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NEWS25 October 2017

Market research ‘critical’ to tech companies

B2B News North America Technology

US – Eighty-three per cent of technology companies say the insights gained from survey research are critical to their company’s success, a report has found.

Research Now and Lawless Research surveyed 300 US technology company professionals who had conducted or commissioned a market research survey in the past 12 months.

The majority of individuals surveyed ( 83%) said market research derives insights that are critical to their business success. Eight out of 10 companies said survey research had led to greater levels of customer satisfaction and better strategic decisions.

More than seven out of 10 companies cited increased competitive advantage and improvements in product design as a result of survey research, while six in 10 said they experienced greater innovation and an increase in sales or market share.

Despite this, the report appeared to show that tech startups are underutilising survey research – only 6% of tech companies conducting research are less than five years old.

The report also highlighted the extent to which traditional market research is being integrated with data, with 92% of companies saying that they are stepping beyond traditional survey research and merging their findings with data from internal and external sources. Additionally, 61% said that appending customer profile information to survey data provides the greatest current or potential value for their business.

Peggy Lawless, chief executive of Lawless Research, said using survey research gives tech companies the market data they need to thrive in competitive environments.

Mayer Danzig, senior vice-president of product management at Research Now, said: "The research confirms what we continue to see across a myriad of industries: rich first-party data, whether on its own or combined with other data sources, is critical to gathering insights that drive smarter business decisions and ultimately business growth in fast-moving markets."

@RESEARCH LIVE

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