“The global market research sector’s value increased by almost 3.5 billion U.S. dollars. The industry is overgrowing, with a current valuation of about $84.3 billion.” Due to unprecedented data quantities, real-time insights, and globally dispersed audiences, the market research sector constantly evolves to stay abreast of rapidly changing consumer preferences. This article outlines the top six trends shaping the marketing research sector in 2024 and beyond.
1. Online Surveys Move To A Mobile-First Approach
The Effectiveness of Internet Surveys
The market research sector has stayed true to its roots in recent years: internet surveys are effective. Nearly 90% of market researchers today claim to use Internet surveys regularly. Due to its affordability and speed, online surveys have been the go-to method for marketing researchers.
Almost everyone uses the internet, but only 37% of people worldwide, including those in developing nations, have never used it. It was reported that there will be 5.3 billion internet users worldwide by the end of 2023, a number that is expected to increase by 3.7% annually.
The Rise of Mobile Surveys
Experts predict that the market for online surveys will continue to increase at a rate of 16% annually until 2026. Given the widespread use of Internet surveys, it is sensible to anticipate a comparable level of popularity for mobile surveys.
In 2020, 68% of website views worldwide originated from mobile devices, a rise of around 5% from 2019. Still, just 60% of market researchers consistently employ mobile surveys.
Experts attribute customers’ failure to complete smartphone surveys to lengthy surveys and a bad user experience. By the end of 2018, 33% of online surveys were initiated from a mobile device. This represents a significant increase and change in consumer preferences compared to 2013, when just 3-7% of surveys were completed on cell phones.
Innovations Inspired by Social Platforms
Nowadays, many startup founders take inspiration from WhatsApp to maintain the platform’s casual, conversational tone in its polls. Even other methods outperform conventional online surveys in terms of completion rate by 40%.
Various companies focus on mobile polls and emphasize that smartphone surveys are far superior to desktop online surveys. They claim that smartphone surveys have a higher response rate and a wider audience, particularly among Gen Z customers.
Experts advise that surveys designed for mobile devices should prioritize user experience. Data discrepancies of at least ten percentage points may result from doing this.
2. Defining the Representative Sample Again
Market researchers have consistently ensured that the demographics of their research participant groups represent the market as a whole. In other words, they choose individuals whose gender, age, and geography closely match those of their target market. In recent years, there has been a drive to broaden the definition of a “representative sample.”
Inclusive Research Approach
A prominent person said, “An Inclusive approach to research uses cultural sensitivity and a diverse sample of respondents to ensure the respondents’ psychological safety. This makes it possible for you to get sincere and candid answers.”
The inclusion requirement includes individuals from all communities and people based on ethnicity. Inclusive marketing research presents a familiar approach. However, it makes several significant adjustments that can significantly raise the caliber of the information gathered.
Focus on Question Sensitivity
For instance, researchers are starting to pay closer attention to the questions they pose. Are they disrespectful or contemptuous of particular participant groups? Do they exhibit stereotyping or inclusivity? One instance where having a diverse audience is crucial is conducting marketing research with Millennials to know consumer preferences.
We can better understand different consumer preferences by broadening our definition of a representative sample and being more inclusive.
3. Video Is Now The Preferred Method for Qualitative Research
According to a Take Note study, market researchers now employ online/video focus groups more frequently. Additionally, they found that a higher percentage are now using more in-depth video interviews and online video submissions from customers than they were years ago.
The primary cause of this consumer Preference changeover? Nowadays, customers feel far more at ease when they are “on camera.” Because of the technological shift, many people now use videoconferencing systems daily. At its height, Zoom was utilized daily by over 300 million people. Additionally, they are prepared and eager to produce user-generated content. When Instagram initially released its video feature, more than 5 million videos were shared.
Experts concur that video provides businesses with more significant market insights than text. Video offers “unspoken” information like tone, body language, and facial expressions and is more authentic and participatory. Video-based marketing research is used by almost all industries, including the beverage, automotive, healthcare, FMCG, and e-retail sectors.
Market researchers have previously expressed concerns over the scalability of video insights. Searching through hours of raw video material by hand could be more efficient. However, video produces large-scale, quick outcomes in today’s industry. There are several platforms for video analytics. Some businesses employ AI to evaluate and transcribe customer films, making a searchable database of insights and media.
4. Quicker and More Economical Market Research
Businesses need to conduct market research slowly to understand consumer preferences. However, they respond to changes 20–25 times faster than in the pre-pandemic era. Companies need “accurate, up-to-the-minute research,” as one CEO puts it, to learn valuable information about their customers and business. Focus groups and other conventional methods of marketing research have their uses. However, they could be more potent at speed.
Agile market research shines in this situation. Its characteristics include quick campaign launches, technological applications, and customer feedback collection. Thus, businesses can experiment and decide on each step in a short amount of time.
SurveyMonkey reports that while 56% of businesses still need market research, their budgets are decreasing or disappearing. One technique that can help with agile methodology and provide faster insights with fewer staff members is automated marketing research. The findings are rather compelling: according to 60% of market researchers, automation enables them to give results more quickly, 50% claim it has reduced expenses, and 80% predict the trend will continue.
5. Real-Time Social Media Listening Provides Insights
Social media platforms are replete with interactions, likes, dislikes, and conversations pertinent to a business’s brand. These consumer preferences-based interactions reveal a company’s target audience’s tastes and sentiments.
Social media listening involves obtaining current and historical information from social media. This data can influence choices and create new products like other marketing research techniques. According to statistics, by 2027, 6 billion individuals will use social media globally.
Even better, eighty percent of the content shared on social media is personal. This implies that companies that spend money on social media research techniques effectively have instant access to their target market. Those who can efficiently monitor social media and interpret the data may obtain a plethora of important information, including what consumers like and dislike, how they use products, what trends they’re interested in, and much more.
Businesses of all sizes can use this kind of market research approach, which offers a range of social media listening platforms and pricing options. People make snap decisions on social media and are heavily influenced by other users. The information is primarily precise.
6. Outsourcing Market Research
So, let’s talk about outsourcing marketing research. More and more companies are moving away from doing all their research in-house instead of turning to specialized agencies to handle it. Why? Several reasons make a lot of sense.
Cost Savings: First off, it’s often cheaper. Instead of hiring a full-time team with all the benefits and overhead that come with it, you pay an agency for what you need when you need it. This can free up the budget for other critical areas of your business.
Access to Expertise: These agencies are full of pros who live and breathe market research trends. They have the experience and knowledge to get the job done right. It’s like having a secret weapon in your corner to understand consumer preferences better.
Time Efficiency: Time is money, and outsourcing can save a lot of it. These agencies have the processes and tools to gather and analyze data quickly. So you get your insights faster, which means you can make decisions and act on them sooner, staying aligned with shifting consumer preferences.
Advanced Tools and Technologies: Speaking of tools, research agencies have access to the latest and greatest tech. They’ve got everything from advanced analytics software to innovative data collection methods. And they know how to use it to get the best results, especially when pinpointing consumer preferences.
Objective and Unbiased Insights: An outside agency can provide a fresh perspective. They’re not influenced by internal politics or preconceived notions, and this objectivity can lead to more accurate and actionable insights into consumer preferences.
Flexibility and Scalability: Need an extensive study done quickly? No problem. Just a small, targeted survey? They can do that, too. Outsourcing offers the flexibility to scale your research efforts up or down as needed, adapting to the varying complexities of consumer preferences.
Comprehensive and Diverse Data Collection: These agencies have the resources to collect data from various sources. This means you get a more complete picture of consumer preferences, ensuring that no demographic or trend is overlooked.
Risk Mitigation: By relying on experts, you reduce the risk of errors in your research. They know the pitfalls and how to avoid them, which can save you from costly mistakes and provide a clearer understanding of consumer preferences.
Strategic Insights and Recommendations: The best part? They need to hand over the data. They help interpret it and provide strategic recommendations based on their findings, giving you a deeper insight into consumer preferences.
Enhanced Competitive Advantage: All these benefits add up to one thing: a competitive edge. With better insights into consumer preferences, you can make smarter decisions, stay ahead of trends, and outmaneuver your competitors.
So, should you consider outsourcing marketing research? This is something to consider if you want to stay ahead in understanding and catering to consumer preferences.
Conclusion
Staying ahead in the active world of marketing research means embracing mobile-first surveys, diverse and inclusive samples, and leveraging video for deeper insights. Outsourcing offers flexibility and expertise, while agile methodologies and real-time social media listening keep us connected to evolving consumer preferences. By adopting these trends, we’re not just keeping pace but shaping the future of consumer insights with innovation and adaptability.
Ready to elevate your market research game? Outsource to Research Optimus today and unlock expert insights that drive your business forward. Contact us now!
Tags: Consumer Preferences, marketing research, qualitative research
