Inclusion in market research is a recent trend. Traditional market research methods are not effective in reaching diverse audiences. It is impossible to use the same panel provider each time and expect different results. You can't ask the same questions or use the same demographic markers for categorizing your audience.
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This is what you should think about: A global event can destroy your business. Your target audience cannot afford your product any more, or don't want it. What can you do to recover? Maybe you focus on a new, niche audience. You might also consider how to improve your product offerings to meet customer needs.
Uber is an excellent example of a company that considered adjacent markets when conducting its research. Uber capitalized on the boom in the nearby food delivery market, which saw traditional ridesharing become less popular during the pandemic.
What is the lesson? Learn from the experience of others.
Market-tech audits are one of the most important trends in market research. It's been so easy in the last two years to use multiple software and techniques to no avail, it's now time to do an audit.
Consider which solutions are similar in function. Is your research increasing in complexity and doubling the work? Are the efficiencies you have found in tech actually slowing down your workflow process?
Examine every solution and concentrate on those that offer robust data analytics.
Customers today want to invest in companies that share their values. Your brand should demonstrate environmental sustainability to your target audience.
It is not enough to have a fancy mission statement. If your exterior appearance is not consistent with your day-to-day operations, customers will quickly notice. Social listening is a great way to keep up with market trends. You can keep track of the conversations about your brand's values on social media. If so, you might need to revise or renew vows.
The result? The result? Customer loyalty is at an all-time high.
One way to appeal to mobile-first generations is with shorter and smarter surveys. The average person doesn’t have the time or the interest to complete a 30-question survey. Locate your mobile audience, and then give them the most concise but richest survey possible. It will increase efficiency and yield greater results if your data is focused on the most important.
Return to AI. Market research doesn't always provide exciting insights or analysis. It can be tedious, such as collecting data, categorizing and organizing information, following up emails, and so on. Market research trends demand that you automate all of these tedious tasks. You can use your time for more worthwhile work.
What does this all mean?
Market research trends of the moment reflect the slowly evolving trends of the past few years and introduce new methods of conducting market research.
The truth is that market research has never been more exciting. Market research will reach new heights if you incorporate AI, inclusion, social listening, humanity, and diversity into your strategies. You can't make the most of market research trends without being aware of them.
What's the solution? Use market research trends to help propel your business forward. You will find new customers, and you'll show your existing customers that they are important.
