The purpose of market research is to look at the market associated with a particular good or service to know how the audience will receive it. It gathers information to determine what consumers want. Any business needs analysis and interpretation of available data to increase the profits.
Market research is a crucial asset for businesses these days. Different sampling methods are widely used by researchers in market research to collect actionable insights.
But first let’s understand what does Sampling mean?
Sampling is a technique of selecting individuals or a subset of population to make statistical inferences and estimate characteristics of the whole population. In other terms, it is rarely possible to collect data from each and every person. Instead you select a sample who will participate in the research and data will be collected. This is sampling.
What is the purpose of Sampling?
To draw conclusions about population from samples to plan further market strategy.
In this cut throat competitive world, the strain on market research industry to deliver more results in an expeditious manner has increased.
THE EMERGENCE OF A NEW ERA: PROGRAMMATIC SAMPLING
A significant upgrading within the field of Sampling has been automation.
It gives rise to automated sampling. Programmatic sampling is the automated buying and selling of sample. There are no middlemen.
In other terms it is the replacement of manual processes with computer programming.
HOW DOES IT WORK?
It works with the help of an API which stands for Application Programming Interface. It is basically a system communication tool It uses a common language that both buyer and supplier applications understand, further allowing the software application to communicate with both sample supplier and buyer application.
With an API driven approach, Sample can be delivered more intelligently than routers have done in past.
After the involvement of Programmatic Sampling in Sample Industry it has caught some real speed but there is still some confusion about Programmatic sampling.
Let’s demystify some myths and truths behind.
Programmatic Sampling will gulp the jobs of humans.
It is certainly not true. Increased automation of sampling will not necessarily lead to loss of jobs. Rather, it will free up a person’s time. They can focus on more advanced and engaged tasks which will lead to internal innovation.
Programmatic Sampling is all about buying CHEAP.
It is a misinterpretation. There is a huge difference between buying low and buying cheap. There are several other factors taken into account while buying sample. It is buying optimal. Buying right at the right price.
Programmatic Sampling is full of errors.
One of the key features of Programmatic Sampling is removal of manual process. It is fully automated. Errors done by a computer process are rare. Computer programs are specific and targeted to make fewer mistakes. It will benefit the companies in lowering the costs and augmenting the efficiency.
Programmatic Sampling costs an arm and leg
The upfront cost involved with the automation of sampling can be a hindrance if users don’t see the value. It is important to understand that automation tools save a great deal of time and money by allowing researchers to focus on more valuable tasks. It is clearly a win situation.
Unavailability of support in time of need or when something goes wrong.
The buyer has certainly a fear in mind of things going wrong. However Centico Market Research And Analysis provides readily available support and training. We constantly improve and update the tools and keep it bug-free. Our motive is to make Programmatic sampling user friendly.
Programmatic sampling is where everyone wins. The API enables the suppliers to earn more revenue while simultaneously providing a better respondent experience. In the programmatic Sampling era, suppliers gain significant revenue, buyers get sample faster.
Centico Market Research and Analysis explores the technology to move forward in this industry. We love using new technologies and providing better solutions at ease and faster than before.
We are hopeful that we’ll move forward and make a difference.