Transcription is the process of converting audio files into written scripts. Transcription is quite beneficial within the business world. Companies use transcription to promote their content, gain more customer retention, and research the market. Market research is the process of gathering, evaluating, and interpreting data about a particular market. The process involves various methods that allow businesses and individual researchers to uncover their target market, gather, and evaluate data they can use to make informed decisions in their business practices. Transcription has played a significant role in achieving the goal of market research.
Uses of transcription in market research
Researchers use market research transcription for various tasks. Below are examples of how transcription is used in market research;
Transforming video and audio data into accurate and easily parsable documents
In market research, a lot of video and audio content is collected. The data can be captured using various techniques, like face-to-face interviews, phone conversations, online video submissions, and group conversations. The video and audio data collected can be very challenging to analyze and use to create actionable insight. This is because the researchers would have to go back and listen or watch all the data. This is where transcription comes in. Transcribing the video and audio content into accurate documents makes it easy for researchers to analyze, interpret, and apply the data. Traditionally, researchers would use Automated Speech Recognition services in the place of transcription. However, transcription tools have proven to provide a level of accuracy that the latter cannot achieve.
Helping researchers understand and analyze data
Market research transcription also helps researchers understand and analyze data. Researchers often use transcription to produce their research findings and make their research materials understandable. For instance, you can use market research transcription to provide a full record of all the audio and video data collected in market research. This makes it easier for researchers to go through the documents, analyze the data, and develop valid findings.
Presenting the findings and action plans to clients and stakeholders
The aim of market research is to draw results that can help companies establish their target market and action plans for reaching their clients. Most companies do not conduct market research on their own. Some employ task forces for the job while others seek out market research companies. At the end of the market research, the task force or market research firm has to deliver results to the company or its stakeholders. Providing market research data in video or audio format makes it complicated for the parties to understand. This is where transcription comes in. Market research transcription allows researchers to present their findings and action plans to their clients in the simplest way.
Providing a record of the research
Naturally, documents are a significant part of record keeping. A lot of people prefer written documents to audio or video content when storing data either electronically or physically (using paper). It is also worth mentioning that written or text-based documents are easier to analyze, store, and share. Storing written documents do not take up as much storage space as audios or videos. You can use the records of the research to evaluate the decisions you made from the findings at a later time. Researchers can also use the records for later analysis and creating action plans.
Fulfilling client requirements
In many cases, clients or companies require researchers to transcribe all their audio and video research content. The companies demand to receive the transcripts as it adds value to their work and the research findings. The companies or clients also find that transcriptions help them save time. They can go through the market research findings without wasting too much time. According to research about 70 percent of respondents also find transcripts helpful when establishing their research findings. This helps simplify their next market research step, which is analysis.
The above uses can only be achieved if the market research transcription is high-quality. Working with transcription services, like GoTranscript.com will help you generate high-quality transcripts that you can use however you wish. Remember that the transcripts need to be an exact reproduction of what was discussed or discovered using various research methods. Any mistakes could result in misinformed decision-making.
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