How Crowd-Sourcing Transcription helps Market Research Analysis

Market Research professionals have been forced to compromise on transcription.

Now crowd sourcing changes this.

Market research play a major role in forming the products and services we use daily. From the taste of your morning coffee to the design of the car you drive, different forms of analysis are done to ensure the product will be purchased by the highest number of consumers possible.

Capturing the opinions of people through interviews and focus groups is a significant part of the qualitative side of market research. And even with recording software, it is a time consuming and expensive task to convert interview audio into meaningful statistics, which lead to insights for product development.

Most market researchers find it beneficial to work with companies that specialize in transcription services versus having stenographers in-house. Even though transcriptions might seem simple, companies spend the time to build a system that will provide a balance between three core functions that go into generating a transcript:

1. Accuracy
2. Turn-around time
3. Low Price

Human based transcription services can provide only two of these features at a time, and software solutions, although inexpensive, lack the
accuracy needed for serious research. There is no solution that can provide all three features, except for crowd-sourced transcription.

TranscribeMe has taken a unique approach to solving this problem by creating a platform that blends speech recognition software and crowd-sourcing the human element. This process results in a transcription service that can provide high accuracy with a quick turnaround time, at an extremely competitive price.

In fact, building a platform that would give customers the best features without compromising of each other was our biggest hurdle as a company to date. During the process we integrated a fourth feature: confidentiality. With our crowd-sourcing and micro-tasking method, no single transcriber will ever have access to the entire, or a meaningful part of, an audio or video file, so sensitive information remains confidential.

Over the past couple years the mobile industry has positioned itself to disrupt the entire technology sector. With the highly anticipated iPhone 5 release yesterday, and we recognize the power a mobile device could provide for your business, which is why we developed the TranscribeMe iPhone App (free to download in the iOS app store & iTunes). Transcribing your audio has never been easier. Once you download the App, the simple interface will allow you to easily record and upload audio directly to our system, and an email notification will be sent as soon as the transcript is finished. For researchers conducting interviews or taking notes in the field, the app will allow you to quickly gather the audio and submit it for transcribers to work on, all while your driving back to your home or office.

By Daniel Lee

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