Market research industry challenges and how technology can help

According to Statista, the revenue generated by the market research industry around the world exceeded $76.4 billion in 2021, this is more than twofold since 2008. The market research industry is growing, with the increasing demand for powerful insights to drive data-driven decision-making. Organisations around the world are looking to the market research industry to help them make sense of consumer behaviour and opinions, marketing reach and much more.

There are a wide variety of market research organisations including agencies, client-facing insight teams, suppliers to the industry and much more. They all face unique challenges that may cause a hindrance, however, the market research industry challenges highlighted in this article are common for organisations across the industry. Find out if these challenges are relevant to your organisation and how technology can help you overcome them.

Rapidly changing landscape

Opinions are constantly evolving and changing and new products and services are released, therefore market research companies need to adapt quickly to the rapidly changing landscape. The end client cannot afford to wait for weeks or months to get insights in today's instant access environment. For businesses to remain competitive they need to adapt and change their strategies in line with the opinions, feedback and reactions and market research companies need to deliver those quickly.

With the right software market researchers can quickly identify trends, reactions and responses. The software can scour the various websites and social channels as the reactions start coming in for a quick turnaround time on analysis in reporting.

At Ardent, we have collated near-real-time social media data for a market research client in a data lake which looks at the trending topics, brand presence and marketing reach. Read the full success story here.

Need for automation

A lot of market research companies have still not adopted process automation which can provide many benefits including improving efficiency, boosting productivity, higher employee satisfaction and saving time and resources.

Although the use of multiple apps to automate processes may save you some time, a comprehensive software platform solution can help fulfil your needs. Every market research company will have a unique way of carrying out their processes, therefore customised software platform could help significantly reduce costs and enhance productivity.

Ardent built an information security platform for a global market research company with automated processes. Read the full story here.

Making big data manageable

Organisations across industries are drowning in big data, including those in market research. Making big data manageable is no easy feat which is why you will require expert assistance in managing your market research data. More than likely, as a market research company you will be collecting data from a variety of sources, processing, storing and gaining meaningful insights from these huge volumes of data is challenging.

Data engineering experts can help you effectively manage your big data to gain powerful insights to deliver to your end customers. At Ardent, our engineers have helped a leading broadcasting company easily search the huge mass of data they collect. Read the full story here.

Robust data security

Data security is essential for all market research companies, however, especially for those that are dealing with confidential consumer data. With hefty fines for negligence in line with regulations such as GDPR, companies simply can not afford to ignore data security. Following industry best practices can help you mitigate these risks, for example, Ardent is an ISO accredited company therefore, we follow through with data practices in order to keep our data and our client's data safe.

Investing in technology that is built with security at its core can help you avoid data leaks and improve your data security. At Ardent, we implement multi-level data security measures to ensure all application data and any data that is being processed is safe.

Staying ahead of the competition

The market research industry is one of the most competitive, so companies need to look at ways to stay ahead of the competition. In order to stand out from the crowded market, market research companies should look to invest in platforms and technologies which can provide a quick turnaround time, that operate across devices and systems to collate data and have automated features to the reduced workload on your team.

At Ardent, we have delivered a fully integrated mobile app and web solution for a market research company to automate its footfall collection process. Read the full story here.

Investing in the right technologies

Software and data solutions built with your unique needs in mind can help you take your market research company to the next level. Technology can empower you to provide quick turnaround on analysis and insights, automate processes, enable you to effectively manage big data, ensure data security practices, and stay ahead of the competition.

Ardent Market Research solutions

We have delivered a wide variety of both software and data solutions to a range of market research organisations fit for their unique needs. We build secure, scalable and agile software and data solutions customised to your specific needs and requirements. Get in touch to find out more or explore our software development and data engineering services.