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6 Market Research Trends For 2024: Uncovering Insights
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Social Media, Smartphones, AI – These entities have defined market survey research through the 2010s and have and have posed several challenges for companies along the way.
2024 is poised to bring several new challenges to the Market Research Industry, many of them defined by social and technological changes.
So which market research trends should you know to confront, predict and shape the next decade of innovation?
6 Market research trends
The market research industry has evolved faster to adapt to the sudden shift in the market caused by Covid-19.
- Multiple industries stepped back and stopped spending their resources on research due to the unknown future.
- With the surfacing of the “new normal,” companies started to conduct small-scale surveys to gauge the current need of the customers.
- Finally, with the new technology and trends in the market research industry, researchers have started to produce insightful data quickly and efficiently.
So, which of these market survey research trends are here to stay?
01. Automation & AI are so much more than buzzwords:
Automation has made its presence felt in homes, utilities, and several professions – Market Survey Research is going to be no exception. However, the impact is expected to be largely positive. Data collection platforms will be able to seamlessly provide researchers with mountains of data right into their devices, letting them focus more on gleaning insights.
Understanding the customer is often a lot of market survey research intermingled with data. AI-based solutions are already being implemented to help researchers process data more effectively and intuitively.Where AI can truly shine is by allowing researchers to extrapolate surveyed data and allow them to make better predictions.
Checkout Voxco Online features to see how it can help you unlock the power of data with its robust functionalities.
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02. The “Internet of Things” will play its part
Connected devices have found wider acceptance in our homes over the last year. Whether it’s for automating routine tasks or enabling new modes of media consumption, there are few people who don’t have them as an active aspect of their lifestyle.
However, it’s not only the consumer who gets to reap the rewards that the Internet of Things bestows.
Connected tech = more data for those in market research to pore over. There’s a whole new world of data to pore over and entirely new experiences to survey new and old consumers about. This is what makes IoT one of the latest trends in the market research industry.
The connectivity empowers you to capture real-time insights from your target customers. With instant access to customer opinion, you can take the right action, whether it is to modify a product or personalize communication.
03. The evolution of NPS®
Market survey research as a whole has undergone many evolutions and iterative changes. However, Net Promoter Score (NPS® ), a key market research trend, has retained its simple character, which makes it so useful for tracking customer intention.
However, one can possibly get even more out of NPS® by using it as a basis to survey a target audience further.
Today’s online survey tools have also made it possible to analyze NPS® data to quickly identify patterns in user behavior- which only solidifies NPS® ’ importance in 2024 . Additionally, the survey platform also makes it possible to add an open-ended question in the survey to gather honest and unfiltered customer opinions.
Another direction in which NPS® is likely to evolve is as a tracker for referrals and purchases. As a loyalty metric, you can leverage it to close the loop at the right time with at-risk customers and prevent churning.
Additional read: B2B Market research trends.
04. Customer sentiment cannot be ignored:
Human beings tend to feel strongly about things, and corporations, products, and services are no exception. It’s keeping this in mind that researchers are now making customer sentiment a cornerstone of customer experience. People can be quite receptive to telephonic & online surveys that simply want to know their preferences and even feelings.
Emotionally connected customers result in a far lower attrition rate and an increase in customer advocacy as well. After all – who wouldn’t recommend a company that they feel understands them?
Advanced survey software with machine learning technology has made it possible to uncover customer sentiment from their feedback. Gauging sentiment can help you refine your services and communication to influence customers’ perceptions of the brand positively.
Read how Voxco helped HRI conduct complex market research and accelerate insight generation.
05. Market research is becoming more agile:
Traditional surveys and market research are linear and time-consuming. By the time researchers are done generating insights, customers’ needs have shifted, and the insights are rendered irrelevant.
Agile market research, on the other hand, allows researchers to conduct small surveys in an iterative manner. You can run surveys based on the insights generated from one survey. The responsive and nuanced characteristic of agile research is what makes it a vital market research trend.
06. Complete and integrated research platform:
Another key market research industry trend is the increasing use of comprehensive, one-stop-shop survey software. Rather than investing in four different tools and working in silos, researchers can now create surveys, gather data, uncover insights, and interpret and report in one platform.
A single platform allows market and survey researchers to be more connected in their objectives and adopt a more holistic approach. Additionally, central market research software also efficiently integrates with your system, thus reducing the need to import or export data.
Voxco helps the top 50 MR firms & 500+ global brands gather omnichannel feedback, measure sentiment, uncover insights, and act on them.
See how Voxco can enhance your research efficiency.
Conclusion
2024 is likely to show evolutionary changes in market survey research that promise bigger impacts on the analytical side of things.
These six market research trends have been seen to have a major impact on improving market research and enhancing decision-making. Technologies that have been gestating for the last few years are now ripe for use, and arming yourself with the right platform will have a measurable impact on your research.
Voxco is trusted by researchers across verticals in 40+ countries. Check out our Market Research hub to learn how one can launch surveys at scale.
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