Check out our guide to the technologies making statistical analysis as easy as sending an email. Exponential leaps in processing power, ever-evolving infrastructure, artificial intelligence and predictive analytics – all these factors set the scene for a new kind of market research.
Be your own statistician
By combining machine learning and predictive analytics, it is now possible to test theories and back up findings in minutes, using the kind of statistical analysis that would until recently have required advanced expertise, massive processing power and weeks, if not months, of work.
Rather than outsourcing your market research data analysis to a specialist, you can now simply do it yourself. Qualtrics Stats iQ combines powerful statistic automation with an ultra-accessible platform that requires no special training.
It’s as easy as drag and drop. Perform regressions, T-tests and other statistical operations as easily as making an online grocery order. iQ automatically selects the type of test you need for your data, runs the numbers, and returns an answer in plain language that you can immediately use to start making informed business decisions.
Turn customer opinions into quantitative measures
Turning human language into usable data has always been one of the most time-consuming aspects of market research, demanding that you read each item and interpret subjective statements from customers. And even with the most dedicated team spending hours on the task, it’s a process that simply doesn’t scale beyond a certain volume.
Fortunately, advances in automation have begun to lift the burden.
Qualtrics Text iQ is a natural language processing tool that turns open text field responses, customer comments, or social media mentions into a format you can work with quickly, painlessly and at scale. Beyond that, it automatically analyses that information and puts it in context with what you already know.
Text iQ turns your masses of text into a dataset that’s organised by topic and rated according to sentiment – positive, negative or neutral – all in a few clicks of a mouse. Trends and themes are automatically brought into focus, so you can understand at a glance what thousands of people are trying to tell you.
Better yet, you can keep these data streams ticking over without lifting a finger, by running an ongoing program that uses Text iQ listening. It builds up a track record of sentiment towards your brand, and keeps coming up with the insights you can use to steer your business towards success.