One of the most complex and most challenging things is running a business. You have to keep up with the competition: every business tries to be at the top of hundreds of competitors. Therefore, it is your duty to target the right market or audience for efficiency. There is no business done if you are not making money.
Since most businesses fail within their first year in business and few make it to the 3rd, it is advised to know where you belong in the market. Among the vital thing to take into account when trying to reach the top of the competition is market research. Unfortunately, market research is expensive and time-intensive.
If you are a start-up, the chances that you are low on resources are very high. However, market research doesn’t have to be pricey and lengthy. There are several ways businesses can optimise their research processes to get the right result without using excessive energy, money and dalliance. Market research plays an important role in every business, but involves lengthy processes and a lot of spadework. This is tedious and time-consuming. To make the process easy and seamless, your business should consider the help of a professional marketing research transcription service.
Because of that, you get to free most of your resources and help your experts focus on more important things like building your brand. However, you should be keen on using a transcription service. You can implement several effective market research tactics when using a professional transcription service.
Market research tactics using transcription
Before doing anything as a start-up, whether large or small, it is important to start with research. Researching is time-consuming but the most important step in any business. Market research is a never-ending cycle of activities that should be consistently done to stabilise the business.
Market research transcription involves converting a recorded or real-time speech into an electronic text or written document. It is an essential, more effective, and convenient way of documenting all research conducted during business activities and offers an easy way to access necessary info. Research is an important tool in investigating figures and facts, while research transcription is responsible for bridging the gap between the target audience and researchers. Therefore, the business will have new insight when it comes to customers’ preferences and needs.
Market research elements related to transcription may include:
- Focus group transcription
- Telephone interview transcription
- Deep interview discussion transcription
However, you can leverage transcription of several market research strategies like:
Using videos with subtitles
Videos with subtitles are essential, especially when conducting global research. Transcription plays an important role when making videos with subtitles and closed captions for the data. You are eligible for many opportunities and new possibilities when using closed captions and subtitles. For example, you can conduct your market research globally.
Subtitles translated into different languages will enable you to conduct market research on any part of the world and work on other demographics. Therefore, conducting in-depth interviews, qualitative research and customer research will be easy without any language barrier. Also, you can quickly target a specific population, obtain new and invaluable insights, and work with international teams. All this is possible thanks to subtitles.
Using transcription for shareable and searchable texts
Transcribing large amounts of videos and audio that are overwhelming will create sharable and searchable texts. This will greatly support your market research process in many different ways. One, you will reduce the time required to complete a certain task. Also, you will reduce the amount of work you do when it comes to research while keeping everything straightforward and efficient.
Collecting better qualitative insights using transcription
Transcription can benefit qualitative research. Unlike in quantitative research, the qualitative research process involves collecting insights through conversational communication and open-end questions. Therefore, qualitative focus more on “how,” “what,” and/or “why” instead of “how many” and may need intensive reading.
With market research transcription, you have a great chance of analysing and understanding video feedback, in-depth interviews, and focus groups, other video and audio data, and audio recordings. It offers another simple way of keeping up with audio and/or video recordings with different speakers and ensures accuracy.