Although it may be difficult, businesses in 2024 must keep up with the most recent developments in global market research. Ahmed Bakran points out that you remember the pandemic? Companies had to adapt quickly to changing markets, and those who did thrived. Now, market research is more crucial than ever for driving strategy and growth. Budgets might be tight, but the demand for accurate and cost-effective insights is rising. AI and real-time data analysis could be game-changers, or they might just be overhyped. Either way, staying informed is essential.
Trend #1 in Market Research: The Explosion of AI and GenAI
AI and GenAI are revolutionizing market research. Ahmed Bakran says that in the UK, the industry is struggling to keep up, with many companies seeking highly skilled individuals and a third of researchers outsourcing to find them.
After a decade of machine learning, we expect the best AI examples to come from market research. Businesses need more information in today’s uncertain world in order to predict market changes and identify opportunities before rivals do. Globally, 62% of researchers from 14 different industries concur that their business greatly depends on market research and insights.
Tech Solutions: AI systems make autonomous decisions that usually need human intelligence. They act, create, evolve, or change. While AI tools keep getting faster, traditional market research is still slow and unreliable. AI spots trends quickly but needs a human touch, handling repetitive tasks to let researchers focus on strategic insights. AI also helps bridge the skills gap, allowing researchers to upskill and train their teams.
GenAI is the gamechanger. It creates new content based on input data, handles large unstructured datasets, and multi-tasks. Large Language Models (LLMs) like Chat GPT and Bard can have conversations, deliver faster, cheaper, and better insights, transforming market research.
Trend #2 in Market Research: Online Digital Research for Deeper Insights
Consumers of all ages now expect to interact online, making digital research crucial for understanding these interactions on a large scale.
Tech Solutions:
- Online Platforms: Websites and apps for gathering consumer feedback.
- Social Media Listening: Tools to monitor and analyze social media conversations.
- Unstructured Data Analytics: Techniques to understand free-form text, such as comments and reviews.
The demand for remote qualitative data collection is growing. Open-ended questions and online discussion boards are becoming more popular. To stay ahead, check out these 17 essential market research tools, including basics like Google Trends and Facebook Insights. These tools help you capture and analyze the rich, detailed feedback from online interactions, providing deeper insights into consumer behavior and preferences.
Trend #3 in Market Research: Demand for Real-Time Market Research
Even top brands can lose market share when new competitors emerge. To stay ahead, market researchers need to provide fast, real-time insights. Agile research allows companies to react quickly to changing consumer opinions. Studies are now shorter and more frequent, reaching consumers via mobile devices. This helps companies make quick decisions and adjust their messaging. Participants also benefit from easy and quick surveys.
Live customer experience (CX) data is now easier to access, helping companies understand what customers need rather than just what they want. Instead of using surveys, data from customer interactions is used. Touchpoints include chatbots, kiosks, and robo-advisors, which younger customers especially like to use. Observational research also helps as it shows what consumers actually do, not just what they say they will do.
Trend #4 in Market Research: Demand for More Accurate Data
The market research industry prides itself on providing evidence to guide company strategies. However, it has faced issues with unreliable survey answers. Poorly worded questions can lead to inaccurate responses, and bots or AI tools like ChatGPT can skew data. Companies need high-quality insights to make good decisions, but filtering out almost half of survey responses as fake raises doubts about the rest.
Many researchers (over a third) worldwide say they need automated tools to spot poor-quality responses. Experts also note that research agencies have not treated respondents well for years. As a result, many young adults don’t want to participate, making it harder to get true insights.
Tech Solutions:
- AI-Driven Survey Reviews: AI can help by fixing biased questions and readability issues, ensuring more accurate data.
- Data Cleaning: AI tools can sift through large amounts of data, removing fake or nonsensical responses.
Trend #5 in Market Research: Hot research metrics
In 2024, more companies will focus on sustainability and corporate responsibility metrics. Last year, 42% of companies used these metrics, up from 26% in 2021. Consumers prefer businesses that help the environment and society. Balancing profit, planet, and people is a smart business move. However, while 80% claim they support socially responsible companies, their actions don’t always match their words. Researchers should choose methods wisely to understand real consumer behavior.
Bottom Line:
As concluded by Ahmed Bakran In 2024, staying ahead means leveraging AI-driven insights, digital engagement tools, real-time data, and sustainability metrics. These trends are essential for businesses striving to innovate and thrive amid dynamic market conditions. Embracing these advancements not only enhances consumer understanding but also empowers strategic decision-making. By integrating these cutting-edge approaches, companies can navigate complexities, anticipate market shifts, and align with evolving consumer preferences to maintain a competitive edge in the global marketplace.
- Written by: abakran
- Posted on: June 29, 2024
- Tags: Ahmed Bakran, Market Research