Market research is constantly evolving as new technologies, methods, and sources of data emerge. To stay ahead of the competition and gain valuable insights, you need to keep up with the latest market research trends and capitalize on them. In this article, we will explore some of the most promising and innovative market research trends that you can leverage for your business.
Artificial intelligence (AI) and machine learning (ML) are revolutionizing market research, allowing for faster, smarter, and more precise analysis of large and complex data sets. AI and ML can automate tasks, generate insights, and create tailored recommendations based on customer behavior, preferences, and feedback. AI and ML can be used to enhance market research in various ways, such as sentiment analysis and natural language processing to understand customer emotions and opinions from online reviews, social media posts, and surveys; predictive models and scenarios to forecast customer demand, market trends, and potential outcomes of strategies; chatbots and conversational agents to interact with customers and collect real-time feedback; as well as image and video recognition to analyze visual data and identify patterns, trends, and opportunities.
> continuously monitor industry publications, associations, and forums to identify emerging techniques early > pilot new methods through small, fast studies focused on high-impact topics. & evaluate efficacy > investing in staff skills and technologies to employ novel approaches > blend novel with tried-and-true methods that still adds value > utilize advanced analytics and AI to extract deeper insights from rich consumer data sources maintaining human touchpoints > harness emotional analytics and behavioural economics to understand deeper motivations behind behaviours a spirit of purposeful experimentation and willingness to complement existing methods, companies can lead the way in applying innovative market research
Online communities are invaluable platforms for engaging with your target audience, building trust and loyalty, and collecting valuable feedback and insights. Through these communities, you can conduct market research in an interactive, collaborative, and cost-effective way. You can use online communities to create surveys, polls, quizzes, and games to gather data and opinions from customers and prospects. Additionally, you can use them to conduct focus groups, interviews, and discussions to explore customer needs, challenges, and expectations. Testing products, services, and ideas with customers is also possible as well as encouraging them to share their stories, experiences, and recommendations with other members of the community.
Mobile research is the use of mobile devices, such as smartphones and tablets, to collect and analyze data from your customers. It can help you reach a wider and more diverse audience, capture real-time and location-based data, and increase response rates and engagement. You can use mobile research to send surveys, notifications, and reminders via SMS, email, or apps. Additionally, you can create fun and interactive experiences for your customers using mobile apps, games, and QR codes. Furthermore, you can track your customers' behavior using GPS, sensors, and cameras. And you can observe your customers' natural environment with mobile ethnography.
Social listening is the process of monitoring and analyzing what people are saying about your brand, products, services, competitors, and industry on social media platforms. It can provide valuable insights into customer sentiments, preferences, and pain points, as well as identify trends, opportunities, and threats. You can use social listening to measure your brand awareness and reputation compared to your competitors. It can also help you identify influencers, advocates, and detractors of your brand. Moreover, it allows you to discover new ideas and feedback from customers and prospects that may not be available elsewhere. Finally, you can use it to respond to customers' questions, complaints, and compliments in a timely and personalized manner.
Data visualization is the presentation of data in graphical or pictorial forms, such as charts, graphs, maps, or dashboards. It can help you communicate your market research findings in a clear, concise, and compelling way. Data visualization can simplify complex and large data sets and highlight the key points and patterns; compare and contrast different data sets and variables to show their relationships and correlations; tell a story with your data to persuade your audience to take action or make a decision; and make your data more engaging, interactive, and memorable for your audience.
While the article does a great job in explaining what kind of research or platforms to look out for trends. It is not explaining how to capitalise on it. Another good way of looking at trends is by identifying growing hashtags, to identify what are consumers looking for and how can you make your product more relevant to them