Wednesday, March 11, 2015

3 Industries Successfully Using Market Research Tools

According to market research, survey engagement in investment research, digital experiences and interconnected technologies are all on the rise. But how are these industries getting their data while keeping their communities interested and active? First, let's take a look at what kinds of data they have been collecting and what it has meant for each industry. 

1. Investment Research 

In a recent article from Forbes, investment research is going “a la carte,” as information available to big banks—beyond the reach of smaller firms, let alone individual investors—are now available through a firm called AIREX Market. Stephen Kuhn, co-founder and CEO of AIREX states, “The AIREX Market for the first time offers all investors the ability to search, discover, purchase and use individual apps, information, and reports which they didn’t have access to, couldn’t afford, or didn’t even know existed.” That’s great news for investment market researchers, but it's not the only industry that is seeing new trends on the horizon.

2. Digital Experiences

In the past, it was once believed that DVD’s were on the verge of extinction giving way to popular blu-rays, but this is proving to be false. Back in 2011, a post from XBit Labs predicted the death of DVD’s by 2015, but what they failed to realize is that the sales and rentals of both DVD’s and blu-rays are falling rapidly giving way to digital movie watching. Driving movie rental and sales further down, community surveys showed digital movie sales rose 47% in 2012. But 2013 surveys conducted on digital viewing found that 81% of viewers preferred watching TV shows compared to the 19% that preferred movies.

3. The Internet of Things

Way back in 2008, the number of things connected to the internet surpassed the number of people on the planet earth. Further market research shows that by 2050, there will be 50 million things connected online, and it’s more than smartphones, tablets and wearables. Look for more “smart homes” in the future with sophisticated online security systems, appliances, heating and cooling systems, all connected to the internet. New research is now predicting up to 90% cars will be online. There are “smart” clothing options, parking lots, healthcare solutions, even cattle are being tracked online.

These three major industries have obviously been doing their market research. But how do market researchers come to these data conclusions in such large markets like investment banking, digital viewing experiences and technology solution products?

Expand Your Community Outreach

It all starts with an engaging community management solution that truly inspires participants to rally behind these products, entertainment options and online connectivity services. Expanding your community outreach through innovative research methods like QualStorm or Community Management Systems can help market researchers manage the respondents and their answers all with just a push of a button. Fully customizing their survey experience to look and feel nothing like a survey means you get quality data to help expand and improve on product development.
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