Even before you launch your product to the market, it is crucial to conduct market research and realize who your target customers are, as well as your competitors, what they need and want to see, the strong and the weak sides of your competitors, etc. Neglecting it is equal to a failure.
Every business owner or startupper is well aware of the significance of conducting market research and being acquainted with the needs of their target audience. The efficiency of the process can be easily boosted through a human transcription service that will guarantee the best connection with your audience. If you have no idea why you need transcription services for your business, check how they can help you and increase your chances for success.
Why do you need to record a market research
Any market research is a sort of a conversation with your customer. It can be conducted in the form of a questionnaire, survey, quantitative questionnaire, interview, etc. Modern users are still not likely to pass through all those questionnaires though and they quit once they see what you want from them.
The truth is, formal surveys are hardly successful. When you give your customers a choice, for example, pick their answers from 1 to 5, etc., they feel this formality and that this is a must. They do not see you care about them, however, it is still much easier for people to answer a qualitative questionnaire.
Very often, it is difficult to write down the entire conversation between you and your customers. It is a very time-consuming process. In this case, video transcription services should help you save your time, effort, and increase the efficiency of your market research. Here is how exactly.
Much Higher Speed and Accuracy of Reporting
Your market research project definitely has its deadlines. Any project without an exception has the date of the start and of the end. If you transcribe audio, you can speed the process up. Let’s say, you need to create a PowerPoint presentation out of your research. It is much easier to have a transcript in this case. Just imagine how many hours you are going to spend listening to those recordings back and forth.
The task is even more complicated when you have more than one focus group and your research takes over a week. Then, a bunch of information is to be processed and reported later. You do not have to listen to all of your focus groups’ recordings over and over again once using high-quality human transcription services.
The accuracy of transcripts is also crucial. Any qualitative research contains a lot of detailed responses. While listening to them, you cannot be sure of the accuracy of those responses. However, a good and top-notch transcript will guarantee that. The more you procrastinate with processing the customers’ responses, the more time you lose with implementing the necessary changes. Therefore, your market research is losing its efficiency and is out-of-date.
It means you are losing your money and precious time. The data reported are inaccurate. While using the help of professional human transcribers, you have very accurate data and timely reports.
Do you have video data? Then use a transcription service to create subtitles and captions for them. It gives you multiple new opportunities, as well as the chance to conduct your research globally. Of course, if your business needs to be expanded globally.
Thanks to transcripts, your market research becomes available all over the world and you are free to target people from different areas. it means that your potential customers grow and you reach a much wider audience. There is no language barrier between you and your customers anymore. Just simple subtitles allow you to reach other demographics. Think of it!
Bypass your competitors
No business has zero competitors. You know that it is almost impossible to become a monopolist nowadays. Your competitors never sleep, so you must catch up and always be one step ahead of them. You must be really competitive and while using a good transcription website for your market research, you can reach that.
By improving your reputation (and it is crucial to do it constantly), you gain more customers. By transcribing interviews, you save a lot of time and leave your competitors behind. Transcriptions mean innovations to your business and a victory over your competitors.
One of the biggest benefits of transcription is that it saves tons of your time. Needless to say, time is precious for any business. You can try and do transcription yourself. However, it will take a lot of your time, thus, you will not be able to do your main job.
You can always delegate transcripts to your employees. However, it will also take a lot of their time and they will neglect other duties. They do not have the necessary knowledge, skills, and equipment, therefore, their job will not be quick and efficient.
By delegating these tasks to your employees, you make your company lose tons of time, hence, money. Instead of saving assets, you are losing them. When hiring a good and reliable transcription company, you have this job done by a professional at a very reasonable cost.
As a rule, transcription companies have very affordable prices and can do this job at the best level. Only this way, your transcription will bring the necessary results.
No matter what your market research is related to, it is crucial to make decisions for your business. You must learn quickly if you want to learn how to bypass your competitors. For that purpose, you must realize what your customers need and want to get from you and your business.
A lot of tools utilized in your business are inefficient and transcriptions help fight with it. You can involve transcriptions in different parts of your workflow and make it more efficient. Decide from the very beginning, where you want to store your output files – Google Drive, Cloud, etc.
Remove all inefficiencies in your workflow and make your working process as efficient as necessary through transcriptions.
Transcripts can be really helpful for the efficiency of your market research. Do not neglect to try them. Modern technologies and reliable companies open great opportunities for everyone, so use them whenever it is necessary for your business.