ResTech: What it is, and how it's changing the market research landscape.
What is ResTech?
ResTech, short for Research Technology, is an overarching term to describe all software, tools, technology and Artificial Intelligence used to analyze data or gather insights. Research Technology in itself is not new, the pandemic however accelerated the global demand for it.
Who benefits from ResTech?
Anyone involved in market research should get excited about ResTech. It’s fast, flexible and more economical than classic research. The automation of manual tasks is beneficial for researchers, marketers and anyone who wants to gather valuable insights from their key demographics. Research Technology is quickly obtaining a key role in the entire marketing process going from testing to advertising products.
Why is it important?
The broad implementation of ResTech has a positive impact on the democratization of market research. Online solutions are both cost and time efficient, enabling small brands or research teams to perform qualitative studies as well as experienced agencies. Thanks to flexible licenses it is now possible for anyone in the field to perform qualitative research anywhere and anytime they want. Most tools are easy to set-up and DIY-built, making market research much more approachable.
How will market research evolve?
Tech players will shape the future of market research. New technologies make it a lot easier to gather insights which gives researchers more time to truly analyze them. Hybrid ways of working are now also embedded in our post-pandemic lives, which increases the demand for flexible solutions to perform market research at home or on location even further. If ResTech was previously seen as a side tool to assist in research projects, it’s now quickly becoming an essential part of the marketing strategy. This development will also influence hiring strategies of businesses, attracting employees who are experienced in online tooling.
The future for market researchers?
Despite the strength of automation, DIY tooIs still require the expertise and knowledge of professionals. It’s a misconception that software tools remove the need for researchers. On the contrary, it allows researchers to focus on getting to know their consumers and to gather valuable insights. As ResTech becomes a strategic part of research projects, job descriptions will organically transform as well. Some researchers will focus on becoming an expert in online tooling, while others will focus on creating communities and analyzing consumer behavior. It’s safe to say, a more hybrid approach is conquering the future of market research. Brands benefit from combining the expertise of a market research company with ResTech.
Thanks to online tools, smaller companies who usually don’t have big research budgets benefit from this trend as well. They can now gather valuable insights on their consumers in a cost-efficient way. To them especially, the knowhow of market researchers will be invaluable in the future. Research projects will be characterized by the unique mix of researchers, brands and tech solutions working closely together.
Choosing the right ResTech for your research
If ResTech is not a part of your research strategy yet, now is the time to make the investment. With CMNTY, you’re engaging in a Do-It-Together partnership throughout any of your ResTech projects. CMNTY Platform is a flexible, user-friendly and cost-effective solution to build online communities. The platform combines all the tools you need for a successful research project. You can engage with your participants through a forum, questionnaire, journal or plan online focus sessions. You can even mix qualitative and quantitative research to get everything out of your ResTech project. We also offer additional professional services to get you on the right track.
You can license CMNTY Platform for exactly the duration of time needed to get the most out of your project. If you are totally hooked on Research Technology for your brand, we can easily adapt your license to a long-term commitment.