Data analysts, leading brands, marketing departments, consultants, insights professionals… different roles, one common goal: understanding the data that aids or acts as a lever in decision-making. The market research sector has undergone unprecedented change in the last 10 years, and with the arrival of the new decade, new challenges and emerging trends in market research are shaping this transformation process.
In this post, we will examine 4 of the challenges and trends for 2020 in the field of market research that we will face in the coming year. Changes in the value proposition of data, the evolution of seemingly immovable paradigms, and a lot of technology are some of the aspects that permeate each of the 2020 challenges and trends that lie ahead.
Market Research Trends (I): Automation and Technology
Market research, as we understand it today, cannot be separated from technology. This significant technological aspect in research has only just begun and is here to stay, improving research capabilities and evolving them.
Throughout 2020 and the coming years, technology will bring about changes from various perspectives involved in the research process. It will be reflected in data acquisition, management, and interpretation. Each of these phases will be profoundly influenced by automation systems, driven by the speed requirements set by the market. This will enable the collection, management, and analysis of a greater amount of data with more precision and speed, which will undoubtedly impact the work of analysts and researchers and the competitiveness of companies.
In this regard, those responsible for data processing will need to embrace a paradigm shift from what has been established so far if they want to provide the quick and automatic response that the market demands. This introduces greater flexibility in data processing, even some degree of uncertainty, to respond more agilely to broader behavior patterns, even if it means dealing with «imperfect» data at times.
Furthermore, technology will continue to help and enhance data filtering and «cleansing» processes. In other words, the arduous task of data cleansing will be further benefited by machine learning systems, streamlining the entire process.
Market Research Trends (II): Sentiment Analysis with Artificial Intelligence
The digital transformation of companies is a growing reality each year, and the software development industry is experiencing growth rates well above the average.
In this context, there will be a greater investment in Big Data and the collection and management of consumer and market data, primarily from mobile browsing and social media. This will blur the lines between the research and analytics sectors, making them increasingly complementary and necessary for each other. While analytics can remain on the surface of data, research delves deeper, focusing on emotions, imagination, feelings… The «whys» of research complement the «whats» of analytics to gain a comprehensive view of the consumer and offer them what they truly desire.
Market Research Trends (III): Data Accuracy and Data Protection
The growing concern of consumers for greater digital privacy, increased advocacy awareness, and more protective legislation are significant challenges facing market research.
To address this challenge, it is necessary to develop methodologies that provide the highest degree of transparency. In this regard, Blockchain technology can be one of the major allies that respond to the need for transparency and data protection. It is a technology that can be applied, for example, to online communities and consumer panels to verify participants, their responses, or payments for participating in studies.
In addition to data transparency and protection, another major concern will be the accuracy of the information provided. In the era of «fake news,» being transparent and truthful is becoming increasingly necessary. Therefore, market research departments or companies should strive to be as transparent, truthful, and informative as possible. This will help establish the necessary trust relationships with clients, partners, and consumers.
Market Research Trends (IV): Co-Creation, Not Just Analysis
The theoretical aspect of market research seems to be increasingly outdated. One of the 2020 trends, applicable in the coming years, suggests that researchers or companies offering research services should not focus solely on raw data, ideas, or strategies. Instead, they should focus on actions and tactical plans that help solve problems or experiment with new approaches. This new way of creating together with clients, consumers, or other stakeholders will help provide insights at an unprecedented speed, facilitating decision-making.
Update date 22 December, 2023
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