The Role of a Market Researcher
1. Introduction
Data is the key to any market success. You can't just jump into an advertising campaign without collecting enough data. Market research plays a significant role in analyzing the market trends, understanding the market dynamics, testing the effectiveness of the advertisement, and forecasting the sales.
Data is the key to the success of any business. The market research has to take note of the useful and relevant data and convert it to useful information. This requires real brain power. A smart researcher collects the data, analyzes it, and provides useful information that can lead to market success.
The brain stores the data, but smart brains interpret the data. A market researcher can interpret the data from various sources and provide useful and beneficial market information to be analyzed and later implemented for business success.
What is market research
market research definition:
A market researcher is capable enough to provide an acceptable solution to solve any form of market problem and make a large-scale decision by collecting data from various sources.
A market researcher is a great listener and enthusiastically welcomes data over emotions.
The market researcher should be inquisitive, analytical, speculative, and pragmatic. Curiosity is a key strength in marketing research. Success comes through interpreting data for useful insights. Data is useless if you can't pull out information from it or you ignore what it tells you. The role of the market researcher is important to get better market results.
Market research encourages talent to focus better on the current market trends and get better results. This also paves the way for the organization to make smarter decisions.
2. Responsibilities of a Market Researcher
What is marketing research
The responsibility of the market researcher is to research, analyze and report on different aspects of an online or stand-alone marketing campaign. Research and analysis can be managed or funded by a digital marketing agency association, operating independently or working as a freelancer.
Researchers are called upon to identify, determine what data needs to be gathered and why, present a plan, implement, manage, draw conclusions and insights, make the necessary plans for the elaboration, and put everything into an analytical report that includes evaluation of certain success factors, recommendations and suggestions for a campaign strategy.
As more and more companies are forgoing brick and retail to operate on the world wide web, the opportunities of digital marketing switch to the occupational category where one or more employees are fully invested in determining the brand developed and promoted in cyberspace.
Career experts consider that this area of expertise is also interesting given that, in most cases, it has the advantage of using the administration of a home office.
The duties of a commercial digital market researcher can vary widely depending on the specific needs of a company or client. However, the basic responsibilities of a digital market researcher do not vary much between employers.
This job is well suited to people who are highly detail oriented and do not mind combining creative thinking with statistical data. A digital researcher typically uses a combination of data and personal intuition to draw conclusions about the success of an online strategy of marketing. They must be able to work full-time, part-time, or freelance and appreciate the flexibility of working on projects anywhere worldwide.
Market researchers should have good computer skills and regularly apply the following software in their jobs: Email, WriteFlow, Google Drive, Wunderlist, SocialMediaPik, Klipfolio, Periscope, SCiOps, Onalytics, PinterestForecast, InstaStats and Facebook Ltd Insights, among others.
2.1. Conducting Market Research Studies
We ask our respondents to do some exercises as part of the discussion, example of marketing research, free associations or one-on-one discussion points. These tasks require visuals. We usually show something existing (a packaging, a website, a photo of a store aisle), but occasionally, we will also ask the team to think about something non-existing.
For example, SFRT, the new cocoa beverage: tell us what you would expect it to be or how you would recognize it when going to get your groceries? An advantage of video interviewing is that we can easily show visuals, whether they are pre-existing or not. However, we also have a unique tool that allows the respondent to manipulate elements in real time. For example, this Chocolate Living project was an international omnibus study: the visual was the shape of a house.
We were testing different possibilities of homey designs. We asked and showed what the packaging of fictional home couture textiles could eventually look like once they have been applied with the right die cut, if they were transparent or had patterns. The embodiment of concepts provides us with key additional insights that leave us with a detailed knowledge of the local culture and environment.
It usually takes two or three experienced interviewers to discuss an issue for the duration of one take or video call a respondent will have. This means that if they have a list of three children in the household, we will conduct the interview three times, every 20-25 minutes. The tools allow us to easily segment and re-watch the recordings when looking for a quote or example. Depending on the client's research objectives, we will then package each group of recordings per respondent to tell a more complete story or we will revisit them when we are working on another project.
When a study has three sets of respondents, that translates to one interview a day, every day of the week. Even when we are targeting the same demographic, different respondents will have different schedules. We will use what we learn in the first interviews to ask the right questions in the following interviews.
Sometimes, we will redistribute the questions to make sure that they are consistent across the groups. Once all our interviews are conducted, the real fun starts: the analysis phase.
2.2. Analyzing Data and Identifying Trends
In sum, my role is to enable a whole group of highly skilled individuals to tap into a wider variety of both structured and unstructured customer signal, quickly and possibly in real-time as needed. Emotion engines, machine learning, presence detection, biometrics, signal-to-noise filter, volume filters.
I also need to help get the right customer data into the right hands - who can then look at it from all conceivable angles. But all of these models are nothing without insight - it's my job to not only pour in data, but to make sure our analysts are pouring out insights. I love this role because it's the role of the digital market researcher.
It takes market research into the real-time, messy, unpredictable emotionscape of today's digital world. But it's not just about technology. Understanding the analog emotion of people will always be important, even in a digital world.
Without a doubt, analysts in SDL are best known for their ability to deliver in-depth customer insights. More and more, analysts are wanting to deliver faster and more iterative analyses. My role is to help them get the data they need, in the format they need, in time to incorporate it into their research papers.
But that's not all. Many analysts are thinking more and more about sentiment and emotion from social media, but in a largely unstructured format without a good category list to categorize them under. My role is to help them access the right pre-categorized emotions.
2.3. Generating Insights and Recommendations
With all the knowledge accumulated in the process, it is time to make decisions and create action strategies. Fisher, Reichd, and Silverching (2010) point out that ROI is the main justification that managers must use to make decisions.
The generation of insights and recommendations is essential for the easy assimilation of information and data that we work hard on during the process. Besides that, it is key to ensure that decision makers and stakeholders understand all the analysis. Consuming data and insights should be easy.
Much easier than producing. If managers and decision makers are not able to fully understand a detailed analysis, the risk is, at best, in a series of questions or comments that may take too long for an answer.
This process of rethinking and questioning what is being proposed can be extremely time consuming and disruptive to the goals of decision-making and organizational effectiveness.
We reached the end of the market research process and all our results are on the table. It's time to make decisions and give answers.
The work of a digital market researcher does not stop at providing data and insights. What to do with data? What decisions should the organization make once we have made the recommendations? According to Davenport and Harris (2007), "managers have been trained to make decisions based on their experience, access to adequate information and the like. Traditional market research has failed in many cases.
3. Skills and Qualifications
It will be the data scientists of the near future. Profiles passionate about investigation, research and analysis, to report conclusions and support decision-making in digital marketing companies, while providing added value. The digital market researcher is the professional who will seek skills in the field of data collection and analysis with a capacity for synthesis of conclusions and the ability to communicate them effectively, combining quantitative and qualitative approaches in a mixed manner.
They will be profilers capable of managing technological resources and data processing tools, possibly through the assessment, evaluation and successful marketing management of information in a company to turn it into a source of competitive advantage. Professionals capable of emphasizing the i-company value compass.
Profiles who know how to correctly interpret the information from the digital point of view and use the results to guide strategies and business growth. Profiles who know how to propose the right strategies to improve and increase the level of engagement and previous customer experiences, which can determine the strategies of all channels.
Whoever chooses to work in market research from now on will need to be increasingly prepared for the application of new methodology and updating with the use of artificial intelligence resources and large volumes of data. It is clear that the talent of a digital market researcher is multidisciplinary.
It requires a combined skill set that combines data analysts, website designers, business strategists, communication and design professionals, and other partnerships. These professionals bring experiences to better understand the interests of the client's target audience.
3.1. Strong Analytical Skills
Having strong analytical and critical thinking skills are essential to determine the relevance of the data you are analyzing. Being able to defend and weigh the options in light of the possible implications in your research is also important. It’s also important to understand trends and changes related to your field of work.
Also, in relation to other sectors, it is also very useful. Always keep up with different industries because it allows you to understand how strategies learn and morph based on what the market demands. Throughout the era of the internet and social networks, it is increasingly important to translate information in an easily understandable and often persuasive manner.
Analysts must be prepared at all times to quickly translate data and other relevant information through reports, presentations, and internal conversations with the sheer volume of information that is produced these days.
The market, consumers, and society are changing faster than ever. Typically, companies have few resources or little information on the demands and behavior of their target audience, and as marketers and professionals within companies, we have to be at the forefront of new strategies.
The digital market researcher attempts to provide solutions when it comes to finding strategies, not only within market research projects but also with the use of their resources. It might sound complex or unattainable but remember that market research is not the only root source of information but an element in the creation of strategies, and it is to this input that we want to generate value.
3.2. Proficiency in Data Analysis Tools
A person with skills in this category is well-versed in employing probabilistic measurements. Common statistical issues such as likelihood, random variances, methods based on data distributions used for continuous and qualitative analysis.
What is additionally crucial is the capacity to correctly convey insights which are gathered during difficult quiz methods to clients with no statistical know-how and to be capable of encouraging clients to make informed business decisions using realistic ad-recommended ways.
At the entrance level, it is notably beneficial if a candidate can show some wisdom with records of statistical analysis of customer data. Obviously, in market research studies, all such techniques will be subject only to sample data, but any prior statistics-related research exposure can be beneficial. Behind asking the appropriate quizzes, interpreting implications, providing advice, and developing performance enhancement methods, a proficiency in statistics is crucial.
Another very significant component is data analysis tools.
Market research is a numerical field with capabilities in customer data being crucial in several diverse situations. Market research is frequently done through statistical analysis. Researchers use a broad set of statistical tools including hypothesis testing, factor analysis, regression techniques, time series analysis, etc.
as it is not possible to be an expert in each and every tool. One needs to understand the basic way the tool is functioning so that they can efficiently use the software. There are many data analysis tools and software such as SPSS, Huff, XL Miner, etc. that have in-depth capabilities.
3.3. Excellent Communication Skills
Data collection is only one aspect of the market research process; communicating the results of one’s data collection in both a professional and scholar manner, the ability to write, is critical to the research process. Being able to write and speak well will increase the probability of a researcher’s written work getting published.
In most research settings, a primary goal is the dissemination of one’s findings so that populations of interest will learn from his or her work and can benefit from the research results. Oral and written communication skills are necessary if a researcher desires to have a successful academic career.
contends that being able to communicate and disseminate one’s findings is like a final step in the research process. Further, argued that, in most research applications, producing and sharing knowledge generated by research is a key attribute that constitutes excellent researchers.
Ideal scholars of any discipline continue to search for more knowledge and seek to contribute and disseminate their generated knowledge to others.
A primary function for a market researcher is to develop surveys, focus groups, and implementation instruments. We must remember that one of our roles as a market researcher is to communicate effectively through in-depth written and oral communication. Efficient and effective project completion relies on him or her possessing personal characteristics necessary to excel in the academic arena.
3.4. Knowledge of Market Research Techniques
Using traditional unit-toting techniques like simple random sampling, no data can be collected regularly over longish time periods because of the cost and rewards versus time and the time required to organize the field workers. But with the development, various techniques have been made available which reduce the time and cost for regularly collecting data.
Some of them are continuous consumer panels or scanner panels, Retail Census, the use of Proxy, Audit Study, etc. One can use several internet sources for collecting data, some of which are listed below and presented as a spectrum picture from traditional/more familiar IRS on the left to the more recently developed sources on the right, with a suggested ranking from 1 to 5 odd (yellow) years.
Market research uses a number of techniques and tools to gauge market development. The techniques range from the informal personal discussion to the more impersonal questionnaire. Depending on the size of the target group and the end use of the data, a number of techniques can be used to collect the required data. About 50% of the research time usually goes into collecting and tabulating data. Thankfully, nowadays many data collection roles are performed by computers, which have reduced the work considerably. Here is a brief description of internet research techniques.
4. Importance of Market Research
Market research is vital in today’s business world. Let’s start with a definition of market research. For clarity, market research is the gathering of information about a particular target market by using various data collection methods and sources. Market research is also considered a pivotal aspect of a business and digital marketing company, globalization, and product development.
A Digital Market Researcher is attempting to gain a view of the market in the eyes of its customer either through demographic profiling or advanced data collection methods. Market research can be conducted with both qualitative and quantitative methods.
A Digital Market Researcher will use some combination of the following 5 methods: focus groups, surveys, in-depth interviews, polls, and observation. Digital Market Researcher will look specifically at three basic and key strategies: infiltration, study, and data sharing. Depending on the company in question and the marketing research professional hired, these strategies can vary.
Market research is essential. It gets to the heart of a company’s market - its customers - to narrow down where to spend advertising dollars or where to expand. Market research can provide all sorts of insights and ideas - to help put a mogul out of business or define small business solutions, market research is versatile and valuable.
Despite all of these benefits, market research often gets ignored. It gets pushed to the bottom of the ‘to do’ list and doesn’t get done. This is often due to costs. Outsourcing market research to any firm or even local college students can be quite costly. What if small business solutions and market research could be affordable and painless?
4.1. Understanding Customer Needs and Preferences
In such a process, traditional market research methods such as surveys and case studies can be used. However, today's ideal technical processes are too narrow and time-consuming for businesses consisting of individual, large, and scattered customers.
Thanks to the result access times that are too short, low costs, and easy access to individuals, digital market research provides an opportunity to measure the awareness rate of ad campaigns, advertising success rate, internet application use, feedback from customers, promotion of a product or service, and it is easy to evaluate.
In addition to marketing process research, it has many areas of usage in today's business world such as mixed research, statistical analysis of the shares and demands of the product, searching for individual candidates, and evaluating/evaluating performance via peer evaluations.
Understanding customer needs and preferences is essential for efficient business development. Local or regional case studies and survey results supporting many businesses contribute to their success and sustainability. Along with these methods, digital market research techniques have become popular, especially for digital marketing, to support regional and local marketing studies.
When choosing a product company that will meet the needs of customers, first of all, it will pay great attention to the issue of whether the customers will use, buy, and/or use the products to be offered by them.
4.2. Identifying Market Opportunities
Even though the patterns generating the expectations could be anticipated with available financial markets, the reactions of rivals remain unpredictable. The exploitation of large datasets and deployment of modern computer-based algorithms allow for the tracking of other unexploited markets that are in coherence with documented domestic locations.
At specific occasions, internet users demonstrate behavior through which firms could obtain meaningful clues about where market conditions could be achieved to enhance chances of successful deal outcomes.
The data evolving from Google, for instance, covers the researcher's activity and could be mined to gauge market sentiment and track reactions of stock markets pertaining to firms far beyond the local ambit, both during the period of initiation and concluding the tracking.
4.2. Identifying market opportunities: Datasets obtained from the internet could be used by firms in various ways, such as being employed in the design and refinement of marketing strategies, investment opportunity searches, understanding consumer trends, and customer relationship management. This includes the empowerment of price setting, merchandise assortment (particularly by firms dealing in fashion goods), and customer care, among others.
4.3. Mitigating Business Risks
The threat landscape for the digital big data market includes hacking and data theft, insider abuse, geotracking and location-based attacks, and attacks to embedded systems like critical infrastructure, just to name a few. Digital big data raises new threats that are unique to this environment.
For example, many services and applications increasingly rely on location-based data and sensors, and embedded systems are increasingly connected to the internet. Thus, this category of big data invites attacks aimed at potential gains such as financial, criminal, political, or even military motivations.
Unlike the early digital economy where secure channels were the central concept, in the digital big data market, security feature-based design sets the focus on integrating security mechanisms into the various layers that compose the hosting infrastructure, services data management, including user authentication, secure protocols, cryptographic mechanisms, secure software, system hardening of the physical processing platforms, and mobile secure smartphones.
The digital big data market encompasses a variety of businesses ranging from consumer-facing e-tailers to advertisers to financial service companies. Firms utilizing big data can gain access to granular data about consumer behavior in real time, which can pave the way for potentially significant new product and business innovation.
However, there are distinct risks associated with all of this newfound customer data, both to businesses and to their end-users. In this sense, there is not only significant value associated with the development of privacy-enhancing technologies and cybersecurity measures, but there is a real need for firms to invest heavily in these types of technological advances.
July 20, 2024, 04:52 am