Market research is a crucial element of every company’s strategy. When you conduct the proper research, you can learn who your consumers are, what they need and want, and what they anticipate from your company.
To do your research, you can employ a variety of strategies such as competition analysis, engagement analysis, and audience analysis to increase user engagement. But what if your strategy no longer works in light of the current state of your sector?
Let’s look at some interesting market research data before we continue:
- Market research is quickly changing thanks to artificial intelligence (AI). Over $27 billion were made in the AI industry globally in 2019; this market is projected to grow at a CAGR of 33% to $266.9 billion by 2027.
- Market research industry revenues increased from $32 billion in 2008 to $73 billion in 2019, according to Statista.
- The surveys are the frequently used quantitative methodologies in market research across the globe. 89% respondents regularly use online surveys, following that 60% use mobile surveys and 45% utilise proprietary panels in market research.
Let’s review some recent market research trends for 2022. You can’t rely on in-person audience polls and surveys as your main tactic any longer. You can’t expect to employ the same tactics constantly as we and the world have evolved.
You can benefit from being aware of market research trends in this situation. We’ll go over some of the most important market research trends in 2022 so you can develop your business and meet your clients where they are.
1. Empathy in Insight Design and Delivery
The necessity of practicing empathy became evident when companies started operating remotely. And research teams revised their goals and operating procedures in response to the COVID-19 epidemic. Empathy must continue to be a top concern as firms transition to hybrid work models and in-person research slowly returns. The primary goal is to rebuild businesses, brands, and teams, with a well-deserved emphasis on empathy in the creation and distribution of information.
2. The spotlight on social listening
The practice of “social listening,” which involves keeping an eye on and analyzing social media conversations about a company or industry, is not new in market research. Because the average internet user spends about two and a half hours daily on social media, it is becoming an extensively adopted technique for understanding customers. You can gain insight regarding the mood of the market, current trends, and promising business possibilities.
3. Data Source: User-Generated Content
Finding new ways to collect consumer data will be the defining theme of market research trends and customer insights. As a result of Google’s crackdown on third-party cookies in Chrome and Apple’s heightened app tracking privacy on its devices, businesses must now come up with fresh, less invasive methods of obtaining online user data.
User generate content such as blogs, videos, social media content and product reviews are the leading solution.
4. Inclusive Research
Inclusive research is the pattern targeting people who are excluded and underinvested till now can be targetted for inclusive experience. More inclusion in employment and research is one method to encourage stronger social consideration.
One of the most recent trends in the market research sector is market research inclusion.
The failed market research were targeting different audiences, that is the core reason of their failure. As you cannot consistently employ the same panel provider and expect different outcomes. It would not be a smart move to classify your audience using the same demographic indicators and survey questions as well.
To perfectly do inclusive research you need to ask the following questions.
- Who are your different customers?
- Which groups in your analysis seem to be missing?
- How can you find more diverse audiences using the methods you now use?
5. Managing Technology and People
Market research teams use technology, automation, and AI to process massive amounts of data, shorten research project timelines, democratize stakeholder insights, and drive decisions. However, AI also gives insights to professionals the ability to influence more than just marketing decisions across the business. Insights leaders has promoted the use of insights across functional areas and helped the culture shift to one that is really insights- and marketing-led.
Find insights champions on the brand/business teams and educate them on where to find them and what to look for. Additionally, demonstrate the value of insights to help them ingrained in their decision-making process. These are the essential steps to bring deep-rooted culture change.
What is the point of it all?
The upcoming market research trends indicate social media, cellphones, and DIY data research will soon rule the industry
Market research will become inevitable for businesses, since customer requirements are constantly evolving.
In order to outperform the competition, businesses must be able to rapidly and accurately predict the demands and expectations of their customers.