Traditional market research methods have become less reliable due to disruptive technologies as well as constantly shifting patterns in user and customer behaviour. These rapid changes in the digital space mean that businesses in 2017 need iterative, rapid research processes rather than old-style annual surveys.
Here are five of 2017’s top market research trends to remember:
Increased Research Spending On Non-Traditional Research Avenues
New technologies and platforms mean that consumer behaviour is at a pinnacle of unpredictability. What this means for businesses is that it is no longer relevant to spend large swathes of budget on yearly research blitzes. Instead, companies are investing a larger portion of budget in using real-time, iterative tools that give on-the-fly consumer behaviour insights.
Micro Data Is The New Big Data
Although big data has been the darling of marketing and CX insights for some time, more and more businesses are realising that engagement is a key opportunity for harvesting valuable, actionable consumer insights. Instead of macro patterns of behaviour, businesses are turning to individual learnings and insights that give the broader picture through the individual use-case.
Engagement Is More Important Now Than The Cold Survey
Although surveys and questionnaires remain valid media for gaining consumer insights, businesses are realising that traditional polling methods have limitations. The increasing trend is to use authentic customer dialogues and engagement as a source of broadly applicable customer insights.
More Emphasis On The ‘Why’ Behind Consumer Behaviour
Traditionally, market research has tended to focus on how customers behave – what actions they take and when – to shepherd consumers towards desirable actions. The focus is shifting to why, to understanding the reasons behind consumers’ behaviour. Intent is a key aspect of market research in 2017, given the potential for unfiltered dialogue afforded by newer social media platforms and the community engagements possible through live video, in-app messaging and other channels.
In the past, businesses were often happy to obtain satisfaction-based surveys that simply provided clues towards customer happiness. Yet market research trends in 2017 show a shift towards only investing in research that can demonstrate practical ROI. This means more dialogue-based initiatives that serve multiple purposes, building customer relationships even as they deliver key insights.
Do you need help maximising the benefits of your market research? Contact Interact RDT today.