As many leading researchers claim, this age belongs to the customers who are gaining intelligence with the global IT revolution. In order to tame this highly intelligence population, market research experts need to stop experimentation and replace it with something solid and effective. The context of today’s marketplace is getting more and more complex with each passing day. This evolution and technological advancements in different fields with quick access to the customers require grabbing all the available opportunities to connect with them by creating a strong yet friendly bond. Apart from information technology and their innate intelligence, customers in a marketplace are also affected by different external factors including social, emotional, economic, cultural and climatic.
Consumer Intelligence and Challenges of New Age
Constantly evolving thought process and beliefs about different products and brands have increased the competition in the marketplace with leaps and bounds. Some researchers also claim that loyal customers of various brands will remain unmoved in the event of closure or demise of their favorite brand. This is a threat to the existing established large enterprises and blooming small and medium businesses at the same time. If you want your customers to notice you then it will take much more than simple market research. Making a casual connect to hold a friendly bond within your organization and the existing customers has become essential to survive in today’s fierce competition.
When it comes to open interesting communication channels, marketing research experts concentrate on the fields like social media marketing and general waves of social communication amongst the existing and potential customers of an organization. Social media has become the central theme of the modern lifestyle, which needs the similar attention in the perspective of business analysis. Big data and advantages of data mining will definitely help you collect a lot of market data than the traditional research tools. Hence, experts also suggest blending both traditional and modern techniques of analysis and drawing accurate conclusions based on the same.
The most popular sources of these social communications include social networking websites (Facebook, Twitter, Pinterest, etc.), cultural and social events, political speeches, press releases, internal corporate sources and qualitative research efforts. Information collected from these sources should be analyzed in the form of text analysis, data visualizations, dashboards and conventional charts, tables and graphs. Maintaining ethical diversity helps researchers to maintain accuracy and consumers in perspective.