Companies set large quantities of money and effort to ensure the success of a market research study. They hire researchers to gather the information needed for them to determine the necessities of the consumers, the issues that may arise, and the key that could lead to overall satisfaction. Collecting the facts would enable the researchers to form strategies on how the company can possibly compete against its competitors and get to the top spot. In order to accomplish all of that, they have utilized different methods. One effective method done over the years is the use of market research transcriptions.
In essence, market research transcriptions consist of interview audio or video recordings converted into text for better review and analysis by the researcher.
What are the uses of transcriptions in market research?
- Precise words – Market research involves numerous interviews and/or focus group discussions. Within the sea of all those recordings and data are statements, ideas, and opinions of those who participated that would be crucial for the researchers to take note. One respondent or two might have stated something so profound that it would be best to deliver to the client in verbatim. Transcriptions can provide that written record of exact responses of those people and thus, the message is clearly distributed and it lessens the chance of misinterpretation.
- Notes and tags – While researching, you would want to track moments where the respondent mentioned what he or she likes and dislikes, positive and negative experiences he or she had, and valuable suggestions he or she may have that would be extremely helpful for the company. Researchers can put indicators on a transcription that will let them distinguish which is which and mark those as references. Timestamps can also be placed so you know when an activity was done or when a particular answer was given by the respondent within the conversation. You don’t have to listen or watch the audio or video recording to achieve any of those.
- Reporting made easier – Every study or project ends with a report in which researchers specify the essential facts and figures that would be vital for the company to know. In the process of completing that, transcriptions can be a lifesaver and will make things easier. Aside from depending on your colleagues’ notes and your notes during the interviews and focus group discussions, having transcriptions could be an additional resource when creating the report. Maybe you have missed a few key details that you only found out in the transcript. Within that time, you can just copy and paste all those important data amassed from your sources and make a report that would help the company immensely.
Imagine doing research tasks with only audio and video recordings and some notes. The time and energy you must give to achieve one and then another. What a pain that would be for anybody! Transcriptions could definitely remove the burden from your shoulders and allow some relief. It can be quite a godsend. It reduces the possibility of confusion, you find things more easily, and it can serve as a complementary source in the whole research process. Thinking back, you can see why market researchers depend on it to this day.