Market research – where to go from here?

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Thomas George

Managing Director, D’Well Research

The changing global market has compelled innovation and a paradigm shift in the way businesses are being conducted and controlled. Move along or be left behind is the new axiom to follow. Old ways don’t open new doors. Since market research is all about opening new doors, the industry has followed the new wave set forth by the scope and course of this change and refined its work to remain cutting-edge.

Technological trends are impacting market research and the industry is exploring avenues to put technology to good use. Automation combined with artificial intelligence is going to make research faster and cheaper. Desk research will gain an upper hand over field research as automated data collection methods gain importance and fulfill the promise of delivering relevant inputs.

Development of software that takes advantage of the available data can give new research options compared to labor-heavy surveys. However, quick-and-easy results come with their share of drawbacks. The importance of human overview in interpreting the results obtained cannot be overemphasized. Only then can the research be given the right direction.

With the world undergoing changes politically, socially and economically, businesses are facing their share of surprises. This has led to larger dependence on market researchers to understand the way forward. Though there is availability of data in large quantities through data mining, social media and online surveys, the researcher will need to sift through this and remove the grain from the chaff to come outwith concise findings and a clear point of view to address the issues put forth by the clients. So, it’s not the data but the communication of its insights that will drive decisions.

Information available in real-time combined with the possibility to use online tools has made it possible for more businesses to use DIY research. This allows small companies to remain in competition and gain market share at lower costs. Newer technologies will bring in newer DIY platforms with more customization and better ways to interpret the data that could fill some of the gaps left by DIY methods. However, DIY research misses out on the opportunity to benefit from the expertise of seasoned professionals in the field.

Enormous amounts of data available will make it easier to spot patterns and perspectives. This can create an opening to predict future trends, opportunities and threats. Answers to many business questions will lie in the right assimilation and analysis of these data.

Since competition among businesses is increasing and the fight for market share is on the rise, businesses will look for an edge over competitors. This could come from reading subtle consumer behavior by observation, rather than surveys with long questionnaires that would give predictive responses. Observational research and implicit measurement, along with the entire bag of neuromarketing techniques employed to read subconscious consumer behavior, can empower clients with knowledge about their target user through inferred data.

Talking to existing customers and staff in a business and listening intently to consumer complaints and grievances can offer a gold mine of information about hidden opportunities and undetected threats that need to be addressed. Tapping this network of the client correctly may be time-consuming but the results are accurate and reliable.

Social media could be tapped more for data and its analysis. Smartphones and wearable devices provide an easy-to-use research avenue with quick access to the data and feedback received in real time.

Market research of the future will involve more immersion studies and consumer interaction as the importance will be less about data and more about understanding the psyche of the consumer, patterns of their behavior in real-world conditions, listening and empathizing with them.

Predictive market research is going to take precedence, potentially leading to product development that incorporates details that are in tandem with consumer values, beliefs, desires and demands, thus reducing the risk of failure and better return on investment.

Opt-in surveys and asking clients for ongoing feedback will keep research on continuously, which will help businesses swim against the tide and keep them thriving, paying off in the long run.

Studying the overall scenario by correlating results with market trends, the directions of economies, world events, consumer behavior, changing social and demographic scenarios will carry greater rewards, rather than looking at individual findings in isolation.

Any research can only work if the findings are put to the right use. Help in implementation of market and consumer insights could fall into the boundaries of marketing research in the near future. Along with this will come the demand for more accuracy in predictions, which will force the industry to look to new tools and frameworks to make this happen.

Since no two businesses area like, customization and personalization may be the way ahead, rather than a one-size-fits-all approach. There is also the buzz about using virtual reality to understand consumer sentiments and mentality. Not far behind is the concept to tap into virgin data unused so far like those generated by automobiles, consumer appliances and much more.

The time ahead for market research seems exciting with newer methodologies, novel technological tools and innovative data collection methods just around the corner. Like in all other industries, keeping pace with the change, finding footholds for support and reinventing skill sets that suit the times will ensure survival in an ever-changing environment.