Top Technology Trends for Market Research in 2023
Digital transformation has hit every sector in the market, and market research is no exception. The modern-age innovations have revolutionized the global consumer insights landscape too, empowering brands to stay in sync with rapidly changing consumer behavior. Providing businesses with a powerful arsenal of cutting-edge tools for faster and more user-friendly solutions to get insights into consumers’ thoughts and deliver informed decisions.
By leveraging the latest technology, brands can stay ahead of the curve and interact with their customers like never before. In this blog, we have listed the top technologies that are becoming prominent in smoothly elevating the Market Research experience. To leverage complete benefits, you must outsource a market research development company.
To know more about Market Research, Read our blog- The Fundamentals of Market Research.
Let’s take a look at more advanced market research software solutions.
Mobile-first innovative and interactive surveys
Going the traditional way is so outdated that you can risk your business. With the advent of new technologies gaining customers’ valuable information has become easier and faster.
One of the ways is to create mobile-first surveys that are getting more attention due to the high usage of mobile phones. Mobile-first smart surveys have disrupted the traditional market research landscape, enabling businesses to gain valuable insights into consumer trends in real-time.
And as we look toward 2023, mobile-first intelligent survey methods will continue to play a critical role in unlocking even deeper customer insights. With the latest mobile-first technology, researchers can now gather more feedback from a wider pool of participants, empowering businesses to make data-driven decisions that drive success.
The Rise of Automation
Today, many brands are turning to automated research techniques to successfully eliminate poor research processes, and intoxicated panels, to improve results. While many businesses are still facing the below issues, automation can help you achieve what you want.
Automation has helped IT marketers improve their decision-making by making the process straightforward.
Considering the case of market research, automation helps a lot. For example, using bots to test the effectiveness of marketing advertisements. By automating research, brands can boost accuracy, gather data faster, and cut costs. Plus, ad testing becomes more intuitive, freeing up human researchers to focus on analyzing results and delivering valuable insights that brands crave.
As per Mathilde Levy, RB’s senior consumer and market insight manager, automation is removing barriers.
He quoted “The research we generate is not timely as required by marketers, making us blockers. Automation changes everything, for good. It helps us to be a consultant, delivering insight for scaling the business.”
However, the nature of people is complex and requires a human touch to get what is exactly required as customers do not always report their true thoughts about anything.
DIY (Do-it-Yourself) Market Research Platforms
DIY (Do-It-Yourself) platforms allow you to conduct or field market research projects. These platforms provide tools and resources that enable individuals or businesses to design, execute, and analyze market research studies on their own. Some common DIY platforms available in the market are- SurveyMonkey, Qualtrics, and others.
The DIY market research industry is booming, and with ESOMAR forecast it is estimated to accelerate. With the aid of these DIY tools, research teams can execute smaller projects in-house, enabling greater agility and responsiveness to evolving market needs.
Thus, companies are switching to DIY platforms, eliminating third-party dependencies, reducing cost, investing in the right place, and helping you to get specific respondents as per the requirement. You are the one that will be steering your research from top to bottom.
One of the biggest challenges of the market research industry and researchers is the cost and restricted budget.
Case study: A group of analysts working for an investment company is examining trends on the Internet. They are interested in a research project to discover which social media and music applications are popular among young people. The information is shared with investors to guide their investment decisions, enhance the firm’s credibility, and build trust with clients.
The challenge they face is how to collect the necessary investment data in a way that is efficient and cost-effective while maintaining high data quality.
The team leveraged a DIY platform for market research that helped in running the project within budget.
In today’s world, DIY research has become a highly attractive option for marketing and insights professionals as it helps you stay within your budget. With cutting-edge research technology, they can collect and analyze their data, saving valuable time and money. It’s no surprise that almost two-thirds of these professionals plan to increase their use of DIY research shortly.
Introduction of Simulated Environments (VR)
Technology like VR (virtual reality) allows users to interact realistically and has transformed the market research vertical. Numerous companies in various countries are utilizing VR technology to boost their brand recognition through immersive experiences that captivate consumers, resulting in a stronger emotional connection with the brand.
This usage will tend to increase upon seeing its fruitful results till now.
VR can enhance market research tools like eye tracking and heat maps to provide a comprehensive view of consumer desires. In addition, VR can simulate consumer behavior in a sale environment, which is crucial since 70% of purchasing decisions are made in-store.
For instance, Alibaba and Nike have successfully used VR to offer consumers a unique shopping experience. Alibaba allowed Chinese consumers to have a 360° view of their store, while Nike provided a football match experience from the perspective of player Neymar.
Virtual Reality is taking over the consumer market, proving affordability and power for both online and offline commerce. Major companies such as Coca-Cola and Heineken are already using VR formats in social media and large event broadcasting. This format will become increasingly popular and offer immersive experiences for gaining accurate insights into online communities. VR provides a key factor for market research- complete and interactive experiences.
Neuroscience
Market research aims to uncover the complex motivators behind consumer behavior, which often involve emotional responses that are not always rational. However, both researchers and respondents may struggle to articulate these feelings, making it challenging to gain meaningful insights.
Recent advances in neuroscience have allowed researchers to measure subconscious responses through biometric measures, enabling them to better understand consumers and inform business decisions with more accurate insights.
One of the most commonly used aspects that are considered in neurosciences is.
Advancements in neuroimaging technologies like EEG and MRI now enable us to observe consumers’ emotional responses in real time. By collecting and integrating data on their brain activity, we can use big data analytics to uncover insights and opportunities for neuromarketing.
Artificial Intelligence in Market Research
Artificial intelligence is revolutionizing the market research industry by providing researchers with unprecedented insights and analytics. Its ability to process large and unstructured datasets has proven invaluable in generating meaningful insights. Although some are skeptical about its role in business, many companies have adopted AI for various purposes.
AI’s applications in market research include managing open-ended data, proactive community management, virtual market research and forecasting, chatbots, virtual moderators, and enabling secure and faster secondary research.
While it’s difficult to predict how AI will transform the industry, exciting new ideas and perspectives are already taking shape.
With powerful AI algorithms, companies can uncover valuable insights and make connections in their data on a once-impossible scale. The future of market research is full of promise, and AI is set to be a key driver of progress.
Hopefully, we will encounter more new technologies to help amplify the power of market research. It will help businesses connect with customers more personally, creating a significant impact to get the data that they are looking for.
Some companies are out there that are taking care of such business demands and incorporating modern-age technologies to simplify the journey of market research.
Transform Market Research With OnGraph Solutions
As customers’ preferences change quickly, understanding their behavior is crucial for businesses to adapt. Fortunately, technology is making market research more accessible and reliable, empowering brands to make quick and confident decisions. Insights gained from data can help businesses stay agile and competitive in an ever-evolving market.
To stay ahead of the competitive landscape and drive accurate results to improve decision-making then you must leverage technologies and market research development software to work smarter, not harder.
OnGraph (market research app software services company) offers the right tech-backed market research app software services solutions to fast-track your market research while providing accurate results. If you are looking for customized and pre-built market research solutions, drop us a query today. We will be glad to help your business scale.
If you guys have implemented any other technology to elevate market research, drop us comments. We will be waiting for your suggestions about how you think about implementing technology in the market research landscape.
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