How has Market Research changed in the last 10 years?
Market Research is the exploration of the markets, people, and their expectations from the business. Now that we are at the end of a decade, it is time to sit and affirm the change in procedures and their ensuing results. Listed here are some of the market research space trends, which may help you develop a better perspective about the pre-sales and post-sales stages.
- Results ‘available’ to apply
Almost every research is available to the users who want some research-backed solutions to accomplish the marketing objectives. The readiness of availability makes the research meaningful as it performs its intended role, i.e., to disrupt the way an industry works. Whitepapers, online journals and research forums, and the compilation services bridge the gap between the researchers and the end consumers of the results.
- Research has become more interactive
The development of online survey tools, integration of research APIs in the online spaces, and the facility to put forward the questions on social media have collectively made the research more interactive. Both the data collection part and the immediate response generation have become more sophisticated.
- Added ubiquity
Market Research is not about printing the questionnaires and collecting responses only anymore. The researchers have found their able representatives in the modern gadgets, which allow them to reach the sample audience fastest. Since these gadgets offer unmatched privacy and anywhere reach, the market research specialists can rest assured of the most undiluted responses.
- More intuitive and automated procedures
The introduction of AI and ML has made the whole process of research facts-backed and automated in this decade. Researchers equipped with these advanced tools can find the information comprising previous researches and their results to understand the gaps.
These tools have bought an automation element, too, allowing the researchers to carry out the surveys and compile results faster. Even secondary researches have become more sophisticated and faster due to the tools empowered with AI and ML.
- More real and enriched insights
Digital methods have disrupted the way market research is being done. The methods have managed to observe the consumers’ lives more closely. With improved methodological mixes to offer, digitization is bringing more ease with the complex procedure. Fast, intuitive, and accurate digital methods have brought added confidence in the correctness of results, which is essential to plan more effective campaigns.
- A mix of various new data sources available
People can record the response in real-time due to various integrations provided in the data collection tools. These tools allow the users to collect data from newly introduced interfaces like voice recognition supported home assistants, smart TVs, feedback emails, completed orders pages, etc. All these sources allow the users to have real-time access to customer experiences and expectations.
The decade that went by saw the intervention of Data Science, which uses AI and ML too. Using VR and AR-enabled tools for recording responses made it possible for the research results to stand out in clarity and accuracy. That is why the market research has become more sophisticated, reflecting in the features-enriched products and services that we see around us.