The Importance of Pricing Research
June 17, 2019

As the society changes everyday, conducting market research in the modern day is drastically different when compared to conducting market research 20 years ago. This is due to the incredibly fast improvement in technology and research methods. There are three main aspects of market research that an aspiring market researcher should be aware of.

First, market researchers should be able to utilize new technology to improve the research process. This means the entire market research process will be sped up. Yet, at the same time it means that the market researchers would have to be willing to live with a great deal of uncertainty. This is due to the fact that a faster schedule means that there isn’t enough time for market researchers to complete the entire project to the fullest. Instead, market researchers will be tasked with coming up the key aspects that the client wants.

Second, market researchers should be comfortable and more familiar with the entire big data results and be aware on how to use the results to come up with a report for the client. After the introduction of AI and Big Data, more and more companies want to use such analysis tools to try and find insights. This creates a new responsibility for the market researchers, which is to be the communication bridge between data scientists and the clients. It is their task to determine what datas are suitable for the client and how to present it to the clients. This brings me to the last point that a market researcher must have in the current society.

Third, market researchers must be able to craft a very insightful and well-rounded report to the clients. As more and more of the insights can be obtained by the clients directly, the market researchers’ role turn into more of a storyteller. How are you going to use the information you have and create a timeline, a storyline for the client to vividly understand the whole situation and how to move forward from your results.