31 May The Future of Market
The Future of Market
Research Analyst across the world often keep analyzing about the influence data collection and technological development on the future of the market. In the traditional setup, it is usually seen that market research was primarily assigned to a particular department or even a person. But in the current scenario, it is felt by employees all over the organization for such insights as well as key information to stay well-informed and to draw a conclusion on consumer-centric information.
Listed below are some of the important factors that are likely to influence the future of the market:
Shift of research expenses for non-traditional channels
The biggest challenge met by any industry undertaking research is the pace at which change takes place irrespective of the size and line. With ever-changing technologies and new mediums or platforms coming to the fore, consumer journey, as well as consumer behavior is being re-written as they are in a constant state of turmoil and unrest. Those days are no longer in the trend when companies used to set aside huge budgets for conducting research once in a year. But the trend among companies to set aside new budgets for brand allocation involving active tools and vendor as they offer interactive and real-time insights is fast catching up.
Microdata has overtaken big data
Though the importance and value of big data among researchers in the past few years cannot be denied, there has been a more valued talk about the need for gathering more consumer-centric information. The need for big data as a valued list in the organization’s priority list though no doubt holds significance, at the same time, gathering valued information about consumer behavior is crucial for undertaking key and valued business decisions.
Consumer interaction or engagement
The term ‘Market Research’ no doubt immediately brings to mind long questionnaires and surveys. But it also involves various other aspects. In fact, there is an urgent need for organizations to seriously consider consumer engagement or interaction to understand the mindset of their respondents.
In the modern scenario, many companies before undertaking a new research project think very critically about consumer interaction or engagement. Right from when, where and how they would interact with the consumers to the how effective the dialogues would be in generating the genuinely required insights.
Can the research bring real ROI?
Similar to other aspects of a smoothly running business, even research is under the scanner to prove its value and worth to the organization. The days of conducting mere surveys are over; instead, brands are in constant search of research methods that can produce many results at the same time. A very prominent research initiative undertaken by companies is the initiation of dialogues between as well as among consumers.
It is very important for companies to consider the above given as well as various other newer options of research methods that it could undertake in the future to get the desired results.