Market research is a continually evolving sector that has helped brands, organizations, individual researchers, and academicians stay ahead of the competitors. With the global economy getting hit massively in 2020, research functions only grew in stature and importance.
If anything, focusing on conducting smarter, efficient, and impactful research has been on the rise. Market research has progressed because the importance of insightful data is now evident to everyone.
From transactional data to customer data, position metrics to consumer research, and opinion research to academic research, differentiating between the right data and noise has become extremely important hence smarter research is now the need of the hour. US based award winning global market research firm The Analyst Agency has observed many upcoming changes in market research trends.
Steven Czyrny Founder, The Analyst Agency, said, “The on-going pandemic has changed the face of Global Market research. Experts have predicted many changes to the way Market research will be conducted in the new normal. Here are my top 5 Market research trends to foresee in 2021”
1) A lot of market research needs will be getting an understanding of various industries and how they have been impacted from covid.
A clear timeline of an end in sight likely being in the middle of 2021 we also predict that companies will want to know how they compare to their peers post lockdown and how they should change their business models post covid
2) Looking at the overall scenario, the second half of 2021 will turn out to be very strong economically with covid conditions improving tremendously by that point. Companies will want market intelligence on how to convert new clients and customers.
We do a lot of advertising and business development research for clients and with most companies taking a huge hit on their business, they will want to come out of covid converting new sales and will want guidance on how to do that
3) One trend we foresee is Large Investments into Digital Transformation where companies will invest heavily into improving their internal and external processes and will need help navigating new software and tools to make their organizations more agile
4) AI-assisted data collection will be the key in 2021, which will provide personalized data information and at convenience. AI-assisted data collection will be used in advancing research for brands and researchers which will share real-time and correct data with the stakeholders will redefine the success rate of market research.
Limiting human interactions but increasing on milestones and point of experience-based smart research, researchers will see a higher success rate of collecting the right data. It will help in focusing on deriving insights from the data and rather than the data collection itself.
5) Smarter, shorter surveys: This trend gets talked about a lot, but the truth is that most researchers and research tools do not allow the ability to conduct smarter surveys. However, at the turn of 2020 and beyond, it is becoming increasingly important to collect the right data with good survey response rates and honest feedback.
Capturing transactional data at the point of experience with a smart, short, and efficient survey helps with better data collection and insights. Negating the use of demographic data collection when that information is already available and using smarter research questions at the point of experience will help to reduce survey fatigue and collect data that matters.
2021 will be a huge year for market research and which market trends that suits company needs will be the key to stay ahead of the competition.