Benefits of Real-Time Market Research

Market research is a powerful marketing tool. Today, there is a growing demand to carry it out in an intelligent, innovative and faster way. Consumers communicate at breakneck speed. With mobile phones in hand they immediately let you know what they think and experience. Creating campaigns based on a traditional market survey done months ago may be of little use today. The real-time market research is the one that would help the brand to react quickly and according to the needs of its customers.

How is it done?

Innovative tools and mobile technology allow us to collect data on consumer behavior and motivations in real time. These opinions can be collected from various social platforms or from an online community. This large amount of data (Big Data) would take a long time to be collected and analyzed manually. The application of artificial intelligence will optimize human resources while analyzing data on consumer habits, interests, and more about the consumer.

Application of market research in real-time

New tools for Big Data and artificial intelligence allow you to create new ways of interacting with the customer. Some of the studies you can do are to:

Better understand your consumers shopping journey.
Know what consumers think about specific aspects of your products.
Know the user experience with a particular product or brand
Get more accurate information according to location.
Compare this data with those of the competition.

Real-time results

Being able to detect and analyze in real-time the consumption habits of users, interests, demographics and others, allow to make more accurate decisions. Brands will be able to react more quickly with respect to which business areas and units to invest. Detecting problems in distribution. See how these investments and the measures taken are affecting consumers and know what is discussed about your brand online. Knowing trends in each market to develop better products according to what the market demands in each moment. Predict behaviors. Identify trends. Anticipate the needs of customers and much more.

Market research in real time is a positive step brands can do. In fact, everything is faster, simpler and easier. As consumer behavior change so is your strategy. It allows you to be aware of what your customers want and why. It will save you time and money. Be ready to adapt and embrace the change.

Edited version of an original post