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3 Ways to Embrace the Use of Technology in Market Research

Technology changes everything, from the way we work, to the way we communicate with our friends and family, to how we spend our leisure time. Market research has been equally affected. The practice has evolved, and continues to be optimized even beyond what we’ve already shared in previous articles on meaningful data collection and dissemination.

We understand the importance of technology in our market research and analytics methods. The value of accurate scientific data combined with thoughtful and proven analysis by a team of experts is unparalleled when it comes to understanding your residents. It’s in telling the story behind the identified priorities that you find value and solutions you can implement; and so it’s important that those stories are based on sound data collected using the latest technology.

3 Examples of the Use of Technology in Market Research

The use of technology in market research applies across all the platforms and services that we provide to municipalities. By embracing technology along with all its continual improvements, we’ve developed platforms that serve our clients quickly and accurately, saving time and precious resources. Three examples of our market research technology working for municipalities are listed below.

1. Triage BR+ETM

MDB Insight’s Triage BR+ETM  platform utilizes technology to collect real-time data on the businesses that need your assistance the most. Using our market research methods, a report is generated in as little as 10 weeks, which is much faster than with traditional efforts that take 4 months to generate results.

After 4 months, some businesses’ issues may have become so dire that they cannot be addressed. By obtaining real-time data on leases coming up for renewal or businesses with operational issues, you can act quickly. Not only will you be able to help more local businesses before it’s too late, but you can focus your efforts on the solutions, rather than the data collection methods.

2. Tax Sensitivity CalculatorTM and Citizen Satisfaction IQTM

The Tax Sensitivity CalculatorTM shows citizens in real time how changes to municipal services will impact their taxes. This use of technology provides a user-friendly interface to allow citizens to weigh in on municipal budgeting decisions, making them feel integral to the process. The data is collected quickly and provides a clear picture of what residents are willing to pay for with their taxes. In addition, the data is bundled into an actionable report that your team can use to accurately inform decisions. 

Our Citizen Satisfaction IQTM platform is another method of using market research technology to collect data from constituents. In this case, it uses a variety of survey methods that have been carefully selected and optimized to ensure you have surveyed a representative sample of your community. Taken a step further, this method uses statistical analysis technology to derive the importance of the data collected. A list of priorities is quickly calculated based on the survey results to better communicate what residents deem important and where satisfaction levels can be improved.

3. Regional Labour Demand and Supply Reporting Systems

Our Regional Labour Demand and Supply Reporting Systems employ crawlers on the internet to gather the latest labour market information, including Stats Canada data. The technology effectively searches for and collects data specific to the workforce in your local community. Because the technology works so quickly, you’ll receive real-time information on job openings, industry-specific trends, and the skills or qualifications in demand.

nullUtilizing high tech tools and software that gather and report on the labour demand and supply in your community lets you spend your time on higher-level workforce development strategies. Collecting real-time data with tools on the cutting edge of what’s possible means you can keep your finger on the pulse of the latest trends, and more easily identify and prepare for labour market shortages in the future.

 

The Value of the Best Technology in Market Research

While you can conduct your own BR+E initiatives and poll citizens using more simplified methods, you may find that the efforts will take more time and resources than you imagined. Residents want to feel heard and see progress in a reasonable amount of time. One of the greatest benefits of implementing the latest technology in your community-strengthening efforts is speed. MDB Insight harnesses the best technology to do the leg work for you, efficiently. Investigate for yourself the best-in-class methods available when working with us by trying a demo today. 

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