Top Market Research Trends to Watch
Just how will market research trends shape the future? ReconMR, in its LinkedIn article, “Unveiling the Future: 10 Market Research Trends to Keep an Eye on in 2024,” explored the topic in detail. It is certainly an exciting and evolving time in market research. While there are many traditional, tried-and-true research methods, which should not be discounted, it’s also critical to stay on top of your game with new technologies as well. ReconMR identifies these trends as key to watch in the future:
- Trend 1: Artificial Intelligence: AI has become a game-changer. We can expect AI to play a more significant role in gathering and analyzing data. AI-powered algorithms can process vast amounts of data quickly, enabling researchers to derive actionable insights in real-time. From chatbots conducting surveys to machine learning algorithms predicting customer behavior, AI will revolutionize the way market research is conducted.
- Trend 2: Big Data & Predictive Analytics: The abundance of data in the digital age has given rise to the importance of big data and predictive analytics in market research. Businesses will increasingly rely on advanced analytics techniques to identify patterns, forecast trends, and gain a deeper understanding of their target audience. By leveraging big data and predictive analytics, companies can make data-driven decisions, optimize marketing strategies, and create personalized customer experiences.
- Trend 3: Voice of the Customer Research: Understanding the voice of the customer has always been crucial, but now it will take center stage. VoC research focuses on capturing customer feedback and sentiments through various channels such as surveys, social media, and customer reviews. By analyzing this data, organizations can gain valuable insights into customer preferences, pain points, and expectations, enabling them to tailor their products and services accordingly.
- Trend 4: Mobile Market Research: With the proliferation of smartphones and the increasing reliance on mobile devices, mobile market research will continue to gain momentum. Mobile surveys, in-app feedback, and location-based research will enable businesses to gather real-time insights from consumers on the go. The convenience and accessibility of mobile market research will provide a more accurate and holistic understanding of consumer behavior, helping organizations adapt their strategies to meet evolving customer needs.
- Trend 5: Virtual Reality (VR) and Augmented Reality (AR): VR and AR technologies are no longer confined to the gaming industry. These immersive technologies will be integrated into market research methodologies, allowing researchers to create realistic simulations and gather insights through virtual environments. By immersing participants in virtual scenarios, businesses can gauge emotional responses, test product prototypes, and evaluate customer experiences, providing valuable data to drive innovation and improve customer satisfaction.
- Trend 6: Social Listening and Sentiment Analysis: The rise of social media has transformed the way people communicate and share their opinions. Social listening and sentiment analysis will become integral. By monitoring social media platforms, businesses can gain real-time insights into customer sentiment, identify emerging trends, and address potential issues promptly. Social listening and sentiment analysis tools will enable organizations to understand the public perception of their brand, track competitor activities, and engage with customers more effectively.
- Trend 7: Blockchain Technology: Blockchain technology, known for its secure and transparent nature, will find its way into market research practices. Blockchain can enhance data security, eliminate fraudulent activities, and ensure the authenticity of research findings. By leveraging blockchain technology, market researchers can build trust with participants, protect sensitive information, and maintain the integrity of data. This advancement will lead to more reliable and accurate insights, benefiting both businesses and consumers.
- Trend 8: Ethnographic Research: Ethnographic research, which involves observing and studying individuals in their natural environment, will gain prominence. This approach provides rich qualitative data by understanding consumer behavior, preferences, and cultural influences. By immersing themselves in the consumers’ world, businesses can gain a deeper understanding of their target audience, uncover unmet needs, and develop products and services that resonate with customers on a personal level.
- Trend 9: Emotion and Facial Recognition Technology: Market researchers will harness the power of emotion and facial recognition technology to gain deeper insights into consumer behavior. By analyzing facial expressions and emotional responses, businesses can understand how consumers truly feel about their products, advertisements, and brand experiences. Emotion and facial recognition technology will enable organizations to create emotionally engaging marketing campaigns, enhance customer experiences, and build stronger connections with their target audience.
- Trend 10: Automation and Machine Learning: The automation of market research processes and the integration of machine learning algorithms will revolutionize the industry. Automation will streamline data collection, analysis, and reporting, enabling researchers to focus on generating strategic insights. Machine learning algorithms will continuously learn from data patterns, allowing for more accurate predictions and recommendations. By leveraging automation and machine learning, businesses can reduce costs, improve efficiency, and gain a competitive advantage.
Identifying Research Methodologies & Future Trends
All Things Insights previously explored market research trends in, “Taking a Solutions Approach to Market Research Trends.” Market research trends shift over the course of time, whether it be key takeaways from this year or the evolution of techniques over the decades. An essential element of any business strategy, market research is knowledge that can help influence the business and make an impact regarding revenue, branding strategy, consumer behavior, marketing shifts and more. Certainly, much has changed within the market research industry (think developments in artificial intelligence) while some techniques have remained very much the same (think audience questionnaires and surveys).
Looking forward to TMRE 2024? The conference, which will be held October 8 to 10, will feature a panel, “Emerging Market Research Methodologies and Trends,” presented by Andrew Embry, Sr. Director, Insights Innovation Capabilities – Global Core Market Research at Eli Lilly and Company. This panel will explore the latest trends and techniques being employed by today’s leading researchers. You will discover how the approaches, such as generative AI, social listening, being more inclusive in representative samples, designing online surveys with mobile-first in mind and effectively tapping into endless troves of data, are revolutionizing traditional market research practices. You will also unearth ways to employ these cutting-edge methods to better understand your customer and deliver more impactful insights. Register for TMRE 2024 here.
Mission Critical: Reinforcing Your Research
Changing consumer behavior and technological advancements will continue to evolve at a rapid pace, giving the market research field a ripe opportunity for growth. It will be interesting to compare this top ten list to trends in the future, from 2025 and beyond. There will always be some hits and some misses. But, there is no doubt that there will be more developing changes in the future, such as quantum computing, and digital qualitative efforts, for example, which could drive the insights field to move ever faster.
By embracing these trends and more, market research firms can stay ahead of the curve and stay on top of understanding the consumer, providing valuable, data-rich information to their clients and stakeholders. There may be a skills gap with all this reliance on technology, and firms may need to step up their upskilling and reskilling of team members in the future. Still, it seems that better technology, better data and well-equipped teams will create smarter, and faster, market research opportunities.
Video courtesy of Gartner
