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In a recent survey, Research Now, the global leader in digital research data for better insights and decision-making, and Lawless Research, a leader in market research for the technology industry, found that technology companies that conduct market research derive insights that are critical to their company's success, from higher customer satisfaction to greater innovation. Additionally, results show that 92% are stepping beyond traditional survey research and merging their findings with Big Data from internal and external sources.
Some key findings:
- 83% of technology companies say the insights gained from market research are critical to their company's success.
- Nearly six out of ten technology companies conduct surveys to measure customer satisfaction, and eight out of ten technology companies say survey research leads to higher customer satisfaction and better strategic decisions.
- Tech startups are underutilizing survey research, despite the many benefits it offers. Only 6% of tech companies conducting market research are less than five years old, and most firms conducting survey research have been in business for 20 years or more.
- When asked how their businesses have benefited from conducting survey research, more than seven out of ten companies cited increased competitive advantage and improvements in product design; while six in ten experienced greater innovation and an increase in sales or market share.
- Nine out of ten technology companies integrate survey results with internal or external data, with 61% saying appending customer profile information to survey data provides the greatest current or potential value.
- While only four out of ten tech companies source research participants from panels, almost nine in ten of the companies that use panels say high-quality panel participants give them greater confidence in results.