Thought Piece
Market research is rapidly evolving, driven by technological advancements and changing market conditions. New, innovative approaches have enabled businesses to make fast, cost-effective, and well-informed decisions key to gaining a competitive advantage. Read on to discover emerging market research trends that can help advance your business.
Trend 1: It’s no longer just about big data
The popularity of traditional, big-data analytics – an examination of large and complex data sets – has been amplified by a focused, iterative approach (think of bottom-up rather than top-down). This involves finding the perfect balance of research, reflection, and refinement for your business:
- Research: Conduct focused research on a specific question/hypothesis
- Reflection: Analyze the data and evaluate areas of improvement throughout your business for optimal impact
- Refinement: Refresh the hypothesis to investigate any new insights or gaps in knowledge; repeat the cycle
Iterative learning has enabled businesses to continuously redefine their understanding of an ever-changing consumer market to generate adaptable, relevant, actionable insights. It’s no longer just about big data; it's about the right data at the right time.
Trend 2: A new era of research automation
The integration of AI into market research platforms still requires experimentation, but it promises more than distant “what-ifs” and lofty buzzwords. As AI grows in popularity, many businesses will leverage AI research automation as a tool to…
- Accelerate and streamline data collection, analysis, and interpretation, reducing the time and cost of the research lifecycle
- Complement (rather than supplant) research expertise for more efficient and precise insights
AI integration unlocks the potential to connect your business with more data than ever before, critical for informing decisions and remaining competitive.
Trend 3: Market research in your hands
User-friendly tools, such as survey platforms and data analytics software, has enabled your business to conduct their own, basic-level market research without the need for specialized expertise. Expect in-house market research to further develop as AI becomes increasingly capable of survey building and integrated with data analytics. For tips on how to design effective surveys, check out this guide.
Trend 4: Weaponization of mobile research
Mobile-first surveys have emerged as an optimal market research tool because they are fast and cost-effective, while offering unique advantages:
- Engaged, highly targeted respondents: Mobile surveys reach anyone, anywhere, even hard to reach young generations. This allows you to gather honest, reliable feedback that’s easy for the respondent to provide.
- Customized user experience: Incorporate images, videos, and more within a navigable survey design that maximizes engagement and boosts completion rates
- Real-time data collection: A mobile environment allows you to receive feedback instantly, so you can act faster and more confidently.
See a mobile-optimized survey in action here.
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