There are at minimum three main ways the industry of consumer insights and market research is changing as well as the combination of these three has significant impact on the way work in the field is thought of executed, delivered and interpreted. With the advancements in insight technology and techniques (such as automated systems and artificial intelligence) and the increase in DIY methods and more fluid methodologies, market research isn’t what it was. Be familiar with these developments to better understand what is it to be a customer, either a buyer or a supplier, to market research after 2022.
1. Innovations in insight technology and tools
The trend towards online research, prompted by the coronavirus outbreak, has brought more attention to methods of research that are based on technology that allow researchers to collect qualitative data from a larger sample of participants in real-time and for less than the majority of in-person options. For instance:
- Chatbot services are growing popular because they provide rapid access to huge groups of users. A lot of the software applications that are already in the market are upgrading their services using AI (AI) technology to enable faster delivery of information and insight.
- Mobile ethnographies are an excellent alternative to in-person studies. With smartphone ownership becoming more than or less common in developed nations (and expanding quickly within emerging economies) and better capacity for recording (better cameras, greater memory) and accessibility to 4G (and in the near future 5G) The previous restrictions for mobile ethnography have now been removed. *
2. The popularity of DIY methods
Researchers in-house are leaning much more upon DIY techniques, i.e. research they can conduct independently without external help because it allows the researchers to remain independent and to work more efficiently more flexible and efficient in terms of cost. This is especially applicable to companies that sell their products to consumers because they are now able to leverage social media and other online communications channels to gather insights, not only from their existing customers but also from the past or future customers, too, through methods such as online communities for market research and social media analytics. Survey templates and ad-hoc polls.
3. More agile processes
The shift to online has shortened the duration of projects, especially for qualitative research. The timelines of research projects that include focus groups as well as depth interviewing aren’t hampered by the necessity of booking viewing facilities weeks ahead of time, while months of lockdowns have resulted in many prospective respondents having more time to work, and it is now possible to find them on the last minute. These factors, in conjunction with the latest technology and tools and DIY methods, enable researchers to alter their strategies as they progress and catch up faster to the latest trends, and generally adopt a better approach in market research than they did in the past.
Research customers and their suppliers
The growing focus on technology that can supplement or replace traditional methods of market research implies that in the coming years, customers and suppliers of research will require expert technological skills, along with an understanding of the most recent products and tools that are available and a desire to keep studying new technologies throughout their professional careers.
As organizations that hire market research grow more connected and driven by data, it is likely that they’ll want to make their decisions based on the insights and information gathered by multiple departments or teams in making a case with market data could be a shared responsibility instead of the responsibility of a specific department for research and insight. Staff who are less knowledgeable about conventional market research is leading research initiatives further proves the necessity for agile DIY strategies.
To stay competitive, research firms should be more helpful in their interactions with clients, assisting them to comprehend how they can make the most of the information that they already have as well as advising clients on the most effective methods to use for DIY and externally-managed research, as well as making projects more efficient to meet the increasing demands of speed, flexibility and agility.
Vocal Views is a company that has a reputation for speed and efficiency. Vocal Views, we pride ourselves in our ability to operate with agility and speed in a quick approach while offering professional advice to our customers. We’re here for you to assist with your research needs, however they’ll change in future! Contact us for any queries regarding developments in the field and how we can help you adapt to them.
* It is important to note that Chatbot or Mobile Ethnography as an approach to research aren’t a one-size-fits-all solution and can’t be considered an alternative to any other research methodology.
