There is no denying the fact that market research is imperative for any business organization. Whether it is a small business, a startup, or a well-established one, every business organization performs market research. The research topic includes multiple elements like buyer persona analysis, audience demographics, consumer interests, trending services or products, and more. The statistics obtained from the market research and analysis is useful for developing marketing campaigns and sales strategies. This is why market research statistics are extremely valuable for any business. The success or failure of a business depends on it.
Market research transcriptions are audio data obtained during the market survey and they are converted into document format. Apparently it might sound simple but make no mistake; this is one of the most important jobs where the transcription professionals need to deliver their optimal performance. A transcription professional has to be extremely attentive to deliver the impeccable end result.
The following are the benefits of transcribing for your market research.
- With comprehensive data at your disposal, it will become easier for the business organizations to deliver quotes for a certain product or service. This is especially true for B2B organizations. Depending on the complete data in the last few years, you can anticipate an optimal quote for the current year. It is not possible to listen to audio files again and again to create quotations. A ready-at-hand transcript makes things easy for everyone.
- Transcribing your market research will help in the accurate collection of data that again helps in pinpointing specific information. For instance, a beauty product manufacturing company has done market research on women’s interests. Now, they want to target their product for certain demography of women, middle-aged women for instance. Under such circumstances, they will not have to repeat the interview process or go through the same recordings, again and again, to understand what the middle-aged women would prefer. They can simply label the transcriptions according to different demographics and use the research at any moment.
- Thirdly, market research transcriptions leave very little room for error in comprehending data. A wrong understanding of data could lead to wrong market research and faulty presentation. On the contrary, a professional transcriber is well-accustomed with different industry terms and this is why chances of them making errors are almost nil. With a proper understanding of the respondent’s answer, a transcription will help in creating a presentation in relevance to the context keeping in mind the response.
- Transcribing the market research helps in understanding the mindset of the competitors with ease and you can share them with as many people as you want. When a file is shared in audio or video format, we have a tendency to skip certain segments. But if the same things are in written format, we don’t skip written things in general. Thus, every member of your organization working on a project will be aware of the competitors’ mindset.
- Market research transcription makes it easy and flexible to complete data analysis. The data is easier to analyze numerous times when it is presented in an audio file. This is specifically applicable if the data is analyzed by more than one department a transcription can quickly be distributed to the relevant party.
- Last but not the least, the transcribed data on market research will act as a permanent record that any can refer to. It is a quick and accurate version of the audio or video files. In case a particular point is required for reference in the interview, the transcribed document can be used as a source of referral. You can mark certain important points of the document. It is much easier to go through in case of a quick review of the market research, instead of using audio or a video file.