Market research is the process of acquiring useful information about the preferences of consumers, market trends, and statistical data. Because of the potential business insights about consumer behaviors and necessary data that will help them in making decisions, Market research is a key part in marketing a product and service and in developing a business.
In the past, market research used to be a time-consuming and expensive business practice, but with the development of artificial intelligence, there has been a shift. These factors had a lot to do with the methods used to collect data: manual surveys, in-person interviews, and on-site observations. Even if a person and observer were not required to be in the same physical space, there was still a cost associated with sending and receiving mail (and factoring in a low response rate). Surveys via telephone were also not without high costs and low response rates.
The inclusion of digital marketing technologies to conduct market research has taken outdated market research methods of the past and has transformed them into a more convenient, real-time and instant process. Mobile market research methods were a response to the widespread usage of digital devices, such as smartphones and computers. Now, surveys are being conducted through online polls, social media surveys, and other accessible and convenient methods.
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