Market Research should take advantage of AI transcription
Market research industry
Market research is an organized effort to collect information about target markets and customers. It is a significant component of business strategy and major factor in maintaining competitiveness. It can also be used to determine the viability of a new service or product through research performed directly with potential customers by getting opinions and feedback from consumers about their interest in the product or service.
There are two types of research which is primary and secondary. In the primary research, either you conduct yourself or hire someone to do it for you. It involves going directly to the customer or prospects in your target market to ask questions and gather information. Interviews can either by telephone or face to face. These interviews can be recorded and transcribe for compiling of results analysis. Transcription can play an important role in converting these audio recording. Primary research usually costs more and often takes longer to conduct than secondary research.
In secondary, the research already has been compiled, collected, structures and published by others. Some usage of audio recording can be helpful if the researcher needs to report based on the data compiled from the internet. Again transcription can be used to convert these recordings to produce required reports.
AI transcription, the new age of work
Transcription is the process of converting audio recording into text. The traditional method is a simple process referring to human transcribing audio recordings into text. In market research, you could record your interview sessions and send them online to companies that offer manual transcription.
The new age of work is referring to the change of daily work and work environment in the future by using Artificial intelligence to increase productivity instead of using the traditional methods. Of course, in the world of transcription there is also AI. It is an automated engine that uses speech recognition to convert audio to text in minutes. It works well if the audio recordings are clear without other background sound disturbance. It offers fast turnaround time and convenience.
Differences between Human and AI Transcription
Human transcription is done by person who manually listen to an audio file and write it down into text. Human tend to produce far more accurate results as they are capable of interpreting heavy accent and industry jargon. Using human transcription are more effective with messy audio that include background noise and have multiple speakers. However, in terms of cost, automated transcription service is cheaper than the cost of human transcription.
AI transcription uses speech recognition to convert audio to text in minutes. It is faster and cost-efficient. In order to have high accuracy, having a high quality and clear audio file, no strong accents or complicated jargon will be perfect.
In the early 2000s, a professional transcriber can earn up to USD40 an hour of transcribing corporate calls or audio interviews. However, in the past decade, the bottom fell out. Demand for transcription has exploded in recent years because audio recording is easily accessible via our smartphone and pocket computers. Hence, more people are recording meeting, training and even interviews. Furthermore, video making and podcasting has become quite popular nowadays.
Theoretically, exploding demand would increase the price of labour except that globalization and the gig business model have also exploded the digital innovation. So, this causes the price of transcribing to be cheaper than what it was previously. AI transcription cost is further lessening with additional benefits of saving precious time and energy to perform the meticulous transcribing tasks.
Benefits in using AI transcription in market research:
- Catch the details on the first round
With the ability to identify the speakers in the audio recording, the text that are churned out will be able to outline exactly who is saying. This gives the researchers a lift from having to search the content from the audio. The breeze of going through documents and focus on their analysis.
- Less cost and faster
AI transcription cost less than human transcription. Conducting a market research requires a significant amount of time, energy and other resources. Using modern technology, automatic transcription can be done in seconds. It will also save hours of tedious transcription work.
- Spend more time on the work that is more important
Research interviews and focus groups have already extent hours. It takes a significant amount of time to perform background analysis, prepare the correct questions and collect the qualitative data. By using AI transcription service to convert the interviews into text, researchers can focus on the specialized tasks that will actually make an impact.
- Make content instantly actionable
When it comes to quantitative data, researchers can promptly take action once they have the research. The numbers are evidently outlined and trends can be identified. That is not essentially the case with qualitative data particularly when it has been recorded via digital means. Access to high quality text simplifies arriving at breakthroughs and formulating conclusions. AI transcriptions outline all the qualitative data out to make it easier for researchers to identify patterns and spot anomalies.
- Enable research content to be shared
AI transcription enable research content to be shared among the team members in a research group. It is more convenient and everyone can fully participate to discuss detailed perceptions to the research project.
- Transform content into something searchable
A critical component of market research is the review process. The researchers need to ensure that all of the information presented is accurate. Audio recording is not searched friendly whereas texts are. AI transcriptions give researchers the ability to quickly search for keywords and quotes and obtain the content they are pursuing.
AI transcription enables rewriting the way we develop insights. It does the most critical part of cleansing, consolidating and analysing data for detailed analysis. AI market research tools help encodes large quantities of complex qualitative data. Furthermore, it looks at them in bulk in order to determine statistical significance. Before AI transcription came to picture, focus group of people gave you plenty of qualitative information about their opinions about a topic but there was no evidence if this truly represented your participants. Moreover, quantitative market research will give some feedbacks about a product or issue but not the reason. Combining these two, technology that uses AI can help researchers to understand their participants on a much deeper level that has a higher likelihood of representing the population they are searching at.