Research technology, or ‘restech,’ has recently been gaining traction as the MR industry’s newest buzzword. Restech is a combination of advanced software, analytics, and data collection tools that provide businesses with an efficient way to conduct research and gain insights into their customers.
Nevertheless, market research is a dynamic field. Whether you adopt a modern or an older approach significantly impacts the quality of your findings. Below, we’ll share some insight into restech vs. traditional market research.
Market Research is Evolving
Restech is revolutionizing the way market research is done. The tried-and-true traditional market research methods have been a reliable data source for decades. And for researchers that deem them integral when exploring markets, these are still a possibility.
However, there’s no reason why traditional methods couldn’t be improved to keep up with the rapid advancement of technology. Giving researchers access to new tools and software allows them to execute their projects on a whole new level. The speed, convenience, and affordability that research technology offers is undeniable.
Let’s compare these two approaches and see how they differ to help you determine which is ideal for you – restech, traditional, or maybe even a mix of both.
Restech vs. Traditional Market Research
1. Increased Efficiency
In a modern, fast-paced market, agile decision-making is essential. Research technology helps you streamline your research process through automation, allowing faster and more accurate data collection.
2. Real-Time Insights
By leveraging restech, businesses can gain access to more accurate, up-to-date, and comprehensive insights into their target market. This helps companies respond quickly to changes in the market and gain a competitive edge.
3. Improved Accuracy
Automated market research tools can help you reduce the margin of error during data collection and analysis, resulting in more reliable insights.
4. Cost Savings
Restech solutions such as online surveys, webcam interviews, online communities, and mobile ethnography help you reduce costs and time on logistical matters, allowing them to focus their resources more effectively.
5. Broader Reach
Market research technology can help you reach a larger audience. Restech can help you gather a qualified sample pool from various sources, such as social media and online recruitment platforms.
1. Technical Issues
Technical issues such as faulty equipment or unstable internet connections can cause problems when conducting market research with restech. Technical issues can also lead to slower response times, making it difficult to obtain accurate and timely data.
2. Security Risks
Online market research can be vulnerable to cyber-attacks and data breaches. This can lead to confidential information being exposed and put data security at risk. If the software is prone to fraudulent participation from bots, it can skew results and cause inaccurate data to be collected.
3. Lack of Personal Interaction
With restech, it can be difficult to conduct studies that require close observation or in-person product testing. The lack of face-to-face interaction makes it quite difficult for you to get a deeper understanding of the customer’s needs and preferences.
Traditional Market Research
1. Personal Interaction
Traditional market research allows companies to interact with consumers personally, allowing for more detailed feedback. In UX studies or ethnographies, moderators can observe how participants perform tasks and ask probing questions on the spot.
2. Broader Demographic
Not everyone is comfortable with working a phone or laptop. Traditional market research can help you reach a demographic who don't have access to the internet or aren’t tech-savvy.
3. Non-Verbal Cues
Body language is a form of communication that doesn’t require words. While online methods can capture facial expressions and spoken dialogue, there are some non-verbal cues that can only be observed face-to-face.
1. Limited Reach
As traditional market research is often conducted in-person or via phone, it would be difficult to access potential customers or reach a specific quota when you’re limited to a specific geographical area.
Traditional market research requires significant time and effort to complete due to its lengthy data collection and analysis process. This can produce outdated data that may no longer be relevant.
3. Inaccurate Data
Raw data from traditional market research can be difficult to analyze, as it often requires manual data entry and analysis rather than automated processes. This poses the risk of collecting inaccurate data due to human error.
Merge Novel Ideas with Rooted Conventions using Civicom® Marketing Research Services
A global ResTech leader, Civicom® Marketing Research Services facilitates online or in-person IDIs and focus groups. We support hybrid quant/qual studies, online communities, mobile insights, mobile UX testing, multimedia curation, and more. Get in touch with us to learn more about how we can help you achieve project success.