Keeping up with the constantly evolving business landscape is crucial for making informed decisions and staying ahead of the competition. To achieve growth, innovation, and customer satisfaction, it’s essential to uncover the latest trends in the market research industry and research the trends in the market research industry that are shaping its future.
Today, major technologies and economic shifts are changing the market research and Consumer Insights industries.
With information everywhere, market researchers are increasingly being asked to provide insights and strategic analysis. New skills are needed. New services and deliverables are required.
What are some major trends in the Market Research Industry?
- New digital methods
- Agile sprints
- Online Communities
- Ethnography — extreme personas
- Non-Customer Research
- Focus on Insights
- In-home Ethnographic interviews
- Uncovering deep associations
- Data Visualization
- Customer Centricity
- Design Thinking
- Actionability of findings
- Making clients part of the process.
- Can implement dashboards.
- Create White Papers & Infographics
- Global economy and competitors in low-cost emerging markets
- Technology focus
- Cheap bandwidth, mobile computing, and online storage create new tools – Moore’s Law
- AI Tools and Machine Learning
How do new technologies like Big Data, AI, Machine Learning, and Software help to improve the market research process?
- Research services become better, cheaper, and faster
- Potentially better and more accurate analytics
- But, there are challenges
- New technologies such as text recognition have gaps
- For example, if a respondent doesn’t put enough text, the AI tool won’t work on an Online Focus Group
- While there is so much interest in AI in MR, there have not been game-changing, wide-spread industry adoption of it.
- New technologies such as text recognition have gaps
Key trends in the market research industry
Trend 1: Automation and Artificial Intelligence (AI)
The market research industry is currently experiencing a noteworthy shift towards automation and AI technologies. These cutting-edge advancements are transforming the way market research is carried out, offering fresh tools and techniques to enhance processes, optimize productivity, and deliver more precise insights.
The emergence of AI-powered data analysis tools has revolutionized the way market researchers process vast amounts of data. This has enabled businesses to gain valuable insights into consumer behavior, helping them make informed decisions that drive growth and success.
Moreover, the use of AI-powered tools such as natural language processing and sentiment analysis is transforming the analysis of qualitative data, providing deeper insights into consumer opinions and emotions. As such, AI-driven data analysis tools are quickly becoming an indispensable asset for businesses looking to stay ahead of the curve in today’s hyper-competitive markets.
As these trends in the market research industry continue to gain momentum, businesses that stay at the forefront of automation and AI in market research will be better positioned to capitalize on the numerous benefits they offer.
Trend 2: Integration of big data and advanced analytics
Big data is another of the current trends in the market research industry that is revolutionizing the industry. With the exponential growth of data generated by businesses and consumers, the ability to efficiently analyze and extract valuable insights from this information is now essential for making sound decisions and gaining a competitive edge in the market. This trend is set to shape the future of market research, enabling companies to gain deeper insights into consumer behavior and preferences, and ultimately drive business growth and success.
Additionally, the significance of data visualization and storytelling has been on the rise. With the escalating quantity of data and intricacy of insights, it has become essential for market researchers to effectively communicate their findings to decision-makers in a visually appealing, concise, and comprehensible manner.
Researchers are employing several techniques such as interactive dashboards, infographics, and data-driven storytelling to convey intricate information in a more approachable and actionable way. These methods are proving to be effective in presenting complex data in an engaging and informative way.
Trend 3: Increased focus on real-time research and monitoring
The ability to gather and analyze data in real-time has become a valuable tool for businesses to stay ahead of the curve. This process allows for quick adaptation to changing situations and informed decision-making on time.
Real-time research encompasses a variety of techniques, one of which is continuous monitoring. This is one of the trends in the market research industry that involves the ongoing tracking and analysis of data to identify trends, patterns, and potential opportunities or threats. By staying abreast of the latest developments in their respective industries, businesses can take proactive measures to address emerging challenges and capitalize on new opportunities. These trends in the market research industry ultimately lead to growth and success, making it a valuable trend in the field of market research.
Trend 4: Growing importance of Customer Experience (CX) research
This is one of the major trends in the market research industry today because companies are looking to offer exceptional CX. To achieve this goal, businesses are investing in CX research to better understand their customers’ needs, preferences, and expectations. By gaining insights into these crucial factors, companies can create experiences that drive customer loyalty and retention.
The objective of conducting CX research is to achieve a holistic comprehension of all the touchpoints and engagements that consumers have with a brand, product, or service, starting from the moment they first become aware of it until they receive after-sales support.
Trend 5: The rise of online communities and crowdsourced insights
The market research industry has undergone a significant transformation with the emergence of digital technology. Today, the industry is witnessing a sharp rise in the adoption of online communities and crowdsourced insights to gather essential data and perspectives. This trend means a shift towards a more collaborative and inclusive research approach, harnessing the power of the internet and social platforms to engage with diverse audiences and gather a wide range of insights.
Both trends in the market research industry bring benefits for businesses, including cost-effectiveness, greater diversity, and enhanced engagement. As a result, market researchers are now able to tap into a more extensive pool of information and gain a deeper understanding of their target markets, leading to better decision-making and more effective strategies.
Trend 6: Ethical considerations and data privacy
In recent years, the trends in the market research industry have focused on the growing emphasis on ethical considerations and data privacy. This trend is driven by increasing consumer awareness of the value of their personal information, and the introduction of stricter data protection regulations such as the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
Ethical considerations in market research involve ensuring that research is conducted responsibly and transparently, respecting the rights and dignity of participants, and safeguarding their privacy and confidentiality. This includes obtaining informed consent from participants, clearly explaining the purpose of the research and how their data will be used, and providing them with the option to opt out or withdraw from the research at any time.
Data privacy, on the other hand, refers to the protection of personal information from unauthorized access, use, or disclosure. This involves implementing robust security measures to safeguard sensitive data, as well as adhering to relevant data protection laws and regulations. Businesses and market researchers must also be transparent about their data collection and processing practices, providing clear and accessible privacy policies for consumers to review.
What type of talent is the Market Research industry looking for?
- Tech talent and managers who can operate the technology
- Skilled moderators
- Data Scientists
- Data Analytics Professionals
- Researchers who are more strategy consultants and branding experts
- Managers who see the big picture and connect the dots (not departmental)
SIS International offers Quantitative, Qualitative, and Strategy Research. We provide data, tools, strategies, reports and insights for decision-making. We conduct interviews, surveys, focus groups and many other Market Research methods and approaches. Contact us for your next Market Research project.