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Digital Transformation Practices for Enterprise Market Research: How to Use Digital Methods for Market Analysis and Decision Making

2024-07-18 15:14:39 Source: Champ Consulting Visits:0

The Impact and Significance of 1. Digital Transformation on Market Research

Digital transformation refers to the process of using digital technology and platform to change the business model, organizational structure, operation process and value creation mode of enterprises, so as to improve efficiency, reduce costs, enhance competitiveness and innovation ability. Digital transformation has become an inevitable trend and an important strategy for today's enterprise development, involving various fields and links, including market research.

Market research refers to the activities of collecting, sorting, analyzing and interpreting market-related information to provide basis and suggestions for enterprises to make market decisions. The main purpose of market research is to help companies understand the size, structure, characteristics, changes, trends, opportunities and threats of the market, as well as consumer needs, preferences, behavior and satisfaction, so as to develop effective market strategies and marketing strategies.

The impact and significance of digital transformation on market research is mainly reflected in the following aspects:

Diversification and enrichment of data sources and collection methods. With the development and application of digital technology, market research can obtain and utilize more data sources and collection methods, including social media, mobile devices, Internet of things, sensors, artificial intelligence, cloud computing, etc. These data sources and collection methods can not only provide more quantitative and qualitative data, but also collect data in real time, dynamically, continuously and automatically, making market research more comprehensive, accurate, timely and efficient.

Intelligence and refinement of data processing and analysis methods. With the development and application of digital technology, market research can use more data processing and analysis methods, including big data, data mining, data visualization, machine learning, deep learning, natural language processing, etc. These data processing and analysis methods can not only process and analyze larger scale, more complex and more dimensional data, but also extract and discover deeper, more valuable and more insightful information, making market research more intelligent, sophisticated, innovative and influential.

The scientific and optimization of market decision-making. With the development and application of digital technology, market research can provide more market decision support, including prediction, simulation, optimization, recommend, evaluation, etc. These market decision support can not only help companies better understand the market and consumers, but also help companies better formulate and implement market strategies and marketing strategies, making market decisions more scientific, optimized, effective and competitive.

In summary, the impact and significance of digital transformation on market research is significant. It enables market research to better adapt to and lead market changes, better meet and create consumer needs, and better serve and support Enterprise development.

Application and Advantage of 2. Digital Method in Market Research

Digital method refers to the method of data collection, processing, analysis and decision-making using digital technology and platform, which is the core and key of digital transformation of market research. The application and advantages of digital methods in market research are mainly reflected in the following aspects:

Improve the efficiency and speed of market research. Digital methods can quickly, accurately and comprehensively collect and process market-related data through automation, real-time, dynamic and continuous methods, thus saving time and cost of market research and improving the efficiency and speed of market research. For example, Shangpu Consulting Company conducted a market research for an automobile manufacturer. Using digital methods, through social media, mobile devices, Internet of Things and other channels, it collected consumers' real-time opinions and feedbacks on automobile brands, models, prices, functions, services and other aspects, as well as automobile usage and maintenance records, thus completing the data collection and processing of market research in a short time, provide customers with timely market analysis and advice.

Improve the quality and accuracy of market research. Digital methods can improve the quality and accuracy of market research by analyzing and interpreting market-related data in depth, detail and comprehensively through technologies such as big data, data mining, data visualization, and machine learning. For example, Shangpu Consulting conducted a market research for a clothing retailer. Using digital methods, through big data, data mining, data visualization and other technologies, it analyzed the data of consumers' purchasing behavior, preference, demand, satisfaction and other aspects, so as to discover the insight of consumers' consumption pattern, purchase motivation, purchase obstacles, purchase intention and so on, It provides high-quality market analysis and suggestions for customers.

Enhance the innovation and influence of market research. Digital methods can create, discover, predict and recommend market-related information through machine learning, deep learning, natural language processing and other technologies, thereby enhancing the innovation and influence of market research. For example, Shangpu Consulting conducted a market research for a catering chain company. Using digital methods, through machine learning, deep learning, natural language processing and other technologies, it created some new dishes and tastes, and discovered some new markets. Demand and opportunities, predict some market trends and changes, recommend some market strategies and marketing strategies, and provide customers with innovative market analysis and suggestions.

Requirements and Ability Improvement of Market Researchers in 3. Digital Transformation

Digital transformation has an impact not only on the methods and processes of market research, but also on the people and teams involved in market research. The requirements and capabilities of market researchers for digital transformation are mainly reflected in the following aspects:

Improve the digital literacy and skills of market researchers. Market researchers need to master and use digital technology and platforms for data collection, processing, analysis and decision-making, so they need to improve their digital literacy and skills, including data analysis, data visualization, data mining, machine learning, natural language processing and other skills, as well as programming, database, cloud computing and other skills. These skills can not only help market researchers better utilize digital methods, but also help market researchers better communicate and collaborate with other digital professionals.

Improve the innovative thinking and ability of market researchers. Market researchers need to use digital methods to create, discover, predict and recommend market-related information, so they need to improve their innovative thinking and ability, including the ability to find problems, put forward hypotheses, design experiments, verify results, make suggestions, etc., as well as logical thinking, critical thinking, systems thinking, design thinking and other abilities. These capabilities can not only help market researchers better use digital methods, but also help market researchers better solve market problems and create market value.

Improve the communication and influence of market researchers. Market researchers need to use digital methods to provide support and suggestions for enterprises' market decisions. Therefore, they need to improve their communication and influence, including the ability to write reports, make presentations, display analysis, tell stories, etc., as well as the ability of persuasion, appeal and leadership. These capabilities will not only help market researchers make better use of digital methods, but also help market researchers better communicate and collaborate with customers and stakeholders.

To sum up, the requirements and ability of market researchers in digital transformation are significant. It enables market researchers to better adapt to and lead the changes in market research, and better serve and support the market decisions of enterprises.

Conclusion

Market research is an important means for enterprises to understand the market and consumers, and to formulate market strategies and marketing strategies. With the development and application of digital technology, market research is also facing the opportunities and challenges of digital transformation. This paper discusses the impact and significance of digital transformation on market research, analyzes the application and advantages of digital methods in market research, and the requirements and ability improvement of digital transformation for market researchers. This paper also shows the specific application and effect of digital method in market analysis and decision-making with the actual case of Shangpu Consulting Company. The purpose of this paper is to provide some reference and enlightenment for the digital transformation of market research, hoping to contribute to the development and innovation of market research.




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