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Market Research Techniques for 2024
Market Research Techniques for 2024

January 6, 2025

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Nowadays, market research (MR) programs keep getting new updates due to the arrival of new technologies based on artificial intelligence and context-aware chatbots. On the one hand, these developments help push the boundaries of customer journey mapping. However, they also increase data governance liabilities. This post will list the most innovative market research techniques that will help you obtain actionable insights in 2024. 

Remember, changes in consumer expectations often indicate that business leaders must spend less time waiting for vital reports. Otherwise, they cannot surpass their competitors or increase market share. Thriving in these demanding circumstances will half-baked intelligence is surely detrimental to decisions’ effectiveness. That is why everyone, from top executives to entry-level employees, must upgrade their knowledge and skills to stay relevant in the modern MR and analytics space. 

Exploring Innovative Market Research Methods in 2024 

1. AI for Dynamic Surveys and Contextual Analytics 

In the MR, AI tools help you make surveys more intelligent and adaptive. Moreover, the real-time evaluation of participant responses allows researchers to dig deeper and discover more details, expanding contextual understanding. 

For example, if a client prefers eco-friendly products, the market research firm can use AI chatbots to probe further into their values and other preferences. The very same AI analytics processes vast datasets faster and with more accuracy than manual analysis. Therefore, stakeholders can successfully unravel behavioral patterns and industry trends. 

2. Behavioral Data and Passive Tracking 

Instead of relying on self-reporting or primary market research, businesses must also seek passive tracking technologies to understand what behaviors consumers actually exhibit. After all, you might think about your habits and beliefs in one way but choose to lie, knowingly or unknowingly, during the surveys for various reasons. 

Thankfully, tools like heatmaps, click-tracker tags, or the Internet of Things (IoT) assist brands in noticing patterns in consumer habits without hurting privacy requirements. Ethical quantitative market research methodologies have also encouraged more robust encryption, data minimization, and consent management integrations. These milestones toward better data protection standards ensure stakeholders can balance legitimate trade interests and privacy-conscious customers’ wishes. 

3. Virtual and Augmented Reality (VR/AR) Testing 

Virtual and augmented reality are changing product testing and consumer feedback processes. Products can now be made to simulate real-life usage scenarios through immersive experiences. For instance, a retailer could use VR to allow shoppers to explore a virtual store. Their engagement session data will offer insights into how they navigate shelves and select products. Later, the store owner can change the layouts to influence customers. This solution helps maximize sales. 

4. Predictive and Prescriptive Analytics 

Predictive analytics is no longer just about forecasting trends. Additionally, it now delivers some prescriptive analytics insights that suggest actionable strategies. For instance, after foreseeing a drop in customer satisfaction, predictive analytics tools might denote the potential decline in sales. Meanwhile, prescriptive analytics would recommend specific changes to product features or customer service. 

5. Data Collection using Gamification 

Gamification lets researchers make online surveys and polls more engaging for participating stakeholders. Therefore, it is no wonder that businesses are incorporating reward-linked elements into MR surveys. There might be highly engaging challenges, interactive visuals, or reward points. 

Customers can redeem those reward points for e-commerce gift cards, discount coupon codes, or PayPal money. This approach not only increases survey participation but also acquires high-quality responses. 

Conclusion 

The market research practices signify more innovative, technology-driven consumer surveys will be crucial to data quality and participation increase in 2024 and beyond. Moreover, further investments into independent research and development projects prioritizing AI for MR workflows are essential. With novel surveying and context detection techniques, companies will always be ready for remarkable market shifts. They will promptly know what their customers need the most and optimize offerings to satisfy them. 


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