The booming of Market Research Industry

The booming of Market Research Industry

Market research is an important business tool for gathering information about target markets and gauging the reaction of customers and prospects to your company’s products and services even before they’re released.

According to a recent report by First Research Inc., the global market research industry produces $45 billion in revenue each year. Although Europe and the United States lead the industry overall, other countries such as China, Brazil, Russia, and India are experiencing increasing demand for services related to market research.

Localization for the Market Research Industry

The goal of localization is to provide a product or service with the look and feel of being created specifically for the target audience and to eliminate issues with local preferences . Localization in market research involves more processes because it requires cultural adaptation – considering the different idioms, dialects, religion and traditional cultural practices and local beliefs.

Different countries, different rules…

Foreign marketers or research professionals, when conducting a study in new market, are subject to some challenges that are brought up by local culture. On the one hand, local brand managers typically argue that consumer habits in their market are different, their consumers’ purchase behavior is different, preferences and tastes are different, the media and the retail trade are different, and, therefore, their customers require unique, tailored,  and delicate handling when conducting a market research study.

Localizing to the Middle East and Africa?

There are many translation and localization companies but we’ve been in business for more than 20 years, building up an enviable reputation within the industry and an in-depth knowledge of how we can support the aims of businesses. We worked on Localization projects for top market research brands worldwide including and not limited to TNS, MCKenzie Consulting , Thomson Reuters, Nielsen Egypt, PWC, Rand, among many others.

Future Trans can confidently provide your organization with a wide range of localization services including:

  •       Adaptation of graphics to target audience
  •       Content modification to conform to target consumers’ tastes and consumption habits
  •       Adjusting layout and design to conform to translated content
  •       Converting content elements to local needs, such as units of measure and currencies
  •       Adapting local formats for phone numbers, addresses, dates and hours
  •       Conforming to local legal requirements and regulations

Unlocking Global Insights: The Power of Localization in Market Research and Future Trends

Localization plays a crucial role in the market research industry, especially when conducting research in different countries and regions. It involves adapting research materials, questionnaires, surveys, and reports to the specific cultural, linguistic, and regional requirements of the target audience. Here’s how localization impacts the market research industry:

  1. Language Adaptation: Localization ensures that research materials are accurately translated into the local language of the target market. This includes not only the translation of words but also the localization of idioms, expressions, and cultural references to ensure the content is culturally appropriate and easily understood by the respondents.
  2. Cultural Relevance: Localization takes into account the cultural nuances and sensitivities of the target market. Market researchers need to be aware of cultural differences in beliefs, customs, and values to design surveys and questionnaires that are relevant and respectful to the local audience. By adapting research materials to the local culture, researchers can obtain more accurate and meaningful insights.
  3. Local Market Understanding: Localization helps market researchers gain a deeper understanding of local markets. By localizing research instruments, researchers can gather insights specific to the target market, including consumer preferences, purchasing habits, and market trends. This knowledge is crucial for businesses to make informed decisions and tailor their strategies to specific regions.
  4. Accurate Data Collection: Localization ensures that data collected during research is accurate and reliable. By using culturally adapted and translated questionnaires, respondents can better comprehend the questions and provide more accurate responses. This improves the quality of the data and minimizes the risk of misinterpretation.
  5. Future Trends and Technologies: As the market research industry evolves, localization will continue to play a significant role. With the advent of technology, such as machine learning and artificial intelligence, there are opportunities to automate certain aspects of localization, such as translation. This can improve efficiency and reduce costs, making localization more accessible for market research firms.
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