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March 24, 2021

Ohio's Scott Armstrong Shares How Technology Impacted Market Research



Market research analysis has always been an important pillar of commerce. Without proper knowledge of the current market, making crucial decisions in creating products, implementing services, and performing marketing strategies is difficult. Technology has changed the way we observe the current market for various industries, and the developments in this area further accelerated and optimized how market analysis is done.



Scott Armstrong, a Senior Market Research Analyst based in Columbus, Ohio, understands how changes in his field evolved. With a long history of studying computer science at Northwestern and completing an MBA at the University of Minnesota, Mr. Armstrong understands how technology and marketing merge to bring results for key stakeholders. His knowledge and expertise in these fields allowed him to rise in the profession while helping local and national businesses succeed.

In this post, Ohio’s Scott Armstrong will be explaining how technology is shaping the field of market research analysis.

Accessibility to Demographics

Back in history, market researchers have to think of painstaking ways to get to their target demographic. If they plan to launch a product, some researchers have to go door-to-door or approach people in commercial areas to fill out a survey. This process takes a lot of time and physical effort to get done, making the first part of the market research turn into a large bulk of the work.

Now, researchers have better access to their target demographics using internet tools. They can partner with surveying companies to find their audience without the need for physical contact. This makes data gathering easier to accomplish, all while allowing the researchers to compile all the information in a single platform.

Data Integration

Ohio’s Scott Armstrong also emphasizes the importance of data integration in market research. The power of technology has allowed analysts to access all key information in a single program to create impactful conclusions needed by businesses.

Some benefits of data integration include:

  • Accessible database: If a company has a multi-department team, having an accessible database is crucial for all teams to see the inputs and modifications done in real-time. This allows for better collaboration amongst team members.
  • Optimized data analysis: Another benefit of data integration is better market research analysis. When all information is located in a single hub, potential conclusions can be discovered, leading to decision-making success.
  • High degree of accuracy: Data integration through software programs also complies with a high degree of accuracy. The information placed on the program is not made through multiple copies across several teams--it is a sole set of data that everyone can access so all team members can be, literally, on the “same page.”

Optimization Through Algorithms

The process of market research analysis also involves the applications of algorithms to view results. Back in the day, people will apply these algorithms manually and compute the statistical significance using merely calculators or through manual means.

Now, computers can apply algorithms automatically to data and give results instantaneously. Researchers can also customize the algorithm to see the potential changes to optimize the results and processes.

Marketing companies that partner with many businesses to make use of algorithms for brand-new ways to:

  • Gather and present information: There are algorithms plugged in search engines to gather information on users’ preferred interests, and this same information is used to present new but similar selections.
  • Filter data: According to Scott Armstrong, algorithms can also be used to filter information. Such an example is dividing the data by the demographic’s age, purchased product, or location.
  • Drawing results and conclusions: Businesses can gain an advantage in algorithm computations to create conclusions. For example, finding out the best price point of a product and service may require an algorithm computation that shows most products purchased while considering the competitors’ prices on similar items.

The application of algorithms and business optimization is an invaluable tool in the advancement of market research analysis. Through these streamlined processes, researchers and decision-makers can easily make informed choices with much confidence.

Process Automation

Perhaps one of the most beneficial things that technology brought to market research analysis is eliminating the many menial tasks related to the industry. These can include a manual compilation of data, tabbing, crossing, and all the other tasks which are done repeatedly that will lead to a high degree of error.

A single error in manual input or calculation can sometimes lead to errors in conclusions. These computations are deemed unreliable even at the slightest error, which can turn catastrophic for many key stakeholders.

Thus, process automation is a great feature of the market research analysis in the present and future. With this, analysts can be at ease that all the micro-tasks are taken care of while focusing on tweaking algorithms or discovering new patterns that are immensely useful to their clients. One’s mental energy is conserved and given towards higher-level making.

The Future of Market Research Analysis: Embracing the Changes

With all the drastic changes in market research analysis mentioned above, Mr. Armstrong is hopeful that the industry is merely scratching the surface of what lies ahead. Researchers, analysts, and company owners need to embrace technological changes to evolve market research analysis for the better.



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