The tactics that were effective for your market research strategy in the past are likely to
be unsuccessful in the present day. The world is rapidly evolving and advancing, and if brands fail to adapt quickly enough, they may lose the loyalty and affection of consumers. Despite this, market research can reveal new opportunities for brands by providing insights into emerging trends and changing consumer attitudes. By monitoring these trends over time, brands can develop strong connections with consumers and foster enduring relationships. In business, change is constant, but with consumer and market intelligence, adaptable brands can respond quickly to shifts in the market, enabling them to stay on course.
Market Research trends for 2023
1. Benefits of a Holistic Approach to Market Research
As businesses aim to improve their operations, they are turning to a holistic approach to market research. Rather than having each team conduct its own research, companies are adopting end-to-end research platforms that can handle all aspects of the research process. This approach streamlines the survey design, programming, data collection, analysis, and reporting, creating a “self-serve” workflow that allows DIY clients to launch surveys and receive findings faster.
Using a holistic platform saves time and money and improves internal decision-making. Teams can connect research projects and better understand how research findings impact their operations and those of their colleagues in other teams. This fosters a more collaborative and connected way of thinking, providing a broader view of how different teams fit together in the big picture. The best platforms offer a wide range of methodologies and allow users to conduct various study types on any subject with any level of complexity.
2. The Evolution of Market Research: Speed and Automation
Technological advancements have significantly improved the speed of market research over the past few decades. With every phase of the research process becoming more efficient, surveys that once took weeks to complete can now be finished within a matter of days. Research platforms further facilitate the process by providing a central location for findings, making iterative research easier. Additionally, research platforms are becoming more affordable, enabling companies to conduct their research and make informed business decisions based on data.
Automation is one of the primary reasons for the increased speed in market research. Computer software now handles tasks that researchers used to perform manually, such as creating and processing questionnaires and data. The integration of both machine learning and artificial intelligence (AI) in consumer insights further enhances the sophistication of research, and automation has become more versatile than ever, particularly with the rise of DIY market research tools.
3. Agile insights
In addition to the current technological advancements in market research, agile insights are poised further to enhance the speed and efficiency of the industry. Agile research is an iterative approach that utilizes the findings of previous research or consumer behavior data to inform subsequent research for a better understanding of a topic. This approach aligns with the constantly changing consumer landscape, where the customer experience rapidly evolves, and research requires an iterative approach to keep up with these developments.
Using an agile approach, small-scale surveys can be launched quickly, with minor adjustments to past questionnaires or sample groups. This enables businesses to adapt to changes quickly, gathering valuable insights to make informed decisions.
In 2023, we might see more brands using agile insights to keep up with the rapid pace of technological innovation. For example, a technology company might use agile methods to quickly gather and analyze data on emerging technologies like artificial intelligence, blockchain, or the Internet of Things. The company could then use that data to inform its product development, marketing, and sales strategies, allowing it to stay ahead of the competition in a fast-changing market.
4. Social Listening
In today’s world, social media provides a real-time platform for consumers to share their opinions and attitudes – and this transparency can be incredibly valuable for businesses. Social listening involves monitoring and analyzing these opinions and attitudes to gain insights into emerging trends, refine messaging, and better meet consumer needs.
Social listening provides a way for businesses to connect with consumers where they are already spending significant time: on social media. According to Statista, people worldwide spend an average of almost two and a half hours per day on social media, providing ample opportunity for them to interact with content, offer feedback on products or brands, and engage in conversations with friends – all of which can provide valuable information to brands. Brands can utilize a range of social media listening tools to track brand and category mentions, hashtags, and category trends.
Suppose a cosmetic brand wants to stay ahead of the competition and understand the needs and desires of its customers. The brand could use social listening tools to monitor mentions of its brand, products, and competitors across social media platforms, blogs, forums, and review sites.
By analyzing this data, the brand can gain insights into the following:
- The sentiment around its brand and products
- Customer pain points and desires
- Trends in the cosmetics industry
- Competitor strengths and weaknesses
The brand can use these insights to inform its marketing strategy, product development, and customer service. For example, they could develop new products that address common customer pain points or improve their customer service to address common complaints.
5. Inclusivity in research
Due to advancements in technology, market research has become more sophisticated, allowing a wider audience to be reached. People can now take surveys on their mobile phones during their commute, tablets during TV commercials, or laptops late at night. This flexibility has made market research more inclusive. Researchers no longer have to rely on reaching consumers over the phone during appropriate hours or only targeting those with at-home internet access.
As a result, research panels now have a wider reach and can provide businesses with affordable respondents. This is crucial, as a large portion of survey respondents worldwide tend to be from industrialized, rich, democratic societies and are often white and educated, which does not accurately reflect the perspectives of most consumers.
In 2023, the goal of the market research will be to increase sample diversity, representing a greater range of demographics to understand the entire target audience better. This will lead to more inclusive and targeted business decisions regarding product development, advertising, and social media activity.
Conclusion
With the approach of the new year, businesses will require market research platforms that can identify new opportunities and adjust to evolving business needs. They will need platforms that consolidate all their insights into a single location, streamlining processes to prioritize actionable findings that enhance sales. Ideally, platforms will offer both rapidity and efficiency, delivering genuine and dependable insights via sophisticated and automated research techniques. Additionally, these platforms should have the ability to reach a sample that encompasses a broad and diverse target audience.
Maction is a leading market research agency that provides the best technology-driven survey platform available. With our considerable experience, we can help you gain the suitable consumer insights necessary for designing your creative strategy.
Contact the expert consultants at Maction Consulting today.
