04 Nov What’s In Store for Market Researchers in 2016?
What’s In Store for Market Researchers in 2016?
With the advent of each new year, a multitude of predictions start doing rounds as to what the new year has to offer for the marketers and the market research industry. The year 2016 can be said to be no exception as the pace of innovation like every year is expected to increase.
The year ahead could be predicted as a year that is likely to act as a year of merger of various forces aiding not only in betterment of focus but also in the expansion of the market research world.
With technology expanding at a never before pace driven by various channels such as mobile devices, internet, social media and analytics, the market research industry is likely to go through a phase of disruption and change thus impacting every business function.
Moreover, increased consumers expectations from brands would also result in companies facing greater challenges of not only procuring but also making sense of the data collected.
Key factors for market researchers to keep track of in 2016
1. Enhanced personalized experiences to consumers
One of the key trends seen in the corporate world is the importance given to personalization. Due to their interactions at different platforms with various brands, today’s demand for personalized experiences from the consumer end has gone up.
With greater consumer expectations, companies are always on the lookout for different strategies to meet the consumer demand. This is where market research companies plays a key role in not only digging up large amount of data for companies but also in providing strategies which are of great value to consumers.
2. Shift of perspectives
Another recent change seen in the corporate world is the adoption of active market research strategies with more emphasis on understanding consumer insights. As a result, the demand for micro surveys is likely to go up in the coming years. The future demand for micro surveys could be attributed to the greater domination of mobile channels in the recent past.
By posing simple, focused, and short queries of one or two questions, an organization can gain valuable consumer insights pertaining to a particular issue that is likely to impact the company. This can act as an effective and active approach in solving myriad specific issues affecting the business.
3. Emphasis on Quality Data
With more and more research data being made easily available to brands and researchers, the question of quality of the data arises such as has effective steps been taken to draft the survey ?or is the outline drawn of the sample plan equally effective? Alternatively, whether the result obtained is in lieu with the statistics.
Even though the importance of the feedback obtained from the market holds greater relevance for companies, when it comes to the question of key strategic decision-making, the emphasis is more on quality data that is reliable.
4. Focus on Collection of Targeted Information
With greater emphasis on obtaining information about consumer behavior in the last few years, passive collection of data through web analytics or in house reporting had resulted in unwanted data collection in large quantities without a clear goal along with bringing to forefront consumer privacy concerns in the process.
However, the current emphasis in the market research world is to have a clear customer privacy agreement where in the consumers or participants can opt to back out. This enables companies to have more targeted information without having to wade through the largely collected irrelevant data.
To sum it all, the year 2016 for the market research industry can be predicted to be more exciting with greater emphasis on micro surveys to mobile surveys or even the tried and tested bigger traditional surveys as content data collection would not only enable companies to meaningfully engage with their consumers but also in providing more personalized experiences.