Businesses tend to have different goals and take various approaches to accomplish them. These approaches constitute what is called the business strategies of these companies. A business strategy is a combination of all the decisions taken and actions performed by the business in order not only to fulfill business goals but also to secure a competitive position in the market. It is important to highlight that every successful business strategy involves market research, i.e. gathering information about target markets or customers, identifying and analyzing their needs, market size and competition in order to help solve marketing challenges. There are many techniques of market research, but they can be broadly categorized as quantitative, which involve customer survey and analysis of secondary data, and qualitative, which usually involve focus groups, in-depth interviews and ethnographical research.
Market research has undergone substantial development in the course of recent five years as more and more advertising departments understand its positive effect on decision making and strategies. This development is probably going to continue through the next years. However, benefiting as much as possible from market research requires efficiently collecting client information and tending to client needs and this is not easy in today’s world that is overflowing with information.
At this point it might also be worth mentioning that some businesses and products failed, just because not enough market research has been conducted. To try to prevent that something like that happens to your business idea, we will suggest the following three proven strategies to help you develop your business more effectively in the future.
1. Use transcripts to create a customer listening hub
A customer listening hub is a single spot where you can organize all the feedback you receive from your clients. It does two things. First, it prevents the creation of damaging data silos that frequently occur when statistical surveying results are put away in different spots. Second, it gives visibility to key client information to anyone who has access — for the most part your marketing department.
Research teams can utilize a customer listening hub to:
– Store all information results and analysis, for example, focus group results and responses to interview questions.
– Give access to market research across departments for review and download.
– Track any updates or augmentations to market research.
A good approach to create an effective customer listening hub is to use transcriptions. With transcriptions, research groups can record their studies in audio or video. They can then transcribe these mediums and store them in one spot to make a hub. A tool like Dropbox is ideal for transcriptions as documents can be transferred and accessed by every team member.
Gglot offers a simple method to move transcriptions to your customer listening hub, because it directly integrates with Dropbox. After transcripts are made through Gglot, they are stored on the platform, and they can be easily moved onto Dropbox where researchers, regardless of their team, can download and analyze the findings. For example, after a focus group interview is recorded, the saved document is transferred to Gglot. The final transcript, when finished, is then transferred to Dropbox where colleagues can refer back to data analysis and results. What’s more, it’s not only Dropbox — Gglot coordinates with various tools so research groups can make custom workflows to create a hub.
Overall, when you have your transcripts all in one place, you can keep your finger on the pulse of what clients are saying and update marketing methodologies appropriately.
2. Leverage qualitative information with transcripts
Qualitative research is a descriptive approach to market research. For instance, as opposed to choosing from multiple choice answers on a survey, qualitative data originates from talking to somebody about their opinion on certain topic. Along with interviews, other qualitative research methods incorporate asking open-ended questions to focus groups and observing specific situations.
This is a less structured method of data collection that offers a better understanding of the ideas and reasons behind a topic, but the downside is that qualitative data is harder to analyze than quantitative. Quantitative research is based on numbers, while qualitative research is based on descriptions. You need to filter through sentiments and opinions rather than objective facts.
This is where transcribing qualitative data becomes essential, because transcription:
Makes it simpler to extract qualitative insights from interviews.
Provides you with a written record of your research, which is more accessible than sound.
Permits you to find facts quicker through the use of timestamps.
Keeps your research accurate as you can refer to an accurate transcript of interview questions and answers as opposed to listening to the audio again and again to get the correct word. It is possible to pull insights from qualitative research manually, but you risk missing key points or writing down a participant´s opinion incorrectly.
You can optimize your qualitative info by transcribing interviews and observations with a quality tool like Gglot. Transcription begins by simply uploading a sound or video recording on the platform. The software transcribes the recording, and you get an email when the transcribed text is prepared for download. It’s a procedure that is simple, snappy, and financially savvy.
What’s more, with the quick turnaround time Gglot provides, transcripts are prepared in a couple of hours. As research teams work out their timetables, they can estimate more accurate timelines with the aim that projects stay on track.
With your Gglot transcription ready, you can easily break down the qualitative data. First, read through the transcript. Search for common topics and ideas. Next, annotate the transcript (for example label important words, expressions, sentences, or segments with codes). You can than group these codes into categories and subcategories. Fragment your categories by labeling and describing their associations. Finally, examine these fragments and turn them into compelling content about your clients’ practices and needs.
3. Conduct global customer research with videos and subtitles
Although clients were once national or even local, they’re currently spread out everywhere throughout the world. These clients each have their own cultures, brand preferences, and purchasing practices. German and Mexican clients will probably react differently to a similar marketing strategy. Today, like never before, your market research group should conduct global customer research to understand different populations.
Like local customer research, worldwide customer research includes leading meetings, interviews, and focus groups. The difference is in language and distance from clients. Videos make it simpler to direct worldwide customer research. Although recordings were once constrained by geography, the development of technology enables you to do video research all over the globe — without leaving your office.
Commonly recorded by market research groups (through online video programs for example), videos permit you to meet and connect with participants regardless of where you are on the planet. You can upgrade your video by adding subtitles. Simply place subtitles on the meeting recordings so everybody on your market research team, regardless of what language they talk, can comprehend and utilize the global customer insights.
Your research ought to consider video and captions for worldwide customer research in order to grow your information bank by working with global audiences (and groups), overcome the language barrier that is an issue for different sorts of statistical surveying (for example in-person interviews) and simplify collaboration across international teams with subtitles placed on recordings.
How should you begin? To record videos of research participants in various parts of the world you could use tools like Calendly and Zoom to organize, conduct, and record interviews, even across various time regions and geographical zones.
In order to streamline the procedure even more, Gglot enables research groups to create subtitled videos and translated documents. Videos (regardless of whether shared internally or with clients) can have subtitles added beginning at $3.00 per video minute per language. There are 15 language options so any team member can understand the content. Additionally, if you have multiple participants on the video, you can utilize timestamps for an extra $0.25 per audio minute to easily find and analyze their comments.
Furthermore, international research teams can have documents translated into one of 35+ languages. For instance, suppose that you conduct customer research through video and create a document summing up the responses in English and you need to impart the data to your team in Germany. Submit the document to Gglot where a professional translator will translate the document into the target language.
Utilize a combination of market research strategies
We will conclude by saying that market research is a great tool to help diminish the risks when making important business decisions. It will give you much needed insights to your business, your clients and the marketplace. By using the tactics outlined above, your insights about customers will be simpler to parse through and will upgrade your marketing strategies. The more efficient your market research approach becomes, the more competitive your department and company will be in the years to come.
Utilize a tool like Gglot to spare time and produce more accurate results through market research. Get in touch with us today to find out additional info. We will be happy to help you with your inquiry!