Technology and consumer behavior are transforming how companies approach collecting and applying data. Specific research techniques that worked well historically may now be outdated or incomplete. By understanding the latest market research industry trends, businesses can gain more impactful consumer and competitive intelligence to drive strategic decisions. In this blog, we will take a closer look at the top market research trends that are shaping the market research industry.
Before we go further, let’s explore some fascinating stats about market research:
- Artificial Intelligence (AI) is transforming market research faster. In 2019, the AI sector worldwide earned over $27 billion; it is expected to shoot up to $266.9 billion by 2027, growing at a rate of 33% each year.
- According to Statista, money made by the market research industry went up from $32 billion in 2008 to $73 billion in 2019.
- When it comes to collecting data, surveys are the go-to method worldwide. 89% of people often use online surveys, 60% turn to mobile surveys, and 45% rely on their own groups for market research.
Mobile-First Surveys for Deeper Insights
With the majority of the world tapping into the internet via smartphones, mobile-first surveys have become more than just a trend; they are a necessity. This approach is not just about making surveys accessible on mobile devices but about optimizing them to fit the mobile user’s experience—concise, engaging, and easy to navigate. This small but significant shift promises higher response rates and richer data, offering businesses insights straight from their customers’ fingertips.
Videos are the New Frontier for Qualitative Insights
Imagine being able to see the frequent changes in your customer’s expressions as they review your product. Video-based qualitative research makes this possible, providing a depth of understanding that text-based surveys can’t match. These market research industry trends are not just about capturing emotions; they are about opening a window into the consumer’s world, offering businesses a chance to see through their eyes.
Smarter and Shorter Surveys
Response rates decline as people are overwhelmed by questionnaires. Effective surveys must be highly targeted, mobile optimized, visually simple, and as concise as possible while still gathering key insights. This approach focuses on asking the right questions rather than more questions, respecting the respondent’s time while still gathering essential insights. It is a win-win: participants are more likely to complete these surveys, and businesses receive more focused feedback.
AI is Filling the Skills Gap
As data grows more complex, leveraging AI and advanced analytics is increasingly useful to uncover patterns and derive meaning. However, these technologies require specialized skill sets. Many researchers must expand their capabilities through hands-on learning and partnerships or services that fill expertise gaps. This trend is particularly crucial for businesses that may not have in-house data scientists but still need to analyze the vast seas of market data. AI democratizes data analysis, making it accessible to all.
Real-Time Insights with Social Media Listening
Imagine being able to know what your customers think about your product the moment they express it online. Social media listening makes this possible. This trend generated by a market research company involves monitoring social media platforms to gather immediate feedback and opinions about your brand, products, or services. This approach helps not only manage your brand’s online reputation but also identify new market opportunities as they emerge.
Conclusion
Incorporating these top market research trends into your market research strategy can provide a comprehensive understanding of your market and customers. Choosing to partner with Insights Opinion means not just keeping pace with these trends but leveraging them to your advantage. With our expertise and forward-thinking approach, we equip businesses with the insights needed to understand the complexities of today’s market confidently. Insights Opinion is a top market research company in India which ensures your business has the insights needed for strategic decision-making and sustained growth.
Frequently Asked Questions
Social media listening allows you to hear directly from your customers in real-time. It helps you understand their needs, preferences, and issues with your products or services. This immediate insight can guide your marketing strategies, product development, and customer service approaches, ensuring you respond quickly to market demands and maintain a positive brand image.
Video-based qualitative research captures the complexities of human expression and emotion that traditional text-based methods might miss. By observing consumers’ reactions and behaviors in real-time, businesses can gain a deeper understanding of their target market's preferences, pain points, and experiences.
Instant responses offer the advantage of speed, providing immediate feedback from customers. This quick turnaround is crucial for making fast decisions, especially in a dynamic market environment.
Absolutely. Partnering with Insights Opinion gives you access to a wealth of market research expertise and the latest market research industry trends. With Insights Opinion, you gain a strategic partner dedicated to providing actionable insights that drive growth and competitive advantage.
AI and machine learning technologies can process and analyze large volumes of data at speeds and depths impossible for human researchers. This transformation allows for the identification of patterns, trends, and insights that might go unnoticed otherwise.
