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
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.
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.
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.