Blog Information

• Posted By : varun metha111
• Posted On : Aug 04, 2022
• Views : 281
• Category : General
• Description : Social listening, Research that is inclusive, Monitor adjacent markets, Market-tech audits, Alignment of brand and consumer value are Some of the Top Trends in Market Research.

Overview

• 1. Social listening
  Social listening tools are not new. Social listening is a new trend in market research. The Metaverse may be one reason. It can help you to promote your customers online.
   
  Real-time is another important qualifier. You will be able to distinguish yourself from your competitors with real-time social network competitive analysis. It is important to be aware of whether your customers link your content to a negative issue.
   
  Track social engagement metrics and find actionable insights through online conversations. You should keep track of brand mentions, as well as common search terms. You can use alerts and reminders to stay in touch with the constantly changing social media landscape.

   

  2. Research that is inclusive
  ESG is becoming a requirement for businesses. Government ESG provisions have risen to 74%. The important thing is the return - equity returns include the environment, social criteria and ethical governance considerations. A better approach to social consideration is to encourage inclusion in research and hiring.

  Inclusion in market research is a recent trend. Traditional market research methods are not effective in reaching diverse audiences. It is impossible to use the same panel provider each time and expect different results. You can't ask the same questions or use the same demographic markers for categorizing your audience.

  Inclusive research requires curiosity.
  Who are your unique visitors?
  What groups do you think were left out of your analysis?
  What can you do to reach more people with your existing tactics?

   

  3. Monitor adjacent markets
  It might seem strange to expect market research trends to include a new market. COVID-19 demonstrated the importance of a company's ability to pivot quickly.

  Tip: Similarweb provides the most up-to-date market data to help you see real market trends almost in real time.

  This is what you should think about: A global event can destroy your business. Your target audience cannot afford your product any more, or don't want it. What can you do to recover? Maybe you focus on a new, niche audience. You might also consider how to improve your product offerings to meet customer needs.

  Uber is an excellent example of a company that considered adjacent markets when conducting its research. Uber capitalized on the boom in the nearby food delivery market, which saw traditional ridesharing become less popular during the pandemic.

  What is the lesson? Learn from the experience of others.

   

  4. Market-tech audits
  What are your favorite platforms for market research? Martech is constantly evolving with new companies offering innovative solutions - but that doesn’t mean you should jump on every one.

  Market-tech audits are one of the most important trends in market research. It's been so easy in the last two years to use multiple software and techniques to no avail, it's now time to do an audit.

  Consider which solutions are similar in function. Is your research increasing in complexity and doubling the work? Are the efficiencies you have found in tech actually slowing down your workflow process?

  Examine every solution and concentrate on those that offer robust data analytics.

   

  5. Alignment of brand and consumer value
  Generation Z, the newest generation of customers, cares about your brand identity as well as your business values.

  Customers today want to invest in companies that share their values. Your brand should demonstrate environmental sustainability to your target audience.

  It is not enough to have a fancy mission statement. If your exterior appearance is not consistent with your day-to-day operations, customers will quickly notice. Social listening is a great way to keep up with market trends. You can keep track of the conversations about your brand's values on social media. If so, you might need to revise or renew vows.

  The result? The result? Customer loyalty is at an all-time high.

   

  6. Automation and efficiency
  Market research trends in AI and market tech audits can help companies increase efficiency. There's more to automation that these two tools. AI is a great tool for finding insights and sifting through more information. Where else can efficiency be found?

  One way to appeal to mobile-first generations is with shorter and smarter surveys. The average person doesn’t have the time or the interest to complete a 30-question survey. Locate your mobile audience, and then give them the most concise but richest survey possible. It will increase efficiency and yield greater results if your data is focused on the most important.

  Return to AI. Market research doesn't always provide exciting insights or analysis. It can be tedious, such as collecting data, categorizing and organizing information, following up emails, and so on. Market research trends demand that you automate all of these tedious tasks. You can use your time for more worthwhile work.

  What does this all mean?

  Market research trends of the moment reflect the slowly evolving trends of the past few years and introduce new methods of conducting market research.

  The truth is that market research has never been more exciting. Market research will reach new heights if you incorporate AI, inclusion, social listening, humanity, and diversity into your strategies. You can't make the most of market research trends without being aware of them.

  What's the solution? Use market research trends to help propel your business forward. You will find new customers, and you'll show your existing customers that they are important.