4 Market Research Industry Trends in 2022
Revealing the Main Trends in the Market Research Industry that you Need to Pay Attention to Market research entails acquiring information about consumers’ demands and…
- Revealing the Main Trends in the Market Research Industry that you Need to Pay Attention to
Market research entails acquiring information about consumers’ demands and preferences. Market research is a valuable tool for any commodity, company, or sector, and it assists in strategic decision-making.
Industry research can help you obtain a better awareness and understanding of the market or target audience, allowing your company to stay ahead of the competition. It reduces any investment risk. This is a straightforward but extremely necessary and frequently business-critical factor.
- #1 AI, Machine Learning, and Recognizing Human Emotion
If 2021 is any indication to go by, the avalanche of data will continue to grow in the coming year. The vast number of sources promises to generate far more data than academics could ever expect to gather and analyze on their own, which is why AI and machine learning are such important factors when it comes to research.
Emotion AI, for example, tries to “decode” human emotion by studying voice patterns, eye movements, and facial expressions, among other things. This will in turn provide data that improves a brand’s ability to link emotion to consumer behavioral patterns.
Emotion AI can “read” human feelings more precisely and evaluate the successes and failures of a new venture by evaluating the responses of users to a suggested update or new product launch.
- #2 Technology and Agility in the Market Research Industry
Automation of routine research practices. The more routine practices of research can be automated, allowing for faster analysis and interpretation of results. This will save researchers both time and effort, allowing them to focus on the most important aspects of their work.
Shorter and smarter polls and surveys. Using shorter and more targeted surveys that can be quickly distributed and only take a few minutes for participants to complete will boost the speed of analysis and insight even further. This strategy entails selecting a “mobile-reliant” demographic that will participate in a poll or survey on demand and in a short amount of time.
Ongoing research. Ongoing research is much like agile research. In a constantly changing global marketplace, the results of one survey can drastically differ by the time a new survey or poll is conducted. In the same way, researchers would be able to build on the results of one survey to create a new, more specific and targeted survey which focuses on the constantly changing market dynamics.
- #3 Keeping Brand Values and Mission in Alignment with Customers
Gone are the days when an organization could simply tell its customers what it stands for. Customers today do their homework to see if a company shares their values when it comes to things such as the environment and sustainability.
Consumers who choose brands that are in tune with their own beliefs are often incredibly loyal to that brand..
Brands are urged to rethink their mission and values, as well as how they are presented to a target audience in 2022. The process of improving a company’s mission statement might be highlighted by monitoring social media debates about what consumers feel passionate about.
- #4 Studies of Longitudinal Data
Longitudinal studies for long-term market research have been steadily increasing, and it looks as though this pattern will continue in 2022. This strategy is most effective when a company wants to track a certain segment of its target market over a set period of time.
Longitudinal research, often known as continuous research, follows trends in consumer and market attitudes across a period of time. Researchers use a long-term methodology to collect data from the same sources which provides insights into shopping behavior or consumer attitude when it comes to a new product or the launch of a new service.
Finding participants who are authentic and legitimate members of your target audience can be time consuming and challenging at times. You can use a renowned survey provider like Grapedata to ensure that participants are authentic and that your research is accurate. Grapedata can help you collect accurate data so you can make better informed business decisions.
Grapedata’s surveys and data collection makes conducting focused market research quick and easy, providing you with the data you need to deliver the optimal product and service to the relevant people.