Market Research Transcription: Types, Usage, and Tools

Our research customers have told us it can take 4 to 6 hours to transcribe one hour of an interview.

No longer.

Market research transcription disrupts how teams carry out their studies. Companies save resources when outsourcing this clerical work to specialized tools and services. Researchers spend this newfound time further analyzing data and speaking with customers.

Qualitative data is a rich source of information. Marketing teams use transcripts to unearth insights and tweak their strategy. Preserving conversations creates meeting records that are easily accessible for future decision-making. (We could go on and on… and we did in this article about why qualitative research matters.)

In this article, we’ll explore how research transcription simplifies a researcher’s workflow. Learn what to look for in a transcription service and how to get the most out of yours.

Our customers love Marvin for many reasons, including our fast and highly accurate transcription. Request a demo to learn more. 

What is Market Research Transcription?

Transcription is the process of converting audio and video recordings into written text. Market research transcription converts recordings of market studies into editable transcripts.

User interactions offer a goldmine of qualitative feedback. Accurately capturing these interactions adds to an organization’s knowledge bank. A readable and user-friendly transcript is helpful for accessing and analyzing feedback. Research transcription helps firms make informed business decisions.

Depending on their needs, companies use two kinds of market research transcription services:

1. Manual. Qualified human transcribers generate highly accurate transcripts. They boast an impressive 99% accuracy rate. Skilled in numerous fields, they understand accents, dialects, and industry-specific terms. However, associated costs and turnaround time can be high. 
2. Automated. Powered by AI, transcription software uses automated speech recognition (ARS) to capture interactions. Machine Learning (ML) algorithms convert audio recordings into text with a quick turnaround.

Transcripts are either verbatim or non-verbatim.

Verbatim transcription captures every detail of an interaction. Intelligent verbatim transcription removes filler words like “hmm” and “ah” to deliver comprehensible results. 

Non-verbatim transcripts summarize a recording. They distill the key points to give researchers the gist of interactions. However, it’s not a way to accurately capture interactions as they occur. In this article, we’ll focus on the use of verbatim market transcription services.

Types of Market Research Transcriptions

Transcripts give marketing teams an accurate and comprehensive record of interactions. Below are the various types of market studies where you can implement transcription: 

1. Interviews. One-on-one interactions with users or target customers delve into human thought, helping researchers understand users’ psychographic information. Transcripts convey nuances in their responses.
2. Focus Groups. Companies receive multiple perspectives from their target audience, all at once. There’s a lot going on during these interactions. To accurately capture details and be able to revisit the study, it’s prudent to have a record of the session.
3. Surveys. Open-ended questions from surveys allow customers to reveal their thoughts with no filter. Researchers can use transcriptions to analyze responses and filter into actions. These may include bug fixes, product improvements, and new features. 
4. Ethnographic Research. Researchers immerse themselves in a community to record observations and behavioral patterns. Transcription helps document interactions between participants.
5. Meetings & Brainstorming Sessions. Use transcription while brainstorming new ideas, gathering competitor intelligence or conducting brand workshops. A textual record helps track new ideas. Absentees use transcripts to catch up with the latest developments. Say goodbye to meeting minutes. 
6. Seminars and Conferences. Content from marketing seminars is documented and made available for future use. 
7. Advertising/User/Product Testing. Transcribing the opinions of test audiences is very helpful. It captures feedback on a product and its attributes. Marketers can test and learn from what people think of their concepts — on a smaller scale before launching campaigns. 
8. Video Content. Use transcripts to add captions and subtitles to boost a video’s search engine ranking. 

Applications of Transcripts in Market Research Insights

Researchers analyze qualitative data from transcripts to generate insights from studies. Marketers use insights to modify product messaging and identify new trends and opportunities. 

Here are some examples of how transcripts come in handy:

1. Feedback Analysis. Transcribe interviews, focus groups, and customer reviews. Companies gain an understanding of user preferences, motivations, and frustrations. It helps improve product offerings and, in turn, customer satisfaction.
2. Online Monitoring. Keep track of brand reputation and perception. Scan media (both regular and social) and customer reviews using transcription. Get ahead of potential publicity landmines. Manage your market reputation effectively with transcripts.
3. Competitive Intelligence. Gather information on your competitors. Understand their strengths and weaknesses by transcribing their media coverage and public appearances. Position yourself uniquely within the marketplace.
4. SEO Optimization. Today’s advanced search engines are savvy to keyword stuffing and other tactics. Transcribing video content makes content indexable by search engines and boosts website rankings.
5. Legal. God forbid it should come to this. Misinterpreted quotes or disclaimers can result in lawsuits. A definitive record of communication helps establish a paper trail. Safeguard yourself from any potential legal risks or challenges that may occur.

Preserving market research in transcripts, researchers collate and share user insights across an organization. They disseminate information to key decision-makers, altering the product’s strategy. 

Marketers pull quotes to aid marketing initiatives such as advertising and social media posts.

We’re only scratching the surface here. Check out our guide on tagging user research insights to make the most of your market data.

How to Master Market Research Transcription

Use these tips and tricks to master the art of research transcription:

1. Ensure Clear Recordings. Ensure high-quality audio to reduce errors in transcription. Reduce background noise and make sure participants speak clearly. Avoid cross-talk.
2. Determine Transcription Type. Use automated transcription for high-volume content with tight timelines and budgets. Manual transcription is helpful when you need precise, specialized content.
3. Add Context and Terminology. Annotate transcripts by adding specific context that transcription services might not have. Adding industry-specific terms or abbreviations improves the accuracy of transcription.
4. Establish Format. Set out your formatting requirements. Look for tools and services that incorporate speaker identification and timestamping. Distinguish between participants and navigate through lengthy transcripts with ease.
5. Review & Validate. Researchers must listen to recordings and follow along with the completed transcript. They should look out for precision, correcting any potential errors along the way. Does the final output accurately convey the intended message?

For more tips on transcription accuracy, head over to our guide on the top transcription software for qualitative research.

Marvin, the Best Market Research Transcription Tool

We present the industry-leading qualitative research transcription software. 

Here are a few reasons why our customers call Marvin a game-changer:

• Accurate Transcriptions. Marvin transcribes audio and video recordings with high precision. Add specific industry terminology to its vocabulary. Marvin learns to correctly transcribe these words in the future. With speaker identification, attribute quotes to various participants. It also helps you navigate through a transcript.
• Quick Turnaround Time. Invite Marvin to your meetings and concentrate wholly on the participants. Just minutes after you hit “end call,” a transcript hits your inbox. Voila!
• Research Assistant. Use Ask AI to interrogate data across projects. Enter a query in a Chat-GPT style search bar. Sit back and watch Marvin automatically surface key insights.
• Advanced AI. Marvin creates AI-generated summaries and timestamped key insights. A foundation for your coding and thematic analysis.
• Powerful Integrations. Marvin integrates with tools researchers love. Marvin seamlessly transcribes recordings from video conferencing tools like Zoom, Microsoft Teams, and Google Meet. Invite Marvin to your meetings or upload files after the fact.
• Collaboration Station. Live notes allow multiple users to annotate transcripts during interviews. Clip sections of transcripts, stitch them together, and share playlists with key decision-makers. Elevate the user’s voice.
• Multilingual Support. Global companies must converse with users in local languages and dialects. With support in over 40 languages, Marvin helps them translate and interpret data to reach a larger audience.
• Robust Data Security. Marvin is GDPR, SOC2, and HIPAA compliant, so user data is always protected.

Sit back and let Marvin automate heavy lifting for you. Spend more time analyzing data and arrive at insights faster.

What are you waiting for? Take it for a spin. Book your free demo today.

Frequently Asked Questions (FAQs)

Let’s address some frequently asked questions about market research transcription:

How Does Transcription Improve Data Analysis in Market Research?

Market research transcription brings several benefits to the data analysis process. Some of our favorites include speed, deeper analysis, searchability, and accessibility. 

It’s much easier to extract key insights and information from written content than rewatch hours of interview footage.

How Accurate Are Automated Transcription Services for Market Research?

Manual human transcription is highly accurate, achieving an accuracy rate of around 99%. However, it is time-consuming and expensive.

Typically, automated transcription (using ARS) software is 80-90% accurate. If you choose the wrong service though, you could compromise the quality of the final transcription with low-quality recordings, background noise, cross-talk, and industry-specific grammar.

There’s a trade-off between precision and speed (and cost). Don’t compromise too much on either.

How Can Transcription Services Ensure Confidentiality in Market Research?

Market research data contains sensitive user information. Transcription services and tools must handle confidential data securely. Compromising on data security breeds mistrust with users, destroying a company’s reputation.

Introduce strict protocols when working with transcription services. Follow these steps:

1. Non-Disclosure Agreements (NDAs). When using manual transcription, sign an NDA with the service provider.
2. Data Encryption. Look out for vendor websites with ‘HTTPS’ to ensure data security. The ‘S’ signifies that the provider uses Secure Sockets Layer or Transport Layer Security to encrypt data.
3. Compliances. Check for compliance with local data privacy guidelines. For example, GDPR is a data guideline for the EU. HIPAA protects patients’ healthcare information, and SOC2 is for SaaS products. Marvin is compliant in all three!
4. Access. Control who can view and edit files. Limit transcription services’ access only to files they’re working on.

Look for tools with robust security protocols in place. Any absence of data security in their messaging is a clear red flag. Ensure your user data is always protected.

What Are the Costs Associated with Market Research Transcription Services?

Consider your business needs before choosing a transcription service. How many hours per month do you need to transcribe? How many users will need a license?

Companies have different models of charging for transcription services:

1. Manual transcription services. Costs vary with output. Professional transcriptionists charge anywhere between $0.90 and $2.50 per minute of audio transcribed.
2. Automated transcription software. Companies offer pricing tiers that give you access to ‘x’ hours of transcription. Understand your usage to see what plan best suits your business. 

Steer clear of any applications or services with a lack of transparent pricing. Check out Marvin’s pricing plans.

Conclusion

Market research is an essential part of a business’s strategy. It helps businesses stay informed in an ever-changing market landscape.

Market research transcription is becoming an indispensable tool in a researcher’s toolkit. Transcripts are a searchable and accessible format for a firm’s gathered knowledge.

Marketing, advertising, product development, and research teams benefit from accurate and efficient data collection. Automating note-taking helps researchers focus on extracting insights from qualitative data.

Turn raw data into actionable insights faster. Don’t miss a beat with market research transcription.Marvin’s automatic transcription and synthesis make it easier than ever to uncover aha! moments in your research. Find out more today!