Market research is advancing at a steady rate and will continue to do so in the coming years. Insights gained through MR efforts spark innovation and transform the way that we live and create. Technological innovations are accelerating processes for research departments and are innovating solutions to solve some of the most prevalent issues that researchers are currently facing. Some major challenges being lack of time as well as insufficient manpower and data availability. In this post, we are going to walk through the trends that we believe are on the horizon for market researchers based on multiple Greenbook reports.
Market Research Trends for 2020
Artificial Intelligence as The New Norm
Taking advantage of leading-edge technologies, such as AI, automation, and machine learning, are methods that many researchers are turning to in 2019. These solutions address common issues faced by market researchers and also optimize operations organization-wide overall.
As time goes on, the adoption of AI is rapidly becoming an industry norm that will continue to disrupt the space. Text analysis done through natural language processing qualitative tools, like our very own TextCoderAI, will continue to mine data for high-level findings. Insights found through innovations like these remove uncertainty and answer not just “what” but also “why”, which is ultimately invaluable for any organization. This improvement of understanding drives the creation of value through data analysis.
Advanced Insights will Revolutionize the In-Store Experience
Real-time advanced insights found from online community surveying platforms and geolocation features from applications will continue to make their mark on in-store locations. These findings allow marketers to drive real-time feedback from consumers and build an experience to best suit shopper’s needs. Data gathered from these methods provides market researchers with the knowledge to guide sound strategic decision making. Insights found through digital channels introduce a well-rounded understanding of the behavioral aspects of the consumer journey, through multiple formats such as video, voice, images, and emojis. Being able to engage a customer in research activities while they are still on-site and in front of a product allows for a more accurate analysis of their feedback. This timely absorption of information is priceless for brands when marketing their products in stores.
The Human Touch will Remain
Making sense and processing this influx of data will remain a very human function. Optimism is overall very high for artificial intelligence technologies. Out of all of the buzz topics listed in GreenBook’s 2019 Business & Innovation GRIT report, respondents noted they were most optimistic about AI’s role in business research. Many marketers are searching for solutions that involve more human cognition. Building a story based on data remains the number one priority when piecing together actionable insights, which for the time being only a human touch can provide.
At My-Take, our team of professional researchers delivers insights that drive smarter decision making and help companies market more effectively. Contact us to find out how we can help your organization through customer informed decision making.