The market research industry is changing exponentially, with more trends emerging and more businesses adapting to these changes than ever before. In this report, we’ll outline the most critical top-level developments.
We will then demonstrate how market researchers can seize opportunities in the evolving market research industry.
The Role of Technology in Market Research
Technology has been rapidly changing the roles and responsibilities of market researchers. While some market research tasks have been automated, others require greater engagement by human analysts. Data is also being collected in increasingly different ways, leading to a significant shift in how it must be organized and analyzed.
The Nature of Data
Data is often described as the new oil because it is the critical resource upon which modern business is built. However, the amount of data required to meet organizations’ needs has been growing exponentially for decades, and this trend shows few signs of slowing down.
A full exploration of the top trends in data collection can be found in our free report.
1. Data collection is becoming increasingly personal
There’s nothing new about market researchers talking to people, but how they do it is changing. Market researchers will now be able to communicate and interact with customers more intuitively and emotionally. Thanks to technological advances, they’ll also be able to collect much more data.
2. Data collection is becoming location-specific, increasingly
Surveys, web analytics, and focus groups are among the methods that marketers use to gather data. What’s changing is the panel size and geographic location of these surveys. Marketers will increasingly collect more data in person and use more sophisticated tools for analyzing it.
3. Data collection is becoming increasingly contextual
People are more connected than ever before, which means they can be reached through various channels. Market researchers are increasingly collecting data across the board, using multiple methods.
4. Data collection is becoming moderated
Traditional market research has always used a sample of people, but this is changing in favor of more comprehensive studies. Market researchers will apply more sophisticated testing and analysis techniques than ever before.
5. Data collection is becoming increasingly segmented for different purposes
Market researchers can provide more information to brands and sell products based on people’s data. They’ll also be able to help companies analyze the best approaches to marketing while identifying new customers.
6. Data collection is becoming increasingly multivariate
A growing number of market researchers are analyzing big data sets with several different analyses simultaneously. It allows them to combine data gathered from multiple sources to maximize the yield and provide the best information possible.
7. Data collection is becoming increasingly flexible
There are many different ways market researchers can work with data, and there will be even more in the future. Market researchers will continue to dissect their data as they see fit and combine information from different sources to find the necessary answers.
8. Data collection is becoming increasingly scalable thanks to AI technology
Every market research company uses AI tools, and their role has grown significantly over the last few years.
AI tools have made the data analysis process more cost-efficient for the market research industry, allowing them to complete tasks in record time.
9. Data collection is becoming increasingly mobile
The way people interact with organizations has been changing as technology has changed. Market researchers are beginning to shift their processes in response to this, even integrating new technologies into existing data collection methods.
We’ll now look at how market research is changing and how you can adapt to this changing environment.
The Changing Role of Market Research and How to Adapt to These Changes
The role of market research is becoming more complex, making it increasingly difficult for organizations to meet the goals they’ve outlined for themselves. It will lead to several changes, including:
1. Market researchers will need to be increasingly flexible in their working style
Trends in technology have resulted in a more flexible workforce, and market research isn’t immune to these changes. Market researchers will need to take advantage of these new tools and practices to meet the needs of their customers.
2. Market researchers will need to be increasingly multidisciplinary
Today, nearly everything a company does involves data collection and analysis. Companies must hire specialists who can provide the information they need from various fields.
3. Market researchers will need to be increasingly good at analyzing big data
Companies are collecting more data than ever before, and those looking to find meaningful insights must become good at analyzing this data. The best approach to accomplishing this is to use a combination of methods, including AI tools.
4. Market researchers will need to be increasingly able to extract information out of advertisements
Marketers are shifting their strategies, in which they use advertisements as a way to collect information that will be used for further analysis. It will result in brand managers becoming more active in the data-gathering process, and companies will thus become more dependent on them.
5. Market researchers will need to be increasingly comfortable with technology
New tools like AI, ML, and blockchain allow people to collect and analyze more data than ever. Market researchers must adapt to these advances or quickly become obsolete.
6. Market researchers will need to be increasingly proactive in the information they provide
Market research professionals must take a more active role in their companies’ success or failure. Market researchers must be willing to speak up if they have concerns about a product or service they are providing, or they risk being replaced by younger, more tech-savvy employees.
7. Market researchers will need to be increasingly involved in the data that’s being gathered
Please pay close attention to information about your organization that you provide via email and social media platforms. Make sure you understand how it was obtained and why it was given. Additionally, ensure you know the data collected by others and take a closer look at the market research you are getting to ensure it’s relevant and actionable.
8. Market researchers will need to be increasingly creative in their approaches
Marketers have begun shifting away from traditional advertising strategies. Marketers must be creative in their approaches to remain in business.
Opportunities for Market Research
There are several significant opportunities in the market research industry, including:
1. Multidimensional survey data analysis capabilities
A growing number of organizations are looking for companies that can analyze multidimensional survey data on their behalf. It is an excellent opportunity for companies looking to enter market research.
2. Personalized digital marketing capabilities
Digital marketing has changed significantly recently, and companies are looking for new ways to reach their customers. Access to the correct information can be crucial in helping customers find products they want and need.
3. Artificial intelligence applied to market research
AI allows organizations to collect more data than ever, giving them a better understanding of their customers and their use of their products and services. Market research professionals are in a prime position to take advantage of this and are well-suited to finding solutions to the issues they encounter.
The use of social media as a marketing and advertising tool has grown exponentially over the last few years. Social media monitoring is an integral part of your company’s overall marketing strategy, and the proper market research professional can assist you in understanding how your company can best take advantage of this channel.
5. The ability to have a better grasp of customer needs and wants during localization
Localization involves translating a product from its original language into one the local market understands. Market researchers are well-suited to aiding companies with this process, as they can help companies translate their products into a language distinct to their market.
6. A new approach toward the way data is labeled
Many organizations have embraced machine learning and AI in how they analyze data and label it. Market researchers can provide these organizations with this new level of insight into their customers, allowing them to understand better what their customers want from them.
7. The ability to optimize campaign strategies
Many companies shy away from the traditional marketing strategy of buying advertising space in the media due to concerns that this approach is not practical. Market researchers are not afraid to buy media ads, and their push to use ad platforms that are modernized has led them to be a force in this new approach.
8. The ability to have a better understanding of what consumers want
Consumer analytics is crucial for companies looking for a competitive advantage.
The market research industry is changing, and with these changes comes an opportunity to do business in a new way. Market researchers and marketers should be prepared to adapt to these recent changes if they want to remain competitive.