08 Jul Market Research: The Answer to the Dynamic Challenges of the Modern Business
Market Research: The Answer to the Dynamic Challenges of the Modern Business
Consumer behavior around the world keeps changing constantly. Businesses have to continuously work on keeping their standards high if they have to attract customers and retain their position in the market. Due to stiff competition exerted by non traditional competitors, consumer’s expectations have gone up. This requires businesses to remain connected with the consumers as not doing so could prove critical to a business.
World market leaders in unison have felt the need to understand the complex, actual people called consumers for attaining success in any business. However, developing a one to one relationship with consumers is not as easy as it is said, especially for those large sized business houses and multinationals having millions of customers and offices scattered world over. This calls for perfect alignment of various departments world over along with paying minute attention to the slightest requirement of the people whom they serve.
Getting closer to the consumer to understand their needs can be achieved only by wholeheartedly accepting fresh and newer ideas and by using this newly acquired knowledge during emergencies and more so with intuition. This has to be a constant evolving process rather than only on required basis. This will not only help to meet the consumer requirement as and when they undergo change but also help to make the organization more adaptable for change and swift.
The below outlined market research trends for the year of 2016 signifies the need of organizations to become more dynamic by adopting newer technologies to target the millennium consumers to sustain effortlessly in the modern era:
Shift in Market Spending will be seen calling for adoption of newer technology
With the modern generation always hooked on to computers, mobile or video, adoption of newer technology to keep tab on the younger consumers becomes inevitable to not only catch them but also to make them respond to the advertisements on these modern gadgets.
Position based marketing or advertising
Position based advertising or marketing would be the in thing in the coming year as the modern generation does not believe in buying those things that is not of relevance to them. Hence the trend in market research would be to focus on these consumers by providing a position based discount or sale. Say for instance offering discounts when the young consumers are in shopping malls or stores.
The new shopping mantra – purchase anything where and at any time you want
Consumers believe in getting things immediately. They also expect the things purchased to meet their personal requirements i.e. tailor made. This poses as a threat for traditional organization in the market arena as they are not agreeable for changes.
The only solution to attract and retain consumers in this era of dynamic change would be by undertaking a detailed market research initiative to understand people who buy anything, anywhere. The clever consumers of the 21st century make their surveys first online and then purchase from stores or they resort to first doing price comparison in stores and then undertake online purchases.
Apart from the above market research possibilities, big data too poses as a big hurdle for market research. Not only this, the increasing popularity of video consumption directly increases the advertising/market expenditure thus putting more pressure on organizations. The only way to overcome the various hurdle of consumer challenges is by resorting to adoption of the best and the latest technology to conduct market research as this alone determines the survival of the fittest in the market research industry.
We understand the dynamic challenges that you may be facing in your business and that’s why we offer our unique and specialized market research services to organizations at your level to move ahead successfully with your growth strategy. Get in touch with us now for an in-depth knowledge.