Written by: Rachael Ryan
Now that the first month of 2017 is coming to an end, we thought we would write a blog post about the changing trends in Market Research. The market is constantly changing, therefore, there is a need to stay abreast with the trends in the research space. Here are 7 new trends that market researchers will need to take note of this New Year!
1. New technology
Speaking of technology, market researchers will continue to have to adapt and learn. We will see acceleration in technological trends over the coming year as has been seen over the past twelve months. For example, biometric response and neuromarketing are are becoming more popular offerings at research firms.
2. Research for content marketing purposes
As we saw in 2016, there was more emphasis on using market research for content purposes. Content was 2016’s buzz word, but as we saw, content was important, so important that everyone started churning out content… which lead to an abundance and then what became important was high quality content - content that people actually appreciate and that people want to read/watch. In order to get that interesting, relevant, clickable content, research needs to be conducted. Click here for more on Research for Content Marketing Purpose.
3. Unpredictability causes a craving for prediction
Global uncertainty is good news for market researchers as it means there’s going to be a growing demand for market research. This trend began near the close of 2016 but with global uncertainty in 2017, political, monetary and economic unpredictability will cause companies to try to predict whatever they can hence looking towards market research in order to avoid any unforeseen shifts or changes in the market.
4. More and more data
The more data there is available the more need there is for more clear and concise data. Most importantly what is the data saying? What is the story the data is trying to say. More data does not always mean better. This means that the market researchers need to interpret data and consolidate it into information that can be easily. At Provoke Insights, we believe in telling a story with the data that we gather and the research that we conduct. We like to simplify the data and make it easy for anyone to understand.
5. Appending data
With big data, there is an opportunity to conduct market research and then append additional data to the findings in order to create a more robust story. Segmentation research is a great example of this. We can create segments and then append secondary data to learn more about these group’s behaviors and media habits. For example, does your segment go to yoga classes or attend the opera, market research firms should look towards adding this secondary data to the appendix so that the client can get a more round picture of the stories being told. This is great information that would not necessarily be in the primary research that you are conducting.
6. No quick fix
Though you might think that in 2017 market research will become more automated, well you might just be wrong. Market research will need to be more personalized than ever. At Provoke Insights we believe in creating a market research strategy for a company’s needs and then creating a deck that is fit for that company and that company only. We don’t have a copy and paste attitude towards doing our decks, presentations or videos. Automated research will cause companies to search for a more accurate and personalized experience, one that suits them rather than suits the masses.
7. Asking why
In the past there has been hug emphasis put on big data and gathering lots of information – now companies are seeing the benefit in not only asking what the markets does or tends to do but also asking why that is the case. This is where qualitative research is the perfect backup for the quantitative research that is also being done. Using a mixed methodology not only provides you with insights into the market but it answers the questions that may arise from the numbers but asking for opinions.
Over 50 years later, the classic The Times They Are a Changin’ has never been more relevant and market researchers have to change with them. As I said, it wouldn’t make sense to ignore new trends in the market and carry on as usual in market research – we have to change with the changing needs of the companies that need market research and make sure that the market research being done is relevant to them in 2017.