gathering enterprises, rely on market research transcriptions to enable them to fully understand consumer related issues, as well as make savvy business decisions.