Exploring market research technology: Types, tools and business impact

Understanding consumer behavior is essential for businesses to remain competitive. 

In 2024, 68% of consumers stated they prefer tailored products or services. That said, it’s no surprise that as of this year 83% of companies are actively investing in consumer insights to make informed decisions and enhance competitiveness. These investments in consumer understanding, such as market research, help minimize risks and identify new opportunities.

Market research technology bridges the gap between raw data and actionable insights, enabling companies to make informed decisions faster and with greater precision. 

In this article, I’ll explore what market research technology entails, its various types, real-world applications and tools that are shaping the industry.

Market research technology refers to digital tools and platforms designed to streamline the process of gathering, analyzing and interpreting data about consumers, competitors and market trends. 

This tech often incorporates automation, artificial intelligence (AI) and advanced analytics to provide deeper and faster insights compared to traditional research methods (think focus groups or interviews in comparison).

Type 1: Data collection tools

These tools focus on gathering consumer data through surveys, social media, website interactions or mobile apps. They streamline the collection of large volumes of data and can integrate with various platforms for seamless insights.

Type 2: Analytical tools

Once data is collected, analytical tools process and visualize it. They employ algorithms, predictive analytics and AI to uncover patterns and trends, helping businesses forecast consumer behavior or measure campaign effectiveness.

Type 3: Insight platforms

These platforms combine data collection and analysis into a single solution. They emphasize actionable insights by delivering ready-to-use dashboards, reports and recommendations tailored to specific business questions.

Example 1: Predicting market trends

For example, a retail company can use AI-powered analytics to predict seasonal buying patterns. By analyzing historical sales data, weather trends and social media conversations, the company can adjust its inventory accordingly.

Example 2: Understanding customer sentiment

A tech brand can leverage sentiment analysis software to monitor social media discussions about their tools. This technology helps them identify pain points and opportunities for product improvement.

Example 3: Enhancing advertising strategies

A global beverage brand can use online survey tools and real-time analytics to test ad creatives before a campaign launch, ensuring that their messaging resonates with target audiences.

Zappi

Zappi offers a fully connected insights platform with a user-friendly interface and AI-backed insights.

From advertising or innovation concepts, to packaging design, brand tracking and more, Zappi’s platform allows brands and companies to gain a complete understanding of their target consumer. 

Reach out to learn more about Zappi’s solutions 🔍

Dscout

Dscout enables qualitative research through mobile diaries, making it easy for researchers to capture real-time consumer experiences and emotions. The platform is ideal for long-period studies or exploring in-depth behaviors.

Suzy

Suzy provides on-demand insights by connecting brands with a panel of targeted respondents. Its quick turnaround time and intuitive interface allow marketers to refine strategies in real time.

Remesh

Remesh uses AI to facilitate live, large-scale qualitative research sessions. It allows researchers to engage with hundreds of participants simultaneously, making it a good choice for rapid feedback.

Market research technology has revolutionized the way businesses understand and connect with their audiences. 

By adopting advanced tools and methodologies, companies can gain a competitive edge in their respective markets. Whether you're looking to predict trends, research new concepts, gauge customer sentiment or refine your strategies, the right market research technology can make all the difference.