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MARKET RESEARCH

Making the most of your B2B market research in 2021: Trends you shouldn’t miss!

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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:

Short and Crisp Surveys

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?

  • Add a progress bar

    Using design elements that indicate progress proves to be effective in improving the survey response rates. When respondents see a dynamic progress bar (showing the level of completion) on top of a survey, it gives them a sense of advancement.
  • Use skip logic and branching

    ‘Skip logic’ enables you to display questions based on respondents’ answers. It automatically skips the questions that are irrelevant to the respondent. 
  • Include questions that need less interaction

    As open-ended questions require a huge effort; they increase the length of your survey causing respondents to hate them even more! Use dropdown menus, radio buttons, or checkboxes to minimize the interaction as much as possible.
    Voxco uses smarter and best-in-class research questions that play a pivotal role in reducing survey fatigue and collecting data that matters.

AI-Powered Research

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.

Making the most of your B2B market research in 2021 Trends you shouldnt miss 02

Agile DIY Research

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. 

Machine-based Research

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.

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High-quality data collection

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.

More Mobile Surveys

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. 

Voxco is trusted by Top 50 Market Research firms, Global Brands & Universities in 40 countries. Voxco offers full omnichannel capability including CATI, Predictive Dialler, Online surveys, offline CAPI, and Panel Management.
Sahaj Sharma

Sahaj Sharma

Sahaj Sharma is a content marketer at Voxco. Owning a bachelor’s degree in computer science engineering, he loves exploring digital industry trends and creating content to help businesses shape their market presence. Apart from content creation, the other three things that vie his mind share are fashion, food, and travel.

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