Augmented reality and virtual reality are tools of the future, 2. While social listening may not be appropriate for all researchers and businesses, when done correctly, it can contribute to the early recognition of relevant channels. The CEO of AI-powered CX platform Emplifi gives us the inside track into the relatively untapped potential of this burgeoning sales and marketing tool, Hamish White, Founder and CEO, gives us the inside track on Mobilise, a leading provider of SaaS solutions to the telecommunications industry, Could decentralised content streaming be beneficial to the entertainment industry? Hear from nearly 14,000 global employees to find out whats changed over the past year and how your company can stay ahead. Due to resource restrictions of in-person focus groups and other qualitative research methods, the only thing to retain track of this model is to migrate it online. Discover the key areas companies need to improve and the next steps for moving forward in 2022. Those insight teams then find themselves in positions where they have to fig Market Research Trends: A 5 Year View (2020-2025), Surveys, Video and the Changing Face of Agile Research, Building a Research Technology Stack for Better Insights, The Importance of Delegation in Managing Insight Activities, Common Insight Platform Pitfalls (and How to Avoid Them), Closing the Client-Agency Divide in Market Research, How to Speed Up Fieldwork Without Compromising Quality, Practical Ways to Support Real-Time Decision Making, Developing a Question Oriented, Not Answer Oriented Culture, Insight as Art Shortlisted for AURA Innovation Award, FlexMR Launch Video Close Connection Programme, VideoMR Analysis Tool Added to InsightHub, FlexMR Makes Shortlist for Quirks Research Supplier Award, Five Strategies for Turning Insight into Action, How to Design Surveys that Ask the Right Questions, Scaling Creative Qual for Rich Customer Insight, How to Measure Brand Awareness: The Complete Guide, Specsavers Informs Key Marketing Decisions with InsightHub, The Coventry Panel Helps Maintain Award Winning CX, Isagenix Customer Community Steers New Product Launch, Curo Engage Residents with InsightHub Community, Animated Insights: Customer vs. Consumer Research. Ability to look forward and predict.
Deliver exceptional omnichannel experiences, so whenever a client walks into a branch, uses your app, or speaks to a representative, you know youre building a relationship that will last. Oops! Furthermore, by training data science models on historical social media data, we can scientifically predict which of todays emerging trends will sustain growth and most impact consumer consumption and purchase behaviour in the future. In conclusion, the market research industry confronts significant challenges and opportunities in the future. Confronted with a totally unprecedented set of circumstances, businesses responded to uncertainty by cutting back on their research spending in an effort to conserve resources for an unknown future. Which trends are reshaping market research and how? 
Discover a whole new way to listen to employees, candidates, and alumni and uncover insights from the conversations theyre already having about your company. The market researchers we surveyed told us that speed was near the top of their priority lists. Will you find a partner?
Every day, millions of us share our ideas, needs, wants, frustrations, and desires on social media platforms. World-class advisory, implementation, and support services from industry experts and the XM Institute. A member of our team will reach out within two working days. Uncover the products, services, and experiences that customers and employees want next. 2020s crises profoundly changed the relationship between consumers and brands altering expectations and redefining relationships. And its a data ocean out there looking for the right-insight may seem like looking for a needle in the haystack. Role of online qualitative research and social listening, The CEO of AI-powered CX platform Emplifi gives us the inside track into the relatively untapped potential of this burgeoning sales and marketing tool, Hamish White, Founder and CEO, gives us the inside track on Mobilise, a leading provider of SaaS solutions to the telecommunications industry, Could decentralised content streaming be beneficial to the entertainment industry? Tackle the hardest research challenges and deliver the results that matter with market research software for everyone from researchers to academics. Shantanu Ingale is an experienced media and communications professional at Future Market Insights, an ESOMAR-certified market research and consulting firm, who recently conducted a study to determinewhich trends are currently reshaping the market research industry and are predicted to be there in the future. But they also need to take into account what is done with the insights after they have been collated and analysed. Please enter a valid business email address. I write about the application of AI & Big Data to innovation and prediction. hbspt.cta._relativeUrls=true;hbspt.cta.load(1682149, 'a07b9b9f-fee9-447c-a050-1e3fa9d77f53', {"useNewLoader":"true","region":"na1"}); We are The Insights Empowerment Company. They combine this with Black Swans trend prediction technology:Trendscope, to prioritise which emerging Beverage and Snacking trends are predicted to tip into the mainstream. She is passionate about designing questionnaires, contact strategies, and experience management tools that reduce respondent burden and simplify the data capture process. Instead of tech-enabled firms that rely on old methods, lets talk about tech-drivenmarket research thats new and creating something transformative. Technology Magazine focuses on technology news, key technology interviews, technology videos, the 'Technology Podcast' series along with an ever-expanding range of focused technology white papers and webinars.
And critically, progress from looking only at past behaviour in the rear-view mirror, to looking forward with statistical confidence about whats on the horizon. To be efficient, the researcher must take advantage of emerging technologies that expedite and streamline data collection and analysis, enabling researchers to dedicate more resources to higher-level problem solving and narration. Some of the technologies at the forefront of reshaping this industry are the leverage of automation & AI, Machine Learning & neural techniques, and others. 
As we move from crisis response to future planning, what does the market research landscape look like? Industry research supports Gans vision. These small competitors are fast and close to the ground: they can spot trends before the big brands and bring new products to the market faster than anyone. With many predicted challenges in the future, where do you think we should focus our innovation efforts on within the market research industry for the next exciting decade? Tech-driven market research can help you make more money, save more money and waste less money by helping you: When forward-thinking companies like PepsiCo,MondelzInternational, Proctor & Gamble, Johnson & Johnson, and others are using tech-driven market research, its clear that the ship is sailing. These disruptive technologies are behind some of the cutting-edge Market Research Platforms designed like, cloud-based, enabling on-demand, and on-the-go research consumption. XM Scientists and advisory consultants with demonstrative experience in your industry, Technology consultants, engineers, and program architects with deep platform expertise, Client services specialists who are obsessed with seeing you succeed. Will you go for another qualification? Keep in mind that real-time market research is intended to be an additional source and type of data that provides a multi-dimensional view of customers, and it won't be useful if companies can't change quickly enough to include real-time results. Due to the obvious broad social media footprint, it is becoming increasingly vital to listen to what is going on social media and to infer thoughts from dialogues. For example, they use an AI-driven tool calledTastewiseto analyse millions of menu data points and understand what food and cuisines people are eating. Its also a part of the everyday fabric of collaborative research, with online panels supplying data and remote working critically dependent on functions like IM and video calls. This is research performed by firms that apply more cost efficient, digital methods to gather the same data as before that used to require an army of researchers.
For many, the answer lay in new technology that enabled more efficient ways of working. Understand the end-to-end experience across all your digital channels, identify experience gaps and see the actions to take that will have the biggest impact on customer satisfaction and loyalty. However, theres no getting away from the fact that we've been focussing a lot on developing methods in order to get the most data possible, with only a little mention of quality data. Improve productivity. 1. See 17 market research tools we recommend exploring in 2021.
Drive loyalty and revenue with world-class experiences at every step, with world-class brand, customer, employee, and product experiences. Deliver breakthrough contact center experiences that reduce churn and drive unwavering loyalty from your customers. Opinions expressed by Forbes Contributors are their own. Virtual environments or virtual reality as a research method could be the next progressive progression for the market research industry, owing to the increasing accessibility of such technologies in the research industry. That will save a lot of time in the research process, further enabling researchers to provide quality insights at the speed of business, which will help businesses make the right decisions faster.
The application of Big Data and AI powered tools is not only going to mature, it is going to accelerate and spin-off into multiple use-cases and applications. Tech-driven market research already seems like an extreme paradigm shift, but this is just the first drop in the bucket. With the advent of the internet, smart phones, and advancement in data collection, there is more data available on customers, their habits, and their preferences than ever before. The proof is in the pudding. Knowledge-based industries were perhaps the least hardest-hit, with a shift towards remote working keeping the lights on. Improved research channels (mobile, online, etc.) It still relies on prompted questions to an unmotivated sample of respondents which means it will rarely uncover something you didnt already know about (the unknowns). Get in touch, I would love to hear from you. Our framework addresses the major pressures insight teams face. Its true that in the past five years weve come a very long way from being mass-survey and -report producers: But now that this technology has been developed and allowed us access to untold quantities of data, we have now in the latter years of the previous decade, began work on refining these technologies in order to get to the better-quality data. Webinar: XM for Continuous School Improvement, Blog: Selecting an Academic Research Platform, eBook: Experience Management in Healthcare, eBook: Designing a World-Class Digital CX Program, eBook: Essential Website Experience Playbook, Supermarket & Grocery Customer Experience, Property & Casualty Insurance Customer Experience, eBook: Experience Leadership in Financial Services, Blog: Reducing Customer Churn for Banks and, Webinar: How to Drive Government Innovation, Blog: 5 Ways to Build Better Government with, eBook: Best Practices for B2B CX Management, Case Study: Solution for World Class Travel, Webinar: How Spirit Airlines is Improving the Guest, Blog: How to Create Better Experiences in the Hospitality Industry, News: Qualtrics in the Automotive Industry, X4: Market Research Breakthroughs at T-mobile, Webinar: Four Principles of Modern Research, Qualtrics MasterSessions: Customer Experience, eBook: 16 Ways to Capture and Capitalize on, eBook: Rising to the Top With digital Customer Experience, Article: What is Digital Customer Experience Management & How to Improve It, Qualtrics MasterSessions: Products Innovators, Webinar: 5 ways to Transform your Contact Center.
Reach new audiences by unlocking insights hidden deep in experience data and operational data to create and deliver content audiences cant get enough of. Will you finally retire and live in an idyllic little cottage in the highlands or on a cliff near a beach? Why? It depends a lot on the personal trajectories of researchers within the field (will they find some great innovation that will change the course of research for the better, or take us back a decade in terms of advancement? Our flexible approach helps you make the most of research budgets and build an agile solution that works for you. As we go into 2021, researchers are working hard to form a better understanding of post-2020 markets and how consumers now think and feel. Dive into the 2022 market research trends to uncover the challenges organizations face, their priorities & the key trends driving change. In fact, many of these companies are dedicated to just following these trends. Comprehensive solutions for every health experience that matters. Weve seen market research companies go through three typical stages in response to the COVID-19 crisis. Though nothing new, market research technology came into its own during 2020 as a means to alleviate cost burdens and do more with less. Looking at the CPG industry, BCG and Google saw that companies could improve their earnings by over10% using AI and advanced analytics. While large data remains a top goal for many market research organizations, others have recently become interested in "microdata" or data about individual customers' activity. Now and in the future, technology plays an important role in bringing data from disparate sources together, and helping market researchers to collate, analyze and communicate their findings. Months rather than weeks on from the initial crisis point, researchers were met with the challenge to do more with less, and to produce results faster than ever. Liz has published research in the International Journal of Social Research Methodology, Military Psychology, and Social Science Computer Review, and co-edited the book Social Media, Sociality and Survey research, published in 2013 by Wiley Press. With a holistic view of employee experience, your team can pinpoint key drivers of engagement and receive targeted actions to drive meaningful improvement. In the long run, organisations continue to chart their growth strategy and resilience through new avenues of profitability and dominance in new markets. combines the true power of human intuition with robotic precision. All those in customer-facing industries know the terms customer and consumer.
Explore On-Demand Training & Certification. Do you think you are missing out? Though 2020 is now behind us, much of its impact continues. Despite this, only 6% of CPGs in the study were using AI and advanced analytics to empower functions and drive key decisions at scale. The Forbes Worlds Most Influential CMOs List: 2022, tech-driven analytics capability called Ada, webinar hosted by the Yale School of Management, Innovate great products that anticpate changing consumer needs, Reduce risk and make fewer duds that miss important trends entirely, Increase agility and keep up with competitors of all sizes. There are substantial benefits of shifting your offline focus groups online, from adopting the right tool to manage data collection to engagement and digital rewards.
2022 Forbes Media LLC. Hint: the key doesnt lie in just making old methods digital. This is incredibly useful information if youre trying to create new product innovation ideas.
With budgets still critically tight, market researchers will be looking to technology to help them keep pace with demand. By analysing this vast and rich data source we can identify known and unknown consumer topics and understand how and why they are trending. There has been a lot of change in the past few years, with immense efforts to diversify the industry, integrate automation processes and make the research process more agile. Therefore its not surprising why this industry is adapting technology to sharpen data collection processes, research methodologies, and presentation of insights to its clients. Her expertise is in survey and market research design, UX research, brand health, technology adoption and cross-cultural research. Improve awareness and perception. If you are not on board yet, you are missing out. Attract and retain talent.
Meet the operating system for experience management. These disruptive technologies are behind some of the cutting-edge Market Research Platforms designed like, cloud-based, enabling on-demand, and on-the-go research consumption. Join Camp InsightHub, our free demo platform, to discover the future of research. In order to be successful in the market research industry, real-time research must be combined with primary research. I know that my proposition sounds excellent, and you might be sceptical. In the recent prediction articles from the main research publication organisations (GreenBook, Research Live, Research World, Insights Association, etc.) The insights industry is focused on innovation and looking ahead.
Whatever happens in the next five years is completely up to you. For market researchers, 2020 was catastrophic yet transformative, demanding rapid change and adaptation in order to survive and thrive. Innovate with speed, agility and confidence and engineer experiences that work for everyone. Research agencies are set to market agile research a whole lot more in the face of these new developments, cutting down on research times so that short bursts of focussed research take place for speed and flexibility of research experiences.
Get the complete picture: Download our Market Research Trends Report for 2021.
With many predicted challenges in the future, where do you think we should focus our innovation efforts on within the market research industry for the next exciting decade? Trends are brilliant predictors of the future, but some can be wildly off the mark. Overall though, there were few winners. Fill out this form to request a call back from our team to explore our pricing options. Online qualitative research is one market research trend that has been a clear by-product of the pandemic. Times are changing fast. Read a brief overview of the agile research platform enabling brands to inform decisions at speed in this PDF. Increase share of wallet.
Will this pace slow down or speed up? Unfortunately, a large part of the problem for them is their market research. As CEO of Black Swan Data, I work with some of the biggest CPG brands in the world, and they all keep talking about it. PwC Cloud and Digital Transformation BrandVoice, 4 Steps To Help Your Kids Build Smart Money Habits, How To Earn Cash Rewards For Everyday Spending. Add conversational analytics into your market research toolkit with rich insights from social media, forums, phone calls, chats, and more.
Quality insight doesn't need to cost the earth. However, in order to get an accurate representation of what could feasibly happen in the next five years at this point in time, we should think about where we could take it right now, and more importantly, where we should take it in order to make the industry and the insights generated the best they can be. there is a surprising consensus on which directions market research could take, and where insight professionals would like to see market research go, in the next few years, in the next decade. Tech-driven market research utilises and unlocks the value of these behavioural data sources. Technology Magazine covers the '7 Pillars of Digital Journey' - Digital Transformation, Cloud Computing, Cybersecurity, Digital Ecosystems, Strategic Alliances, Data & Data Analytics and AI - connecting the worlds largest community of enterprise IT and technology executives. The introduction of virtual environments has presented us with a new dimension for research methodologies. Integrations with the world's leading business software, and pre-built, expert-designed programs designed to turbocharge your XM program. All of these questions will inform the predictions of industry experts when they look forward into the future. You may opt-out by. Ada, named after mathematician Ada Lovelace, integrates and applies an ecosystem of progressive, cutting-edge market research tools into PepsiCos core business processes, bringing new capabilities to their 600-strong global team of Insight professionals. Although big data remains an integrate information for every research company, businesses have started to acknowledge that the most effective and targeted business decisions are inevitably supported by the empirical on individual customers' behaviours.
Improve the entire student and staff experience. The enabling of agile research, both in the fast and flexible senses of the word, like these new channels will do will also be a huge priority, so we as an industry are better able to deliver insights to decision makers at the speed of their business (or potentially even faster). the say/do gap). Decrease time to market. All Rights Reserved, This is a BETA experience. Reduce cost to serve. Our methods, the insight industry and the world have all changed a lot in that time. Design the experiences people want next. This model is a powerful tool for fast-changing circumstances and unfamiliar research territory, since it allows researchers the freedom to respond to events and adapt their research to whatever life throws at us. Human intelligence and perception will work hand in hand with the latest tools. Limited number of questions you can ask, 6. Then and only then will we be able to put it to better use. Today virtual environments are being used for product concept testing, early-stage product feasibility analysis, and understanding consumer behaviour about a nascent product. Were going to be seeing a blended approach where technology, and in particular automation, takes on some of the heavy lifting and allows data to be processed and analyzed at scale. After all, the budgets may be scaling back but the volume and variety of market research data will only keep growing. You may isolate the data you care about and keep an eye out for short-term indicators around consumer research using social listening. Transform customer service and develop stronger, more personalized relationships with your customers with AI powered conversational analytics. Download our free guide to modern agile research. In fact, it has been a 20+ year journey. However, not all digital market research has fixed the six big problems of the industry previously highlighted. There are demonstratable gains to be made when companies start focusing on tech-driven methods in their research. The opportunities are many, and the future is full of promise. CPGs lost an estimated $2.3 billion on failed innovation in 2019 alone. Therefore its not surprising why this industry is adapting technology to sharpen data collection processes, research methodologies, and presentation of insights to its clients. Market Research continues to play a crucial role in analysing real-time market trends, competitive benchmarking, customer intent behaviour to provide that niche insight on which business decisions can be based. It doesnt solve the claimed vs actual behaviour issue (i.e. Interactive insight workshops, translating insights into art, and implementing basic storytelling techniques are small steps that have already been taken before 2020, but can we take this further and revolutionise reporting for good? Well see human creativity in the form of lateral thinking the ability to pivot and reframe ideas and to challenge assumptions and storytelling to communicate ideas in a compelling way. This is worth a closer look. Market research platforms such asMarketNgage,Kantar MarketPlacecombines the true power of human intuition with robotic precision. Those that weathered the storm were frequently those who turned to technology for a competitive advantage. Fill out this form to request a demo of the InsightHub platform and discover the difference insights empowerment can make. Born into the post-war economy of Mad Men and Madison Avenue, market research was an appeal to science to bring rigour to understanding what customers wanted and what they would pay for. In a recentwebinar hosted by the Yale School of Management, Stephan talked about creating a faster, stronger, better Consumer Insights function. Economic growth was put into reverse, supply chains were tested to and beyond breaking point, consumers turned to stockpiling and their relationships to brands shifted from a position of choice to one of necessity. Rather than carrying out large, structured projects, we can expect to see researchers running smaller surveys in an iterative way, each one building off the findings of the one before. Traditional market research is just not getting the job done in todays world. Marketeers continued use of methods such as questionnaires, interviews and focus groups for the last 80 years pays testament to traditional researchs usefulness. Creative innovation in the reporting process seems to be gaining traction in recent years, could this be the year that we finally ditch the PowerPoint presentation and start immersing stakeholders in our insights in other ways? Artificial intelligence (AI) is assisting people in the market research industry in three ways: All in all, for the future, artificial intelligence in market research is considered to influence and deliver marketing strategies, business models, customer service solutions, business results, and in-depth consumption patterns in the future. However, combining the capabilities of real-time research and agile market research could result in a comprehensive perspective of a consumer's past, present, and future habits at the rate at which they change.
What is tech-enabled market research exactly? The insights empowerment readiness calculator measures your progress in building an insight-led culture. But integrated together through Ada, they combine to create an advantaged capability that sets PepsiCo apart from competitors in how they conceive new ideas and bring new products to market. Get ready to streamline, scale and supercharge your research. // Senior XM Scientist. While some brands pivoted smartly, others, especially in the hospitality and leisure sectors, were overwhelmed by the crushing pressure of COVID-19. AI will be a huge help in this regard, but still needs some developing in order to make it more reliable. We also much prefer to talk than to write, as it requires a lot less effort on our part. We didnt have to warn everyone on the dangers of. Used alone, each of these tools offers a powerful, tech-driven solution that creates better answers to familiar questions. Ideas created through this process are then rapidly tested and optimised throughZappisadvanced new product concept testing platform. Run world-class research. Whether it's browsing, booking, flying, or staying, make every part of the travel experience unforgettable. And thats the same with the trends in market research. Find experience gaps. Another example is analysing social media conversation trends to anticipate changes in consumer behaviour and attitude. And some of the bold innovations in this area are coming from theIndian market research industry.