Market Research Industry: An Insight Into The Future
The question as to what would be the future of market research industry is often speculated in the research world. The impact of the tremendous technological advancement in the data collection is highly noticeable and its immediate influence on the trends in the market research industry cannot be ignored either.
Based on the study of the present scenario in the market research industry and upon interviewing various specialists working in the market research field, the general opinion of experts all over the world is that the information collected by market research companies alone won’t be influencing the marketing decisions in future.
A survey undertaken in 2014 reflected the surge in mobile internet users over the desktop users.
More than 60% of users were found to be logging on to nearly 2 online devices in a span of nearly 24 hours and 40% of people were found to be using at least 3 devices per day. The data collection done by individual companies alone won’t have much impact on the overall marketing decisions but just one of the many factors influencing the industry of data providers.
With data becoming accessible from different technological sources, some reputed and some non reputed, survey data will become one of the many data sources available. With easy accessibility to programmed research tools, most clients would prefer to have their in house resources to conduct research. Such research conducted by companies will also have a far greater impact on the world of market research in future.
Various factors such as consumer attitude, values, change in consumer behavior and lifestyle can be easily ascertained with the help of information systems rather than solely relying on surveys. The economy is slowly gathering momentum in the world of market research making the environment adapt to newer model of business where the individual becomes the focal point for gathering data.
With consumers becoming more techno savvy and aware about the marketing questions that are asked to them, it is becoming increasingly difficult to hold the pressure and retain their full attention. Market research firms with flexibility to adopt game changing strategies along with an openness to integrate both the primary and secondary marketing techniques are only likely to survive and rule the roost in the coming years.