In today’s data-driven world, market research is a thriving industry generating $70bn in annual revenue globally. It is also an invaluable resource for businesses and organisations across every industry that rely on insights to make calculated decisions, investments and expansions.
For research companies to maximise their reach and meet growing demand, it is crucial to have a comprehensive translation strategy in place that makes insights available to every target audience, in their native language.
Marketing research: the need for data increases
The value of market research insights has gained value in recent decades as the business world becomes increasingly globalised. This may have reached a point of saturation with online connectivity, but the emergence of big data and related technologies, such as AI and machine learning, has driven demand for market research to new heights.
Data science allows businesses of all sizes to turn insights into smarter decisions, meaning market research is no longer reserved for enterprise companies.
With 99.3% of all businesses in the UK classed as small businesses (0-49 employees), the democratisation of data means every company can benefit from market research. This has also been observed over the past 18+ months with the Covid-19 outbreak turning industries upside down and reversing trends. Years of travel, retail and corporate trends were wiped out while the property and financial markets faced decades’ worth of pressure in the space of months.
Suddenly, almost all of the data mapping out these trends prior to Covid-19 loses its relevance after the upheaval caused by the pandemic. Market shifts are normally gradual and future outcomes are predictable, to some extent, thanks to the slower rate of change. A shock event on the scale of Covid-19 makes future predictions more difficult and the importance of ongoing market research all the more important.
Market research translation opens data to the world
Another impact of the Covid-19 pandemic is the immediacy of demand for insights at the global level – and this is where market research translation opens key insights to the world.
Industries need every help they can get with making informed decisions and learning from international markets is a key strategy. We have seen this throughout the pandemic, from the development of vaccines to the monitoring of progress of Israel’s vaccine rollout to inform regulatory decisions within other countries.
Likewise, global markets will be looking at countries like the UK and Spain where vaccination rates allow local businesses and consumers to test pre-Covid activities. With every passing week, more data makes future predictions more reliable and insights from the successes and failures of individual countries provide valuable learning material for nations around the world.
Market research translation makes insights accessible to organisations everywhere and the past 18 months have not only highlighted how important this is, but also how much can be achieved with open access to information.
If you want to find out more about our market research translation services, submit your request via this form on our contact page and we will follow up.