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.
2020 is poised to bring several new challenges to the Market Research Industry, many of them defined by social and technological changes.
So which Market Survey Research Trends should you know to confront, predict and shape the next decade of innovation?
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, and 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.
The Internet of Things will play its part
Connected devices have have found wider acceptance in our homes over the last year. Whether its for automating routine tasks or to enable new modes of media consumption there’s 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.
The evolution of NPS
Market Survey Research as a whole has undergone many evolutions and iterative changes, Net Promoter Score (NPS), however, 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 further survey a target audience. Today’s online survey platforms have also made it possible to analyze NPS data to quickly identify patterns in user behavior- which only solidifies NPS’ importance in 2020.
Another direction in which NPS is likely to evolve into is as a tracker for referrals and purchases
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?
2020 is likely to show evolutionary changes in Market Survey Research that promise bigger impacts on the Analytical side of things. 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 in your research.