Market research is more important than ever in the age of COVID-19. The rapid decision-making power of market research and consumer insight is never more valuable than in times of crisis.. Increasing profit is the primary goal.
With no ability to predict the second wave of COVID-19 pandemic and its effects on our personal and professional lives, organizations have had to be quick moving into 2021.
Now that we’re halfway through a year future of market still looks uncertain but with the help of market research we can minimize the risks and move further towards customer satisfaction.
Why is Market Research important?
Simple, it gives you access to the information you need to make better business decisions. It Identifies and analyzes the market needs of your customers.
Conducting market research is essential as it allows you to see into the future. Dreaming about a business idea is focusing on future. Every nation is a growing economy and growth of business is an important aspect of market research. Future of market research is full of challenges.
Following article highlights Future of Market Research:
Automation is the future of market research. Much like the rest of the global economy, market research is evolving and reinventing itself to cater to the demands of clients that need strategic insights fast. While folks in the market research industry have focused on meeting ever-growing client demands, new technologies have emerged to automate research activities and revolutionize the approach to market research entirely.
With about 77% of the world’s population owning smart phones of some kind, mobile technology is a fundamental space where market research organizations should focus on optimizing their offerings. The production of conducting market research via mobile devices enables and enriches research findings.
Change is the key
There is no doubt that traditional market research methods have proven themselves to be valuable in helping businesses to determine the next steps in but we are entering a new era, where traditional survey research may play a less dominant role. Traditional market research companies that refuse to change will go out of business.
New methods make the way
Time is still highly valuable in a busy culture, and the rise of alternative ways to find out consumer data is ever-expanding. As a result, researchers realize that they have other ways to get the answers they need that would have been asked in traditional 15-20 minute surveys. Short surveys and quick polls are popping up on websites, phones, social media, and chatbots. With that, researchers can intercept and collect more data in real-time at a higher rate.
AI-based market research delivers results in near real time. The AI technology collects the data form a selected target audience, automatically monitor and scan keywords or topics. And it does it all a lot faster than a human would. AI technology makes surveys more interactive and pliable by using customer’s answers. 21st century being the era of technology can help market research to overcome the challenges.
Market researchers have to work harder than ever to conduct interviews, analyze data, draw conclusions, and make forecasts, because things have changed so much and so radically. The next couple of years will be both exciting and challenging for enterprises and market professionals alike.