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MARKET RESEARCH, TODAY AND TOMMORROW
MARKET RESEARCH, TODAY AND TOMMORROW

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"We've all heard the term market research before. So why do we need market research, and why is it important?" Market research on a regular basis is essential for keeping up with current market trends and maintaining a competitive edge. Keeping up with changing consumer trends and human behavior requires massive amounts of data with detailed consumer insights. Technology and customer needs are constantly evolving, and it is rapidly changing the market research trends. So today, we will learn about the following five trends that could transform or propel the market research industry in the next few years.

TREND I: Artificial Intelligence (AI): Modern business is blessed with big data, and AI plays an active role in analyzing the large amount of information. AI is becoming more important each year, helping organizations' key decision makers, executives, and mid-level and above analysts. Deploying an AI-powered market research solution empowers sales teams to explore the data and effectiveness of different pricing models for different business goals and adjust prices accordingly. This helps companies approach the price optimization process in an innovative way. 

The following industries will be transformed with the help of AI:

  • Financial services
  • Healthcare
  • Life sciences
  • Telecommunications
  • Oil and gas
  • Energy
  • Aerospace
  • Manufacturing

AI applications in mentioned industries range from consumer-centric solutions (such as chatbots) to highly complex industrial use cases such as predicting maintenance needs in manufacturing plants. Tools such as ChatGPT, are in its infancy and will become widely accepted within the next 2-5 years.  It is the lucrative trend every market research team should be watching in 2023 and beyond, as this technology has immense potential to improve business outcomes. 

TREND II: BUSINESS INTELLIGENCE TOOLS: The demand for Business Intelligence tools has increased in recent years, and companies are realizing that insights from Business intelligence are critical for profitable decision making. The latest Business intelligence tools such as (POWER BI, Tableau and so on) reduce manual tasks and create interactive dashboards to enable faster planning, analysis and reduce business costs. With the help of modern and advanced BI tools, any company can easily overcome all obstacles like automation and contextual insights without the need for a large IT implementation. Business intelligence software is used in many industries and areas of business, including the following:

  • Banking
  • Manufacturing
  • Education
  • Sales
  • Telecommunications

Additionally, the tools can be deployed on local or cloud servers. These benefits reflect what a business intelligence solution offers and how companies benefit from their software investments to tackle the high volume of manual tasks that slow down their operations.

TREND III: SMART SURVEYS: This trend has grown in popularity in recent years and is more interactive and engaging than traditional surveys, as it is easy to design and perfect for large groups of respondents to get valuable feedback and answers. Big tech companies are using market research and smart customer satisfaction surveys to find out what their customer base wants which help them to develop strategies. Despite all the technology that allows marketing and research firms to know exactly what consumers want and get very specific customer feedback, sometimes it is best to visit your customers in person and ask them questions directly to better understand them.

TREND IV: SOCIAL MEDIA: Social media is often thought to be underutilized for market research. As market research relies heavily on various data collection methods such as primary research (interviews and focus groups) and secondary research (industry analysis and competitive analysis) social media helps researchers stay informed about the latest initiatives and trends, connect with audiences, and help prioritize relevant opportunities for customers and prospects. With social media becoming more and more pervasive in our daily lives, organizations and businesses that listen carefully to their customers on social media can better develop marketing strategies to survive in a competitive marketplace.

The following industries are most benefitted from social media:

  • Real Estate
  • Music and Entertainment
  • Retail
  • Marketing
  • Education

The internet is evolving faster than ever before, with ever-changing trends. Social media can bring prestige to your business. It all depends on how you use it. Industries that don’t change as per the demand will suffer over time, but those that know how to leverage social media will continue to benefit.

TREND V: ADJACENT MARKET COMPETITION: One trend that is expected to play an increasingly important role in driving market research is competition in adjacent markets. To gain market advantage, companies and organizations need to understand how their competitors are performing in their industry, so that they can execute their strategies accordingly. As a researcher, focus should be on understanding consumer behavior to identify growth opportunities and better understand customer preferences and needs. Company leaders are aware of the hard costs associated with adjacent market strategies (for example, product development, new full-time equivalent hires, and so on), but some of the soft costs (for example, development of new skills, process review, and so on) are overlooked. Beyond these hard costs, executives may not understand the magnitude of organizational change required to successfully enter the adjacent market.

To summarize market research trends have completely changed the way market research is conducted. It has never been this exciting!  Artificial intelligence, business intelligence tools such as POWER BI, Python, and the implementation of social media strategies take market research to a new level and making the lives of busy insight professionals easier and more effective.


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