Technology companies can be both disruptors and the disrupted – not from the sudden impact of a single source but from an amalgam of interacting forces. The pace of change is faster than at other points in history, which translates into the fact that there are as many opportunities as there are threats to a business. Technology market research is a crucial element of your strategy, as it supplies the data you need to understand customers and their choices. Whether you’re a startup or a well-established company, a strong customer base is of the essence, so you should think about the ways enterprises and SMBs use and buy technology.
Many Tech Companies Don’t Invest In, Nor Understand the Value of Market Research
Surprising as it may seem, many companies in the tech space haven’t done market research, meaning they haven’t given a second thought to whom is buying their product. In business, everything comes down to bottom-line impact, so they’d rather spend the money on advertising, which results in immediate sales. Tech companies fail to understand that the time and cost of doing proper research are worth the investment every time. Releasing a product or service without knowing how it will perform is an enormous risk, so it’s necessary to have accurate and timely information to be successful.
Qualitative technology Market Research helps you understand the bigger picture, i.e., how and why individuals choose to interact with your brand, the reasoning behind their actions, and what areas can be enhanced to make the experience better. Technology market research helps you understand if the new trends are applicable to your business, identify new subsectors, and improve marketing and promotional campaigns, among other things. Examples of market research projects include but aren’t limited to enterprise mobility, IoT, cloud, eCommerce, FinTech, and SaaS solutions, to name a few. When the results are in, you’ll want to act on them as fast as possible.
Traditionally, Technology Market Research Encompasses
Market research takes many forms, so you must determine which type best serves your needs. Start by defining the initial problem and your goals for your research to determine which practice delivers the best possible outcomes. You can collect quality data from your target market with an expert research solution for tech companies.
Some of the useful types of technology market research are:
1. Surveys
Surveys can be conducted through numerous mediums, including pen and paper, online forms, or face-to-face interviews. Questions are given to respondents, which can be close-ended or open-ended. Closed-ended questions come in a multitude of forms, such as multiple choice, dichotomous, rating scale, likert scale, or matrix, and are defined by their need to have explicit options for a respondent to select. To create a survey, it’s paramount to ask questions that are clear, concise, and unbiased. The aim is to uncover whether your strategy is delivering. All participants should have the option to receive a report detailing the findings.
2. Social Media Listening
Social media listening is the process of monitoring your channels for mentions of your brand, competitors, products/services, industry trends, and so on. As it’s the digital extension of ourselves, individuals freely express their opinions, thoughts, and hot takes online. Social media listening can be easy if you focus on strategic keywords and topics. Not only will you get relevant information, but you’ll also evolve as time goes by. Since the information is shared without being encouraged or assisted, ensure what’s shared is an accurate account of what the person cares about and thinks.
3. Focus Groups
A focus group can be difficult to put into practice. This technology Market Research method involves getting a small group of participants into a room to discuss a topic of interest; the participants are chosen based on certain criteria, such as demographics, interests, and occupation. The reactions to the evaluator-posed questions are studied (questions are clear, short, and one-dimensional). The group’s dynamic and even people’s body language can guide future research on consumer decisions – the intent is to comprehend and determine individuals’ thoughts and preferences. Needless to say, there’s uncertainty as to whether the opinions expressed by a focus group can be generalized to larger populations.
4. Observational Studies
Observational research helps identify the authentic, not stated, behavior of consumers. With the introduction of new technology, there’s often resistance to the usage of such, with behavior the primary facet of resistance. Therefore, an observational methodology can be used to understand the extent to which technology can be used. Subjects behave naturally, meaning they reveal their true selves. Observational studies can be time-consuming, and there’s no control whatsoever over the environment researched. There’s also the issue of bias, which can result from the incorrect determination of the outcome.
5. User Testing
Finally, yet importantly, there’s user testing, which uncovers insights from users, helps improve your products and services, and places consumers at the center of your process. You’ll engage with and observe your target users, getting to know their needs, behaviors, and pain points. This research method ensures you’re designing with real insights and facts, not guesswork, so your brand’s reputation won’t suffer. To get the best results, apply quantitative and qualitative research, not to mention a combination of attitudinal and behavioral approaches. No matter how you approach user research, take into consideration the resources available to you and get stakeholders involved early on.
Wrapping It Up
Market research is what successful tech companies do, so skip philosophical discussions and reach an actionable answer. You must have a solid, experienced team to transform your ideas into fully working, high-quality products. Since the marketing firm isn’t a part of your company, it will rely on objective research and expertise to develop recommendations tailored specifically to your brand. Biannual or annual technology market research pays off enormously as you keep up to date with innovative and reflective customer tastes. Once you’ve sorted out the details, you can focus your attention on executing your plan and craft minimum viable products that customers will find suited to their needs.
