Best Transcription Services for Market Research

In the dynamic world of market research, gathering and analyzing data is crucial for making informed business decisions. One often overlooked, but essential aspect of this process is market research transcription. 

This article will explore the ins and outs of transcription services for market research, their costs, benefits, and how they can improve your research efforts.

What is market research transcription?

Simply put, market research transcription is turning recorded conversations into written words. This could be from one-on-one interviews, group discussions, or even product testing sessions. Companies that offer market research transcription services take these recordings and type them out word for word.

Why is this important? Well, it's much easier to search through and analyze written words than to listen to hours of recordings. These transcripts become a goldmine of information that researchers can use again and again.

How much does research transcription cost?

Like most things, the cost of market research transcription can vary. It depends on how long the recording is, how quickly you need it done, how complex the topic is, and what extra features you want.

Most market research transcription services charge between $0.50 to $2.00 for each minute of audio. 

How does market research transcription work?

The process of market research transcription is pretty straightforward:

1. Record: Capture the conversation using good quality equipment.
2. Send: Securely send the recording to the transcription company.
3. Type: A trained person listens and types out what's said.
4. Edit: Someone checks the transcript for mistakes and tidies it up.
5. Double-check: Often, a second person will review it for extra accuracy.
6. Deliver: You get the finished transcript, usually as a Word document or PDF.

How to write a transcript for research

While professional market research transcription services handle most of the heavy lifting, researchers should understand the basics of transcription to ensure they're getting what they need. 

If you're handling the market research transcription yourself, follow these steps to ensure a high-quality transcript:

1. Prepare for transcription

Gather necessary equipment: A computer, good headphones, and transcription software. Choose a quiet environment to minimize distractions. Decide on your transcription style (verbatim or clean read).

2. Record Telephone And Online Interviews For Transcription

For in-person interviews, use a high-quality digital recorder placed close to the speakers.
For telephone interviews, use a phone recording app or a call recording service.
If you’re doing the interview remotely online, use reliable recording software that integrates with your video conferencing platform (like Zoom's built-in recorder).

Always inform participants that the call is being recorded and obtain their consent. Conduct the interview in a quiet environment to minimize background noise. Ask participants to speak clearly and one at a time to avoid overlapping speech. Test your recording setup before the actual interview to ensure audio quality.

3. Prepare the audio file

Transfer the audio file to your computer. Use audio editing software to enhance sound quality if necessary.

4. Start transcribing

Play the audio at a slower speed (usually 50-70% of normal speed). Type what you hear, following these guidelines:

• Start a new paragraph for each new speaker.
• Use speaker labels (e.g., "Interviewer:" and "Participant:").
• Include timestamps at regular intervals (every 1-2 minutes) or at key moments.
• For verbatim transcripts, include all utterances, including "um," "uh," and false starts.
• For clean read transcripts, omit filler words and false starts.
• Use shortcut keys in your transcription software to play/pause and rewind.

5. Include non-verbal elements

Note laughter, sighs, or long pauses in square brackets, e.g., [laughs], [sighs], [long pause]. If relevant, describe tone or emotion, e.g., [sarcastically], [enthusiastically].

6. Format the transcript

Use a consistent, easy-to-read font (like Arial or Times New Roman, 12pt), and 1.5 or double line spacing for better readability.

Number each line or paragraph for easy reference. Include a header with the interview details (date, participants, interviewer, etc.).

7. Proofread and edit

Listen to the audio again while reading your transcript to catch any errors. Check for correct spelling of names, technical terms, and brands mentioned. Ensure consistent formatting throughout the document.

8. Save and backup

Save the transcript with a clear, identifiable file name. Create backups of both the audio file and the transcript.

9. Maintain confidentiality

Remove or replace any identifying information if anonymity was promised. Store transcripts securely, following data protection guidelines.

Remember, while DIY transcription can save money, it's time-consuming and requires practice to achieve high accuracy. For large-scale or time-sensitive projects, consider using professional market research transcription services to ensure quality and efficiency.

Types of market research transcriptions

There are different kinds of market research transcriptions:

• One-on-one interviews: Conversations with individual consumers or experts.
• Group discussions: When several people talk about a product or service.
• Survey answers: Writing out spoken responses to survey questions.
• Observational research: Describing how people behave in real-life situations.
• Product testing: Recording what people say while trying out a new product.

Each type needs a slightly different approach to get the best results.

Uses of transcriptions in market research

Market research transcriptions are useful in many ways:

• Data analysis: Transcripts allow for thorough content analysis, coding, and theme identification.
• Quote extraction: Researchers can easily pull verbatim quotes to illustrate key findings.
• Team collaboration: Written transcripts facilitate sharing and discussion among research team members.
• Client presentations: Transcripts provide supporting evidence for research findings and recommendations.
• Legal compliance: In some industries, maintaining accurate records of research sessions is a regulatory requirement.

How to use market research transcripts in your business

To get the most out of your market research transcriptions:

1. Develop a system for analyzing transcripts, like coding for themes or checking for positive or negative sentiment.
2. Use transcription services for market research that let you easily search through the text.
3. Combine insights from transcripts with other data to get a full picture of your market.
4. Share relevant parts of transcripts with different teams to improve products, marketing, and customer service.
5. Keep an organized collection of transcripts to track changes in market trends over time.

The benefits of market research transcription

Using professional market research transcription services has many advantages:

• Accuracy: Professionals make sure every word is correct, reducing misunderstandings.
• Time-saving: Researchers can focus on analysis instead of typing out recordings themselves.
• Better analysis: Written transcripts allow for more thorough examination of research data.
• Improved teamwork: Team members can easily review and discuss findings using the transcripts.
• Legal protection: Accurate transcripts provide a reliable record if any disputes come up.
• Accessibility: Transcripts make research data available to team members who weren't there for the original sessions.
• Scalability: As you do more research, a reliable market research transcription company can handle the increased workload.

How to Get Started with Market Research Transcription Services

1. Determine your needs: Consider the volume of transcription, turnaround time, and specific requirements (like verbatim vs. clean read).
2. Compare services: Look at pricing, features, and accuracy rates of different providers.
3. Request samples: Ask for sample transcriptions to assess quality and formatting.
4. Start small: Begin with a small project to test the service before committing to larger volumes.
5. Provide clear instructions: Communicate your specific needs, including any industry-specific terminology or formatting requirements.
6. Review and provide feedback: After receiving your first transcriptions, review them carefully and provide feedback to ensure future transcriptions meet your needs.

Why Are Market Research Transcription Services Important?

• Professional services ensure high accuracy, which is crucial for making informed business decisions.
• Outsourcing transcription allows researchers to focus on analysis rather than typing.
• Scalability: Professional services can handle large volumes of transcription quickly and efficiently.
• Established transcription services maintain consistent quality and formatting across all transcripts.
• Many services offer transcriptionists familiar with market research terminology and practices.
• Services often offer various turnaround times and transcription styles to suit different project needs.
• While there's a cost involved, the time saved and quality received often outweigh the expense of in-house transcription.

By leveraging professional market research transcription services, businesses can enhance the efficiency and effectiveness of their research process, ultimately leading to better-informed strategic decisions.

Market Research Transcription Companies

When it comes to market research transcription services, several companies stand out for their quality and features. Let's look at three popular options: Verbit Go, Rev, and Go Transcript.

Verbit Go

Price: Starts at $1.48 per minute for transcription services. They offer flexible pricing options including Pay As You Go and business accounts.

Features:

• Uses human UK-based transcribers with skills and experience to consistently perform at a 99%+ accuracy level.
• Offers both Intelligent Verbatim (with questions summarized and chit-chat removed) and full verbatim transcripts (including every "umm" and "err").
• Can condense hours of user testing data into concise and usable notes.
• Provides a live note-taking service with discreet and professional typists who can dial into your session to take detailed notes as it happens.
• Typists are available 20 minutes ahead of your event and guarantee speeds of at least 100 WPM.

Languages Supported: For both automated and human-powered transcriptions, Verbit recognizes English, French, Hebrew, Spanish and Russian 

Time taken: Offers flexible turnaround times, including options for 12 hours, 24 hours, 48 hours, and up to 7 days, depending on the service selected and the project's requirements. They guarantee timely delivery for projects of any size, 24/7.

Accuracy: Claims up to 99% accuracy, with a strong emphasis on quality due to their skilled team of UK-based transcribers.

Rev

Price: Begins at $9.99 monthly, free plan available offering 45 minutes of AI-generated transcripts monthly

Features:

• Allows you to share audio/video for transcription through direct meeting integrations, file uploads, video links, or our free mobile app
  Offers transcription, captions, and subtitles for audio and video files, including recordings and live meetings
• Provides a user-friendly platform with fast turnaround options.
• Offers editable transcripts where you can adjust timings, speaker names etc.
• Can create AI-generated copy for headlines, social posts, and promos based on transcripts

Languages Supported: Mostly focused on English

Time taken: Human transcription typically takes 12 hours for standard requests, while automated services are delivered almost instantly.

Accuracy: Boasts a 99% accuracy rate for human transcription, with automated services being less reliable.

Go Transcript

Price: Charges approximately $0.20 per minute for AI transcription services, making it one of the more cost-effective options. Costs $0.84 per minute for human transcribers with 99.2% accuracy. 

Features:

• Offers transcription, captions, and subtitles.
• Provides options for both human and automated transcription services.
• User-friendly interface for easy file submission and management.

Languages Supported: Supports multiple languages, including English, Spanish, French, and many more.

Time taken: Standard turnaround time is around 24-48 hours for 60 minutes of a focus group recording, with faster options available for an additional fee.

Accuracy: Claims around 90-95% accuracy for human transcriptions, with automated services being less reliable.