Blog articles

Reasons companies must conduct technology market research

Posted on 9/23/2020 by Elizabeth in category: survey software articles

Many companies are in the tech space. But, you'd be surprised to learn how many tech companies don't understand the value of and invest in market research survey tool. There are many advantages for tech companies to do market research.

The reason for market research online survey software is for validating and informing a business's planning assumptions when it's in regards to their:

• Target customer
• Strategy
• Marketing communications
• Product

Tech companies (particularly startup companies) have unique research requirements. They're different from more well-known and established companies in that their product category, market, competition, and technology are harder to define. This means the relevant market research survey software methods for newer tech companies vary from bigger companies' methods.

For companies to be really market-driven, they must observe, listen, and engage in their market constantly. Here are several reasons why your company should conduct technology market research.

1. Consumer Tastes Change Fast

One reason for technology market research is consumers' tastes are unpredictable and can change fast. You might have launched an extremely successful website or app, but just like technology evolves quickly, so do consumer tastes. If you want to engage your customers and keep them interested, it's important you perform bi-annual or annual check-ins with your customers to help keep your product innovative, smooth, and reflective to consumer tastes.

2. Lots of Competition

Even if you have a unique brand or product, your tech company will still have to compete for time and attention. Technology companies with big ambitions can't afford to not be competitive and optimize a product through both qualitative and quantitative research.

A technology company can position themselves ahead of other companies that aren't doing their due diligence and implementing consumer input into their game plan by:

• Investing in market research
• Listening to consumer input
• Using this input to design better products

3. Data Only Tells You So Much

Today, data science is a well sought-after skill many technology companies are looking for. And, it requires a sharp-witted data scientist to sort through consumer data that tech companies acquire. Although data sets tell a story and show illuminating patterns, it only tells you so much. While you can see the number of cart abandon rates and the number of clicks your pages get as well as the length of time spent on your app, that's just one part of the picture. Data can't tell you:

• Why the individual south out a search term to get to a certain webpage
• The other actions they wanted to take
• What delight or frustration they experienced while they were navigating around the website or app

This is where market research comes in - qualitative research specifically.

Qualitative research will help you figure out the "why." Using methods that include UX testing, mobile ethnographies, and customer journey mapping can help you see the entire picture quickly behind why and how uses decide to interact with a certain technology brand and why they perform certain actions. This provides technology companies with holistic input to help them improve their app or website.

Assessment Software | Survey Software Blog | Survey Sitemap | Privacy Policy
Business Verified
Copyright © 2007 - 2024 All rights reserved.
3rd Millennium, Inc. - 125 Cambridge Park Drive, Suite 301 - Cambridge, MA 02140, USA. Phone: 781-547-7739