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By empowering brands and organizations to stay at the forefront, market research has helped businesses successfully navigate a pandemic hit in 2020. Intending to identify trends and outpace the competition, an effective B2B market research enables C-suite decision-makers to make highly informed decisions concerning the profitability as well as the sustainability of the organization.
As the significance of actionable insights is evident among businesses, there’s no doubt that 2021 will be a pivotal year for B2B market research. Let’s take a look at some key trends that will impact the B2B market research landscape this year:
The art of conducting short and smart surveys is discussed a lot, but most researchers and research tools aren’t really able to adopt it. In order to improve decision-making abilities in 2021, collecting the right data with honest feedback and high survey response rates has become highly important. Leveraging a short, crisp, and efficient survey empowers you with better insights by seamlessly capturing transactional data.
So, how to make your surveys easy enough for the respondents to participate?
In today’s time, it’s impossible to understate the impact of Artificial Intelligence (AI) in businesses. Despite the hype, only 1 in 5 organizations are actually using AI. According to a study, two-thirds of B2B marketers are currently planning, evaluating, or implementing AI for marketing. By limiting human interactions, AI-assisted data collection will play a crucial role in advancing research for brands this year. Deriving insights from text-based data (be it long-form or open-ended), AI-based research makes it easy to collect the right data without any intervention and manual interpretation.
In 2021, there will be a continued increase in ‘DIY’ in-house research using smarter research tools. While B2B market research has always been considered a complex and labor-intensive process, using DIY projects simplifies the process without involving any complex scripting or powerful research questions. The bonus of collecting quantitative as well as qualitative data with a good respondent base at one location is the way forward for B2B market research and an agile DIY in-house research can let you do that.
In the case of repetitive tasks, the executor is always at a risk of getting replaced with a faster and more efficient machine. And that’s the case in B2B market research as well. According to a McKinsey report, “60% of occupations have at least one-third of activities that are technically automatable”. There will be increased use of machine learning in data recognition for supporting analyses like segmentation. We’ll see a steep increase in the use of chatbots in quantitative surveys and interviews.
With the increasing number of surveys that a person responds to, collecting high-quality data becomes a challenge. Leveraging hyper-personalization will play a key role in collecting better quality data and insights. Using high-quality survey data, it gets easy to minimize the time spent on marketing and streamline insights management at costs that aren’t excessively high. The use of non-intrusive hyper-personalization is expected to achieve higher levels of success in the coming years.
While Coronavirus has upended the way of doing business, one of the most profound changes in the field of B2B market research is the reduction in face-to-face interviews. As 51% of the world’s web traffic was coming through mobile devices in 2020, market research would definitely follow suit, with more surveys being conducted remotely on mobile in 2021.
2021 will be a crucial year for B2B market research as the trends we’re seeing now will transform the market research landscape in the future. Are you excited to uncover more market research trends for your brand? Get in touch with the experts at Voxco to ideate, manage, and analyze your Market Research strategies.