To create a solid business plan for the short term, it’s important to keep track of where your target customers’ preferences, attitudes, and behaviors are going in the long term.
Adding market research to your 2022 budget will help your team make informed, data-driven decisions for better marketing, sales and operations strategies.
Here is a brief overview of upcoming market research trends:
#1. Impact on Survey LOI and Data Quality
One of the most asked questions in market research is “How long should my survey be?”
As a researcher, one of our toughest battles is getting as much information as possible from the respondents without asking too much or exhausting them with too many questions.
A new study was conducted to understand how long a survey needs to be before respondents can drop it.
The results of the study showed that for 10 minutes into the survey, the completion rate dropped significantly, and the quality of the data dropped drastically. The quality of the open-ended questions was particularly difficult.
Then he asked, what if we look at the 7-minute mark? Here, the time spent by a respondent on multiple choice question types decreased by 25%, while the time spent on open-ended questions decreased by more than 50%.
Main quest? A survey duration of 5 to 7 minutes is ideal and will provide the best data quality for your research studies.
#2. Raising a Brand with DEI Efforts
Demographic trends suggest that every country will be a minority-majority country soon.
And at the same time, conversations about diversity, equality and inclusion need to happen now. A recent survey showed that the American people trust businesses (more than the government or the media) to do the “right thing”.
If businesses are to keep up with current trends, it seems they need multiple voices from diverse backgrounds in the room when making decisions.
With greater representation in leadership, brands across the country can continue to elevate their position as leaders in the fight for diversity, equality, and inclusion in regions across the country.
#3. Focus on LGBTQ+ Research
Recent studies suggest that the younger generation is more likely to identify as LGBTQ+ or consider themselves an ally.
As a community with a spending potential of over a trillion dollars, the LGBTQ+ community can no longer be ignored in market research.
Researchers may be wrong in considering the LGBTQ+ community as a singular block.
In fact, they are an extremely diverse group of people with different backgrounds, beliefs and lifestyles. It is important to understand the interconnectedness of today’s identities.
Another way brands can go wrong? Specifically targeting the LGBTQ+ community in June. While celebrating the history and progress of the LGBTQ+ equality movement in June, brands need to recognize that queer individuals are present during all twelve months of the calendar year.
As researchers, we must be thoughtful and ensure that gender-based demographic questions are inclusive and use appropriate terminology.
#4. Impact of sports sponsorship
Professional sports sponsorship is a twenty-billion-dollar industry. That’s a lot of cash. Today, the way brands are using and measuring sports sponsorship is evolving.
For years, success was defined as the amount of times your logo was seen on the screen during a game or event.
Media appraisal was seen as the pinnacle of success. But things have changed, and brands are incorporating sports sponsorship into their marketing strategies.
For example, to break into the suburban and rural markets, T-Mobile partnered with Major League Baseball’s The Little League World Series. Mountain Dew, who has long had an extreme sports reputation, partnered with the National Basketball Association to dispel old ideas and stereotypes.
Data shows that sports sponsorships are good for business. Recent studies indicate that people who saw an official sponsor’s ad during a game or event spent 50% more on the brand’s products after the fact.
#5. Fake responses prevention research
We all have heard about the spread of fake news and misinformation constantly. While seemingly inevitable, studies show that it has valid, tangible effects. For example, fake news articles on Facebook have proved to be a concern among daily users.
Therefore, with the impact of bad data on society, it is imperative that we, as researchers, do our duty to ensure that our data is clean and of high quality.
There are three types of respondents to be aware of when cleaning your data:
· Inattentive: Those who move fast and give random answers that don’t make much sense
· Acceptance: those who consistently say yes, usually dishonestly, in an effort to be eligible for all studies
· The bot: a written or coded response, usually a machine or human using AI
Good Type of Respondent? One who pays attention and is honest in his answers.
#6. Online Qualitative Research
Due to the pandemic, it was challenging to create an individual focus group and conduct qualitative research methods. Everything has shifted online. With this, it is essential to know what is happening on social media platforms to gather views and vote audience.
This trend is important because you will be able to learn about buying behavior, complaints, and other micro and macro trends. Social listening may not always be applicable, but it is an excellent tool that market researchers can use in addition to traditional methods.
Essential Market Research Skills for Today’s Professionals
If you’re doing research and gleaning a lot of information from different data, there are skills you either already need or need to learn. These skills are essential to be able to conduct successful market research. They will also help you handle the massive amount of data you are receiving.
· Interpersonal skills: The need to communicate data from market research to stakeholders, peers and other professionals is where interpersonal skills come in. It is essential that you have strong communication skills and can share information with clarity and accuracy.
· Data collection skills: In addition to analyzing the data you receive; market research also requires professionals who know how to collect it. This means you must understand how to conduct focus groups or customer interviews. You should also know how to create a survey and be able to determine which approach to market research is best for your needs.
· Organization skills: There are tools that can help you organize the data you receive. However, it is also important that you know how to classify and group information from market research.
· Problem Solving Skills: You will inevitably face obstacles or challenges when you are doing research or obtaining data. The important thing is to brainstorm possible solutions and work through any issues.
Contact our market research company
Philomath Research is an international market research company. Our team of certified professionals specializes in both quantitative and qualitative research studies partnering with brands across the country.
Interested in learning more about our market research services? Contact us today at www.philomathresearch.com
