What to Expect in Market Research: Anticipated Trends

The market research industry is thriving and currently valued at USD82.60bn. As it continues to adapt to new challenges, we can expect to see significant growth in the coming years. With ever-increasing volumes of data and diverse audiences, market research will need to enhance its methodologies and use technology to provide businesses with actionable insights.

Mobile-First Surveys in Market Research

In 2023, mobile-first surveys are gaining popularity, given that mobile devices are responsible for a significant increase in online traffic. However, currently, only 60% of market researchers use mobile surveys regularly. Experts believe that poor user experience and survey length are major reasons for this. To overcome this, market researchers will need to identify and address these weaknesses, ultimately leading to increased response rates and broader reach.

With the right approach, mobile-first surveys can offer valuable insights to businesses, ensuring they remain ahead of the curve in a rapidly evolving marketplace.

The Growing Importance of Social Listening in Market Research

Social listening and the use of videos are among the anticipated trends in market research. With the number of social media users projected to reach 5.42 billion by 2025 and the average internet user spending 147 minutes on social media daily, social listening becomes more crucial across sectors. Market research firms can leverage social listening to analyze user-generated content and conversations, gaining insights into market sentiment, trends, and actionable opportunities.

Utilizing Videos in Qualitative Research: A Growing Trend

Meanwhile, the use of videos in qualitative research is also expected to increase. Since the pandemic, the use of online/video focus groups and interviews has already gained significant traction, with 93% of market researchers using them more than they did three years ago. As consumers become more comfortable being on camera, market researchers can study their body language, tone of voice, and facial expressions, providing deeper insights than conventional strategies such as diaries and focus teams that depend on recall. With video content being one of the most engaging content types on social media, this trend is gaining momentum in 2023.

A Fast and Iterative Approach to Gathering Consumer Insights

Agile market research is an essential strategy for companies seeking consumer insights quickly. It involves an iterative process that emphasizes experimentation and interaction with consumers. Agile research allows for rapid deployment of small-scale surveys, making it perfect for the fast-paced consumer landscape. This year, with its data-driven and consumer-focused approach, agile research is expected to become even more efficient and is the most promising trend to watch.

Innovations in Market Research

With the pandemic altering the consumer landscape, businesses need to be nimble in identifying and adapting to new opportunities. This means not only analyzing major events but also recognizing small changes that affect consumer behavior. By understanding the adjacent needs of their customers, businesses can expand into new markets, improve existing offerings, or create entirely new product ideas. We expect to see companies investing more in market research to gain a deeper understanding of the market and the shifting needs of their customers. The businesses that can anticipate and respond to these needs most effectively will have a competitive edge in the years to come.

Automating Market Research

The implementation of automation in market research has become increasingly popular in recent years, and its usage is expected to grow even further. Reports indicate that up to 60% of current market research jobs may disappear within the next 5-10 years due to automation, while at the same time, 20-30% of new jobs in research will be created due to automation. Automation can play a vital role in areas such as charting and infographics, analysing images and video data, report writing, attribution analytics, analysing non-conscious data, matching talent to projects, analysing data, integrating it into larger business intelligence frameworks, survey sampling, and project design.

This blog discusses the benefits of automation in market research and how it enhances the research process. Replacing manual and human effort with technology and deriving more sophisticated insights using artificial intelligence and machine learning. By using automation, researchers can keep up with the speed of an ever-changing consumer landscape and derive actionable insights faster than ever before.

conclusion

In conclusion, the importance of efficient market research cannot be overstated in an ever-changing consumer landscape. We anticipate a greater reliance on technology in the research process, with researchers leveraging new platforms to monitor data in real-time and using smartphones to obtain insights quickly and easily. Automation is also set to play a larger role in market research, with tasks such as data analysis, report writing, and project design being taken over by machines. By embracing these trends, businesses can keep up with evolving consumer preferences and needs, enabling them to make informed decisions and stay ahead of the competition. As market research continues to evolve, it’s important for organisations to stay up-to-date with the latest trends and techniques to ensure they’re getting the most value from their research efforts.

Make Brand Kare your Market Research Partner

Consider partnering with Brand Kare as your market research ally. With 20 years of market research expertise and a deep understanding of markets across India, we have a team of seasoned MR professionals and analysts who specialize in both qualitative and quantitative research, both online and offline. We employ the latest analytical tools to gain comprehensive insights.

References:

https://www.statista.com/statistics/875970/market-research-industry-use-of-traditional-quantitative-methods/

https://www.acuitykp.com/solutions/market-research-and-insights/

https://www.acuitykp.com/solutions/cms-web-development-services/

https://www.acuitykp.com/solutions/data-science

https://www.acuitykp.com/solutions/technology-research-services/

https://www.acuitykp.com/blog/artificial-intelligence-in-market-research/

https://www.acuitykp.com/blog/evolving-paradigms-how-machine-learning-is-transforming-the-financial-services-industry/