Why Transcription Is The Best Option For Market Research

Market Research

Market research, as defined by students from the Student Enterprise Programme as “the process of collecting valuable information to help you find out if there is a market for your proposed product or service.  To have a successful business you need to know what your customers want and provide them with that solution and make a profit.

The definition by Entrepreneur.com is “The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face.”

So establishing that market research is very much needed for any budding entrepreneur or business that is considering introducing a new product or service.  By undertaking this kind of research it gives much-needed data to enable an informed decision to be made, then incorporated into the business planning process.

It highlights how your potential customers are thinking, buying behaviours and location as well as being able to observe market trends and see what your competitors are doing.

There are two types of Market Research for the desired data to be collected.  Usually, if there are statistics that already exist, primary research will identify key areas to question that will assist with the evaluation and decision-making process.

  • Primary Research
  • Secondary Research

Primary Research

After reviewing the analytics that already exists from secondary research, you can then begin compiling your own fresh primary data to analyse to meet your own unique requirements.  Gathering the figures and intelligence that you need can be carried out using questionnaires and surveys or interviews with individuals / small groups.

There are two types of Primary research, exploratory or specific.  Exploratory is more open-ended and there is no particular end result or data point, it helps you define a particular issue.  Specific is very targeted to investigate a certain area or topic, and interviews usually follow quite a structured nature when gathering information by this method.

Secondary Research

As mentioned above, secondary research studies that have already been carried out and are publically available.  Already organised into specific topics, these can include government agencies, trade associations, medical councils, or businesses in the same industry.  The good thing is this type of research can be free or low-cost, helpful when starting out with your business.services or product.

How Does Audio Transcription Benefit Market Research Interviews?

When starting a new business or you have an idea and want to build on that, funds are not necessarily readily available for investment, therefore you may decide to do the primary research yourself, rather than to outsource it to a professional independent researcher or market research company.

Conducting interviews that you have tailored to your own specific requirements can be a great way of gathering the information and data you want  You can conduct these meetings either via telephone, Internet, in person or hold a focus group meeting.

To get the best results when conducting your interviews, record them.  Do a dummy run to make sure that you can clearly hear what was spoken about in the dialogue.  You are investing your time in this fact-finding mission, the last thing you want is not to be able to review the content due to poor quality.

Then you have to get the recorded audio typed into text for your analysis when you have successfully completed all your inquiries, and although that sounds easy, replaying the interview and typing everything into Word, but have you tried typing at the same rate of the speech?  Even for the quickest of typists, if you need to keep looking at the keyboard whilst typing, your concentration will soon get lost with what was said.  Then you will need to rewind to catch what you just misheard if you’re not using a professional transcription software player.

Sounds a lot of work doesn’t it?  Hire a freelance transcriptionist, like me, outsourcing my touch typing / transcribing skills and experience as Virtuadmin, to create your transcripts from the recorded audios for your market research.

Conclusion

There are many skilled transcribers outsourcing their professional, qualified skills on Freelance websites like People Per Hour and Fivesquid.  For entrepreneurs and small businesses, they are a safe-haven to find lower-cost talent.  You are secure in the knowledge that if the work is not delivered or satisfactory you have support to assist you.  It can be a daunting prospect hiring someone directly with no security for your money, I understand that.

Getting your completed interviews transcribed by a professional will undoubtedly pay-off in the long-run.  You have the speed of the turnaround time, compared to that of which you could complete them.  And the accuracy of the content, as transcriptionists have the specific software to replay audio at their desired speed, an expenditure for the software you do not have to worry about due to hiring a freelance transcriptionist or transcription service.

If you have been convinced to use an independent contractor, either through a freelancing platform or directly, see my Infographic ‘7 Questions to Ask Your Potential Freelance Transcriptionist‘.  Some useful tips and tricks to help you get the best transcriber suited to your needs and not get scammed by potential ‘typists’ that think it’s an easy job, only to find the rate of speech is too fast for their typing skills!  This can easily result in lost revenue, something I personally, as a professional freelance transcriptionist, do not want to see happen to you.

 

 

 

 

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Why Is Speed Important in Audio Transcription?

What is audio transcription?
What is audio transcription?

Transcription is one of the largest growing industries, not just in the Medical Industry but in many others.  Digital technology advancements enable pretty much anyone, from an academic requiring interview transcription for their dissertation, to Entrepreneurs and small businesses to utilize online transcription services.

Creating a transcript from recorded audio does require a special set of skills, however.  Everything from listening to the audio and listening in detail to an understanding of the language; having excellent spelling and grammar skills is important.  One of the most important skills, though, is typing, preferably touch typing.

Keep reading to learn more about why typing speed is so important in the world of transcription whether you do it full-time or part-time.

Accuracy means efficiency for your client

For anybody doing transcription from dictation or recorded audio, the job requires a fair amount of speed, accuracy, and effort to create an accurate transcript.  To make any decent amount of money this is an essential element.  Why? Because the average transcriptionist that types approximately 70-80 words per minute, will take, depending on the amount of speakers and audio quality, roughly 4-5 hours to transcribe.

That means that the ability to type quickly and accurately will improve the amount of money that you make performing an online transcription service like Virtuadmin.  Sending back an as accurate a transcript as possible means less time for them having to check and correct mistakes.  That inevitably means saving time means saving money.  Delivering an accurate transcript on time, or earlier, also then sets you apart from other service providers.

Audio Transcription and Dictation

Transcription services can typically not be just copying-typing down text from one piece of paper or screen to another.  Some of the audio transcription transcriptionists do every single day means typing exactly what you hear.

Most transcription jobs, though, are not ones where you are sitting in the same room with the person dictating, you would then be audio typing as the person dictating would be instructing you exactly where to put the punctuation.  If they are not, however, then you are indeed transcribing.

Transcriptionists work with audio where you upload the recordings and transcribe what is being said.   A transcriptionist, freelance or employed directly by a specialized transcription company, could be typing anything from market research notes to day-to-day activity logs.  This type of transcription is essential for busy professionals who need notes and thoughts in written form.

Conclusion

Anybody can require their audio or video to be transcribed into text.  It could be for a one-off call/meeting, interview, the reasons are endless.  Equally, the ability to record what you need transcribing, has, through the new technological age, the ability to just record your conversation on your mobile, tablet, and now wristwatches.

With so many choices in ways to produce audio recordings, digital online audio transcription services are growing in demand day by day.

However, although it may seem attractive to be able to work from home, working when you want, the money may not be fantastic, especially at the start.  It may not make your fortune.

If you enjoy listening and typing, that’s a good start to working in the transcription field, just be prepared to start working for low pay in the beginning, and work your way up to what could be a good wage.  Maintaining a regular constant typing speed and accuracy is important, that is what will, at the end of the day determine how much you earn for that audio hour you are charging for.