Transcription is the process of conversion of audio or video content to text form. It has an important role in market research and analysis as it converts spoken or recorded data to written text, making it easier for future analysis. The points and important minutes gathered from minutes and seminars can be analyzed multiple times, allowing one to come up with more innovative ideas or plans.
Transcription in Market Analysis is Carried Out in The Following Steps:
1. Collection of Data: The data to be transcribed is collected from the seminars, presentations, and meetings, and then they are transcribed into text and further analyzed.
2. Mode of Transcription: Depending upon the company’s preference, the mode of transcription can be selected. It can be in manual mode, where the company either outsources the entire transcription process or hires freelancers to do it in-house. The company can also decide on AI transcription, where different AI tools are utilized in the process or it can be a hybrid process incorporating both AI and human transcriptors.
3. Proofreading: Quality checks need to be carried out to ensure there are no errors in the transcribed text and to also maintain the standard of transcription.
The transcribed text obtained is then analyzed and the feedback is circulated among the relevant personnel and respective steps are taken, ensuring better outcomes or solving any existing concerns.
Ways Via Which Transcription Helps in Market Research And analysis:
1. Data Processing: Transcription ensures no data is lost. Anything that was discussed or spoken is stored in the form of text for future revisits and analysis. It ensures that no information or necessary point is overlooked and that enables companies to routinely improve and deal with different issues.
2. Pattern Analysis: By documenting every interview and/or seminar, researchers can identify common patterns that are recurring in the interviews. Identification and categorizing of these patterns help the company to utilize the information and make necessary changes.
3. Communication And Collaboration: Interchanging transcripts from different teams ensures better communication and a more effective address of customer needs and concerns. For instance, the exchange of transcripts between product development and quality assurance teams would enable them to identify and work on the problems accordingly.
4. Easier Reports And Tracking: written information is objectively easier to find and pinpoint than in the form of audio and/or video. It ensures faster analysis and easier report writing by the researchers, where they could directly bring up the relevant points from the source material. This enhances productivity while also cutting down on the time being spent.
5. Legal Factors: While documentation and transcription of interviews and seminars, it is essential to maintain transparency and ask for consent. This would not only ensure that everything is present as written proof but also prevent miscommunications between the parties involved.
6. Repurposing of The Materials: The transcribed document can be utilized for the creation of flyers, ebooks, and other marketing materials, as long as consent is secured.
Real-Time Application of Transcription And Analysis
1. The reports generated from the analysis of multiple transcribed texts could help the company analyze the client’s demands and design or improve their products accordingly.
2. Analyzing webinars, recorded conferences, and interviews with rival companies can help the company keep up with the market competition, analyze the trends and demands of the customers, and make necessary changes.
3. Transcribing the calls and interviews with clients and customers would allow the company to analyze the points of issues and grievances and address those issues to ensure increased customer satisfaction, which will benefit the company through customer loyalty.
4. AI-powered transcription tools like Otter.ai, Rave, Sonix, Temi, etc. provide efficient transcription, reducing the cost of manual transcription services. Since these tools can carry a large volume of data, they can be used for any business.
Conclusion
Transcription of interviews, seminars, calls, and conferences presents the company with a written text that is not only easier to analyze by market researchers for recurring trends, customer grievances, and the overall working of the company but also saves time in the process.
Transcripted texts enhance performance, make necessary changes adeptly, gauge the market competition and demands properly, and allow the company to design their products that ensure positive feedback from the customers and their clients.
A dedicated team of researchers is present in each company to analyze and study the transcripts and make reports and presentations, informing the company of the changes required or the general feedback and consensus of the market and the customers.
Categories
Frequently Asked Questions
Market researchers can use the transcripts to suggest necessary steps that can be taken by the company to enhance performance, optimize customer satisfaction, and create an edge over their rival companies. It is a method that is utilized in most big companies to monitor their growth and maintain their standards of product and customer service.
There are two styles of transcription:
- Verbatim style: It includes all the words and filler words like “um, uh” and even includes pauses, exactly like the spoken language. It is mostly beneficial when analyzing customer feedback, as customer satisfaction levels can be understood by the shift in tone and the type of words used.
- Clean style: In this style, all the fillers and pauses are scrapped and just the clean and concise form of the spoken language is retained. It is helpful when the researchers are trying to focus on the important points of the conference or webinar and there is no need to understand the tone.
Otter.ai, Rex, Sonic, and Trint are some of the AI tools that are used for transcription. For manual transcription, text editors like ExpressScribe are used.
One-on-one interviews, group discussions, conferences, relevant webinars, recorded seminars, and industry podcasts are some of the discussions that are transcribed by the companies for their research and analysis purposes.