How can a company improve its products and services in order to meet customer needs better? You need to get to know your customers.
Market research should be an integral part of every business strategy. You can find out who your customers really are, what their needs and wants, and what your business should be doing to meet those expectations by conducting the right research. Market research is not only extensive but also important.
There are many ways to conduct research. competitor analysis and audience assessment are just a few examples. What if your strategies are not relevant to the current landscape of your industry?
You can't rely on only in-person audience surveys and questionnaires as your strategy. This is not the 1960s. The world has changed and we have evolved, so it's not possible to expect the same strategies forever.
This is where market research trends can be of great help. Let's look at some market research trends that will be popular in 2022 to help you meet your customers and grow your business.
1. Artificial Intelligence (AI).
Companies have access to huge amounts of data that can be used to analyze customer needs. The vastness of data can be a double-edged weapon. How can you quickly collect and analyze so many data while still completing other important business tasks?
AI isn’t a new trend in market research. However, Companies use it every day.
It takes human capital to collect, organize, analyze and analyze data from all sources. AI is able to help. Machine learning and AI do the heavy lifting and save you time and money on labor. Imagine being able to see deep insights from millions of data points in just minutes. Magic.
AI allows for more innovation in terms of the data you can gather in your research, in addition to the increased efficiency. Emotion AI analyses facial expressions, eye movements and voices to determine how customers feel about a product or service. These valuable insights can be used to complement customer surveys or even replace them if they are more accurate.
However, innovators beware. While AI can't replace human capital, it is a useful tool that can be used as a supplement. People are still needed to think up growth strategies and provide insight to your business every day.
The bottom line: Bottom line: AI is a market research industry trend that will help you scale your business and reach customers. However, it should be used in conjunction with high-quality talent.
2. Mobile app intelligence
Apps can have a significant impact on almost all businesses, with the average user opening mobile apps 11 times per day and more than 90% of mobile time being spent on apps. Organizations need to be able to track and monitor app intelligence. This is not a luxury, it's a necessity. All industries are increasingly looking for mobile intelligence.
It's possible to view both web and mobile traffic together. This allows analysts and leaders to assess the impact of apps on their markets. This data is essential for those who want to make decisions about app investments. Organizations can see the entire digital landscape and track how mobile-first consumers spend their money online.
Rapid market shifts are becoming the norm due to technology driving more demand for apps and disruptive start ups entering nearly every sector. App intelligence allows people to spot emerging threats, and then take appropriate action. Decisions about growth and strategy can be made without a complete picture. This could have a negative impact on the future.
3. Customer experience should reflect humanity
Market research trends can change the data we gather from customers. It's no longer enough to record technical data like gender, age, and location. Customer expectations today are personalized. You can't provide that experience without psychographic information. How do they view everything? Is their personality more introverted than extroverted. It is also important to understand their values and align yours with them.
You can then use your deep personal insights to bring more humanity to their experience. Send them an email to check in asking if they solved a problem with their last purchase. You can also refer to them online by their name. What did you get? Higher sales, bigger shopping carts and better profit margins are the results of a survey by Forbes. This was done by 40% of executives.
