Trends in Market Research
What if there was a research process that could be sped up significantly, that yielded more accurate insights, and that drove efficiency across every step? What if this process was automated and required no input from you?
Thankfully, there are new tools and techniques that are making market research faster and more automated, which is reducing the time it takes to get results.
In today's economy, it is essential for businesses to be able to quickly produce customer-centric products and services. To keep up with the competition, market researchers need to be able to provide affordable, fast, and accurate insights.
Trends in Market Research
As brands increasingly rely on automation for marketing, customer service, and data collection, it makes sense that the research tools used to guide decision making would also benefit from automation.
With the help of automation, market researchers can improve the quality of their research by eliminating poor methodologies, anecdotal results, pinpoint accurate results, and creating easy-to-understand research reports. Here are some of the tools used to do it.
1. Automated data collection
Using past results to predict future results can be a helpful way to guide a marketing campaign.
With the use of robots, marketers and market researchers can get specific answers to campaign questions based on past behaviors. This can include things like how a target audience is responding, what the return on investment (ROI) of past marketing campaigns are, which messages resonated well, where campaigns performed better and more.
Automation helps to speed up the process of data collection, so that market researchers can spend more time analysing results and making better business decisions.
When it comes to gathering data for insights, gone are the days of manual processes. Every marketing, product, and/or research team should invest in an automated tool.
2. Social media listening
Brands can use social media to figure out what people like and don't like, what they want, and how they feel about certain products and services. This information can then be used to create better products and services that people will want to buy.
With market research automation, you can gather and analyze data quickly and easily, saving you time and money. Market research automation software can help you automate your research process, making it faster and easier to get the information you need.
Market researchers can now use algorithms to automate messages and focus in on customer responses. This way, it’s easy to send out relevant messages, learn what’s being said about your brand, and respond to messages that need immediate attention. With the help of automation and artificial intelligence, researchers can do this without having to manually review sites, discussion boards, blogs, etc. This allows them to quickly and easily get a pulse on what customers are saying and how they feel about a product or service.
Social listening and automated analysis tools help brands to quickly gain insights from consumers which they can then use in product development, customer service, and marketing. Social media provides a wealth of information which companies can benefit from. However, it would be difficult to manually collect all of that data. Automated tools help to speed up the process by identifying relevant posts and extracting the data needed.
3. Mobile Insights
4.68 billion people are expected to use mobile devices in 2019. This number is valuable, because it means that a lot of data is stored on people's smartphones. Automation is necessary to access and gather this data quickly in order to make informed business decisions.
One way that market researchers can benefit from automation is by tracking GPS location data. Studies have shown that users spend more mobile time using applications than searching the web. This means that tracking location data via apps is a great way to collect local and global data.
Another reason to track location data is to deploy in-the-moment surveys. This means that you can reach customers exactly when they are engaging with your brand and for entrance and exit surveys. This keeps market research relevant and supports on-point customer research.
4. Customer loyalty technology
Automated customer loyalty technologies are becoming more popular as a way to collect customer research. What's unique about these technologies is that they use a loyalty program app to collect customer data about their most loyal fans.
Customer loyalty technology helps business owners keep track of customer spending and compares it to competitor data. Additionally, this tool allows business owners to send customer NPS feedback in-the-moment and sets up automated alerts so customer service can respond immediately.
The technology provides insights into how to get customers to visit more frequently, spend more when they are there, and encourages them to come at times they don’t usually plan to visit. Additionally, researchers can use that information to guide automated email marketing campaigns.
Automated loyalty programs are a way for market researchers to gather data about their customers. This data can then be used to improve products, services, and customer service.
5. Online communities and automation
This is a problem because it's not representative of the larger population. It's also not representative of the larger market.
One way to get more natural reactions from customers is to observe them without them knowing. This can be done in a variety of ways, such as using hidden cameras or simply following them around. Another way to get more natural reactions from customers is to talk to them informally, outside of a formal interview setting. This can be done by talking to them in a more relaxed setting, such as in a café or in their home.
Market researchers can use online communities to track customer feedback and preferences over time. This allows them to get a better understanding of what customers want and to see how their preferences change over time. Online communities also provide a forum for customers to connect with each other and share information. This can be helpful for researchers who want to learn more about customer behavior and preferences.
Researchers can use online behaviour and insights data to improve marketing strategies by feeding it into marketing automation tools. Automated community tools can help create research reports and forecasts for future studies.
The business world and the research industry are moving quickly, and they are innovating faster each day. Without the help of automation, it would be easy for manually collected marketing research data to expire before it is even put into practice. Automation can help to stay on pace with industries that are constantly on the move. Automated marketing research ensures that research is timely, effective, accurate, and quickly accessible.
Although algorithms and robots are not running the market research world yet, they are helping us to collect data faster and more accurately. This allows us to gain a deeper understanding of the market scenario.
In the future, there will likely be more innovations in market research automation that will continue to improve the process. This will likely include advancements in data gathering and analysis, as well as the use of artificial intelligence and machine learning to improve the accuracy and speed of research.