In a dynamic business environment, keeping up with technological advancements is imperative for brands looking to understand their consumers on a deep level. Restech, short for Research Technology, has emerged as a robust topic around market research software and innovation.
What is ResTech
In 2020, Lucid introduced the term ResTech to describe the software and tools that help platforms, agencies, and brands target, deliver, and analyze their insights initiatives. ResTech is an ecosystem of technologies that enables companies to gauge the opinions of different groups of people via targeted surveys.
The Emergence of ResTech
The market research industry has undergone a technological revolution driven by an insatiable need for speed, efficiency, and accuracy. Historically, painfully manual methodologies dominated the space. Unlike these archaic approaches, ResTech revolves around being agile, dynamic, interactive, and data-driven.
Understanding ResTech Components:
These modern solutions can be dissected into many pieces, each playing a crucial role in the research lifecycle. A few notable groups are
Data Collection Tools include diverse tools from mobile applications like Qualsights, web surveys from Qualtrics, and panels from Dynata.
AI and Machine Learning: Integrating AI and ML algorithms into these platforms has automated many tasks in data analytics, predictive modeling, sentiment analysis, and trend spotting
Online Research Communities: Community platforms create virtual spaces for consumers to engage, share their perspectives, and participate in ongoing research. These communities are made up of a brand’s client list or externally sourced sample.
Programmatic Sampling: Automating online survey targeting, recruitment, and fielding using machine learning and advanced algorithms.
The benefits of adopting ResTech
The adoption of software can bring a lot of benefits to brands. Here are some reasons why it is not only a buzzword
Enhanced Efficiency: Automation eliminates redundant tasks, streamlining the research process and reducing time to insight.
Improved accuracy: Advanced analytics and DP techniques deliver precise results, minimizing human errors and bias.
Deeper Insights: Tapping into diverse data sources with advanced research tools delivers nuanced and comprehensive insights.
Democratization of Research: Software tools are user-friendly and require little training to get up and running, making market research accessible to a broader group of users.
Categories of ResTech
The market research software arena is broad, but we can identify major groups that represent the main pillars of the ecosystem:
Qualitative Research Tools: These tools explore consumer perceptions and emotions using focus groups, IDIs, and ethnographic studies.
Quantitative Research Platforms: The quantitative side of software deals with small and large-scale, structured data collection through surveys, analytics, and data visualization.
Hybrid Solutions: Some restech solutions integrate qual and quant to provide a balanced approach.
ResTech in Market Research Applications
Software has many applications in market research. You can gauge CSATs, evaluate market trends, or understand buyer personas; ResTech has a tool for every scenario.
Real-World Examples of Restech Use:
Social Listening Platforms– Monitoring tools like Klarity and Pulsar analyze large social media datasets to understand public sentiment and brand perception.
Predictive Modeling: Leverages historical data and AI to forecast consumer behavior.
Mobile Ethnography Apps: These platforms allow users to capture consumer behavior in a real-world setting.
Software is actively reshaping the research landscape, enabling brands to stay agile in a dynamic environment.
Key Takeaways for Software Decision Makers
The rise of Restech presents opportunities and challenges. The key is selecting the right piece of tech that aligns with your business objectives and ensuring that you invest not only in tech but also in the understanding and skill sets that make the most of these investments.
Strategic Considerations When Adopting ResTech:
Assessing Business Needs: A strategic approach to software adoption begins with a clear assessment of your organization’s research goals and challenges. Which gaps do you need filled? Which processes need to be enhanced? Which areas of research do you want to get into?
Technology Integration: Look for tech platforms that easily integrate with your biz systems and even your existing research stack for a unified data environment.
Talent development. Invest in training and development to empower your teams with the knowledge and skill needed to get the most out of your software solution.
Data Privacy and Compliance: Ensure the software meets the highest privacy standards.
ResTech is the new age of market research, marked by innovation, accessibility, and data-driven decision-making. It’s an exciting time for all to explore this landscape and unlock its potential.
