In this economic climate, it is more crucial than ever for businesses to be the best they can be; every industry is a fiercely competitive environment, and firms must work hard to stand out. Many businesses have realised that market research, and a lot of it, is the key to success. However, the ability to effectively transcribe and present all of this market research is a crucial skill that a corporation must possess.
For market researchers, market research transcriptions have a number of advantages.
Benefit 1: Increase Ability to Actively Listen to Participants
IDIs can take up to an hour and focus groups can last up to two hours. Imagine the facilitator concentrating for an hour or two on scrambling to write down every word. Do you believe the interviewer will be able to actively listen to the comments of the participant? Concentrate on conducting a successful interview? Or are you going to pay heed to nonverbal cues? Obviously not.
Throughout a focus group or an IDI, a trained interviewer may take notes, but these notes will not include every single word spoken during the conversation. The interviewer will usually scribble down significant takeaways or highlights, such as important comments, behaviours, or interactions that they consider relevant and important for the market research study. They are, however, more concerned with being there with the participants and actively listening to their ideas. Knowing that a transcript would be made available allows the facilitator to relax and focus entirely on the participants.
Participants must feel a connection with the interviewer in order to feel at ease and answer honestly and openly. How valuable would the participant feel if the interviewer was continuously looking down, writing extensively, and not making eye contact? It would have a detrimental influence on the data collection process.
Benefit 2: Easier Discovery of Patterns and Common Themes
Transcripts give verbatim documentation of an interview or discussion, which means they reflect the entire content of the interview and leave nothing out. Because qualitative research yields a wide range of replies, having a transcript of the interview or discussion allows the researcher to thoroughly study the comments once the interview or focus group is finished.
Frequently, the same question will elicit a wide range of responses. The researcher will utilise his or her professional experience to uncover patterns and common themes in order to efficiently analyse the large amount of data. A written transcript allows the researcher to “search” the transcript for keywords or phrases. These search words and phrases are highlighted in the transcript with this function, making it simpler to spot patterns and common topics.
Identifying patterns and recurring themes is an important part of conducting successful qualitative research.
Benefit 3: Quickens the Speed and Accuracy of Reporting
The majority of market research initiatives have a deadline. I have yet to encounter a project where the deadline is subject to interpretation. Long-term case studies, too, have a beginning and an end date. Transcripts can help you get your reports to the client faster.
If the report includes a data analysis presentation, copying and pasting from a transcript into a PowerPoint slide is considerably easier than listening to hours of recordings for the material needed for the presentation.
It would be tough to remember every crucial piece of information that needed to be reported later if 8 focus groups were held over the course of two weeks. Re-visiting the topics using transcripts saves a lot of time compared to listening to all eight focus group recordings again.
The accuracy of transcriptions is critical. The focus of qualitative research is on detailed responses. Having a transcript of those in-depth responses allows for more accurate data analysis and, as a result, a more accurate report to be delivered to the organisation.
The more time and money the company wastes by not making the necessary changes, the longer the market research firm takes to publish its findings and suggestions. Inaccuracy in reported data might also result in a financial loss for the company. Transcripts can assist in the preparation of accurate and timely reports.
Benefit 4: Provides Additional Value-Added Deliverable
At the conclusion of a market research project, detailed reports are supplied, and sometimes a presentation is presented to explain the research findings. In qualitative research, assumptions and interpretations are crucial. The top market research businesses go beyond the spoken word to connect the dots and understand significant results.
Transcripts, on the other hand, might be offered to the client by the market research firm as an added benefit. Some of our clients like the extra information and want to dig further into each chat to form their own conclusions. These transcripts are especially useful in the manufacturing, industrial, and engineering industries, where the level of discussion becomes quite specific and there is a lot of jargon. One of the most valuable aspects for these types of clients is having complete transcripts included in the final deliverable.