Market Research Trends leading up to 2018
Starting from 2016, we saw trends surrounding big data, mobile research, personalization, wearable technology and global reach. Most of these trends have continued on in 2017, however, where the industry is headed has a significant effect on the way Market Researchers operate. Therefore, as the year end draws near, there are few notable Market Research Trends, many of them resulting from big data, which will continue onto 2018 and transform our research methods forever.
Artificial Intelligence [AI], Machine Learning, Automation
Many describe machine learning, artificial intelligence, and automation differently and separately, yet they go hand in hand. For e.g. machine learning collects big data then uses artificial intelligence [AI] to interconnect and transfer the learning and gather more information, therefore creating an automated process.
What does this have to do with market research? Well, the ability to collect, process, communicate and learn from information has a huge effect on market research. Particularly they impact research through various ways like –
• Time management – saving time spent on when, what, where and how, therefore the researchers have more to time to focus on why.
• Provision of means to collect, analyze and interpret big data
• Solution for the limitations of sampling and reach when it comes to the amount of data points needed to offer accurate insights
Essentially, the elements mentioned above change the way market researchers operate, which may even change the way they are addressed.
Smartphone based research making waves
A few years ago, research made rapid progress in order to optimize studies on mobile devices. Continuing the same trend, the use of smartphones will be utilized to gather more specific information on consumers. Applications can gain access into the data of smartphones users and offer that information to others for a particular fee. While there will be likely some framework in place around how the process works, information like visitor’s gender, age, location, purchasing habits can be accessed by researchers. This data will give researchers an unparalleled level of insight into customer behavior. This will be more advantageous when combined with expert market researchers, machine learning, and data scientists.
Market researchers or data scientists
Although market researchers in some cases will still be researchers depending upon methodology, due to the inflow of info that’s becoming more accessible, there’s already been a change to data sciences for some in the industry. While data scientists use machine learning and visualization to find new trends in data, the adoption of these tools being used in marketing and research will likely lead to the blending of the two roles. For e.g. Researchers will start with data science to realize what is happening in relation to the specific business problem, then use market research to determine why that is before returning to the data [ or machine learning] to find out how to forecast the future outcomes and solve problems swiftly.
In simpler terms, data science and market research will come together as one process to create a holistic view of research.