What Does 2017 Holds For the Market Research Industry?

Introduction:

With individuals in the workplace, clients, customers and business leaders, there is a renewed interest in doing things differently. Thinking or acting differently signifies innovation. There have been ideas that have been floating around as far back as early 2014 which have not seen the light of day. Putting innovation to the fore, effective communication of the information, an accelerated technological improvement, and delivery at a cost effective rate, all seem to be the buzzwords for 2017.

Prepare Your Storyboards!

You heard it right folks, storytelling is in again.

There has been much talk on the quantitative aspects of data and what it holds for the industry as a whole. The quantitative reports predict past trends and behaviors and although extremely crucial as a measurement and marketing tool, it puts more emphasis on facts and figures rather than on the next course of action.

A more appealing figurative would be to build a narrative, linking chains of events which would provide a prerequisite into the future trends supported by quantitative information.

A Pro-Consumer Approach:

The world is growing at a rapid pace and as such, the information that was available only on supercomputers once upon a time, is now available on every Smartphone. 2017 can hope to see more trends that take into consideration social as well as technological change.

In the Pro-Consumer approach we would see:

  • More of mobile and app based solutions which will focus inclusively on mobile-based market research, providing solutions in the form of messages or through an application.
  • Less of the customer branding and tracking parameters.
  • A relative fall in the prices of research (after adjusting for overall inflation).

Keep It REAL Silly!

Consumer behavioral information provides more hard facts than surplus interrogations and quantifiable surveys. For this simple reason, the following trends would emerge in 2017:

1)      More reliance on short mobile surveys rather than lengthy 30 minute questionnaires. Focus on instant location based responses rather than inaccurate summaries.

2)      An increased use of Machine Learning (ML), social media analytics and sentiment analysis to track consumer behavior and responses.

3)      Use of virtual reality to gauge facial contours, body posture, voice modulation, eye movement and heartbeat which will provide more effective solutions than direct/indirect questions.

A Clear Concrete Answer:

There are instances where Market Research can often come up with bottled-up perspectives rather than delivering an answer. The quantifiable data can only lead you so far, but it will not determine your next step. As was observed in 2016, businesses and business-leaders wanted a concise direction. Researchers are good at data-driven solutions but not at effective communication.

An area of improvement bound to emerge in 2017 in Market Research is a clear perspective and comprehensible direction that has at its core market behavior, customer attitudes, behavioral science, creative consumer interaction, and better/faster results that would offer more scope for collaboration, reiteration, product development and a strong shift to qualitative perspectives with focus on arriving at an answer, rather than just canned solutions.

For more information on MQ’s services, Business research outsourcing and data management get in touch with Market Quotient today and we will showcase a customized tailored solution which will yield great results for you and your company.

 

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