Technology in market research

Businesses can use technology to obtain, store and analyse information about their customers. Methods for doing this include:

  • electronic point of sale (EPOS)
  • online surveys
  • databases

Electronic point of sale (EPOS)

Electronic point of sale (EPOS) allows companies to gather information on customers buying habits such as:

  • regular purchases
  • any effect the change of price or promotion would have on sales

EPOS systems can:

  • be expensive to set up
  • be used alongside customer loyalty cards to monitor consumers buying habits
  • produce information which can be used to target promotional campaigns to the appropriate customers
Electronic point of sale (EPOS)
Electronic point of sale (EPOS) allows companies to gather information on customers buying habits

Online survey

Surveys carried out online are:

  • cost effective
  • often easy to develop

Customers can be asked to take a quick online survey when they are visiting the company website. Surveys can be sent directly to customer via e-mail.

Software can be used to analyse the results of the surveys, which can then be used to monitor customer buying habits or the effectiveness of company marketing strategies.

Databases

Information on customers can be stored in databases. These can be searched to find customers with specific characteristics. This can then be used for target marketing or promotional campaigns.

The information in databases can also be merged with advertising materials to be sent out to customers.