Market research is an organized way to gather information about target market or customers. Experts try to differentiate marketing research as marketing process and market research which is specifically concerned with market. Research maintains competitiveness over competitors. Market research analyses the needs, wants, market-size and the existing competitors in the market. It is derived in two ways i.e., qualitative techniques (focus groups, personal interviews), quantitative techniques (customers survey, analysis of secondary data).
Past trends: These are few of past trends in market research:
There was faster micro surveys, data became more visual, there was openness to new technology and innovation in market research, online survey panels became more important and clever, importance was given for social media analysis, automated marketing was considered as new dream team, automation was creating efficiencies in market research, internet was considered to drive marketing innovation.
Artificial intelligence, Machine learning and Automation: These 3 factors go hand in hand. Say Machine learning gathers big data, processes it and from this data, people uses artificial intelligence (AI) to communicate learning and gather more data and this creates an automated process. In simple words, it’s the ability to gather, process and communicate from data and this creates a huge impact on market research. This specifically impacts on means of gathering and interpreting big data, solving the restrictions on sampling and reach when it comes to provide accurate insight about data points.
Integration of Market research and Data science: Market research is based on traditional methodology and data scientists uses visualization and machine learning. Nowadays researchers use traditional methodology to gather the data but use data science to find the insights and accurately forecast the changing trends. Thus, there is a blend of these two.
Smartphone based research will rise: With growing trends of smartphones, researchers can collect more specific data of consumers. Researchers can collect information from mobile applications like gender, age, location, purchasing habits and app usage. This will give access to the consumer behaviour and enable the researchers to understand the changing pattern in consumer behaviour.
Qualitative research that can answer ‘the why’: Companies emphasis more on quantitative data, this can’t provide any future market, opportunities, needs of the customers. Qualitative data uncovers new needs, insight and opportunities that will guide innovation. Qualitative data answers Why? Why people shop and why they buy, that is where the future of market research lies.