The value of the global market research industry grew by more than $40 billion between 2009 and 2019. The industry is currently worth $73.38 billion and shows no signs of abating.
This assessment is not surprising – information is everywhere. The unprecedented volume of data, up-to-the-minute insights, and a truly global audience mean that the market research industry is constantly changing in an effort to keep up with changing consumer preferences.
In this report, read about the top five trends we expect to drive the market research industry in 2022 and the years to come:
Short and smart surveys.
In recent years, the market research industry has lived up to what they know: Online surveys work. Today, almost 90% of market researchers say they regularly use online surveys. Market researchers are increasingly relying on online surveys because they are fast and cost-effective.
Almost all consumers are on the Internet—only 37% of the world’s people, including people in developing countries, have never been online.
Statistics show that 4.95 billion people use the Internet by the beginning of 2022, and that number is increasing by 4% every year.
Experts expect the popularity of the online survey market to remain high, increasing by 16% every year until 2026.
At the end of 2018, 33% of online surveys were initiated via mobile.
This was a considerable increase from 2013 when only 3-7% of surveys were conducted on smartphones.
It is important to point out that while all smart surveys can be online, not all online surveys can be considered smart. Creating a smart survey now involves doing it little by little. Recent data has shown that people in the online space are more likely to fill out short surveys.
Be it product surveys, brand surveys or customer service surveys, making it smart and short is your best bet to get high conversion rates.
Redefining the Representative Sample
Market researchers have always been careful to create their own groups of research participants in proportion to the market population.
In other words, they recruit participants who reflect their target audience in terms of gender, age, and location.
Over the years, there has been a push to understand “representative sampling” to a greater extent.
An inclusive approach to research relies on a diverse sample of respondents and employs cultural understanding to provide psychological protection for them. This enables you to gather open and honest responses.
Inclusive market research doesn’t offer an entirely new way of doing things. But it includes several meaningful changes that can significantly improve the quality of the data collected.
Doing market research among millennials is one example where audience diversity is essential.
Video becomes the tool of choice for qualitative research
Research by Tech Note found that 93% of market researchers are using online/video focus groups more frequently than they were three years ago.
They also found that 90% of consumers are using online video submissions and in-depth video interviews more than they were three years ago.
The main reason behind this transition? Consumers are now more comfortable being “on camera”.
Thanks to the pandemic, video conferencing platforms have now become a part of the daily lives of many people. Actually, more than 300 million people use Zoom every day.
They are also ready and willing to create user-generated content. When Instagram first introduced its video feature, over 5 million videos were shared.
Experts agree that companies can gain more market insight through video than text.
Video is more interactive, more real, and provides “unspoken” data such as body language, tone, and facial expressions.
From automotive companies to the beverage industry, to healthcare organizations, almost every industry is taking advantage of video-based market research.
In the past, market researchers have been concerned about the scalability of video insights. Manually combing through hours of unedited video footage is nowhere near as efficient.
But, in today’s market video gives massively faster results.
One of the biggest trends in market research is the additional use of technology to capture respondent behavior and data, along with a variety of factors like facial recognition and contactless surveys. Surveys that help you gain insight, where respondents do not need to interact with an external device and emotions are directly captured by facial and visual cues, will be extremely important by 2021 and beyond. A simple question, for example, to the point of experience where facial recognition captures respondent emotions will go a long way in providing mature insights for brands.
Since the COVID 19 pandemic many organizations have understood the importance of adjacent markets. According to the World Bank, a quarter of the world’s companies saw their sales drop in half. The companies that were affected were mostly transport organizations as movement was restricted. However, Uber was an exception. Their foray into the adjacent market in 2016 saved them from hitting rock bottom like other transportation companies.
Although many of them were unable to do anything about the disintegration and decline of their businesses at that time, they immediately swung into action after the COVID 19 pandemic ended. He started exploring new markets adjacent to him. Even after two years, this research continues.
In 2022, these organizations not only started learning about the markets around them but also started growing in them. Even if another pandemic doesn’t spread, your presence in more than one market is paramount to your organization’s survival. As they say, putting all your eggs in one basket is dangerous. Experts believe that if organizations shift their market research to existing adjacent markets, they will discover more growth opportunities.
Customer needs are constantly changing, and this means that market research will always be the key to any successful organization.
Philomath research will help your business with our team of experts bringing out the best by using these trends. Our expert team has access to B2B, B2C, and Healthcare.
Brands that can anticipate customer needs and requirements quickly and effectively are the brands that will be able to beat the competition and never look back.
Growth and development in the market research industry is actively linked to the emergence of new, more effective technologies and Philomath Research has a proven record of satisfying their customers with the most effective and latest trends and technologies. Top Trends in 2022 is the start of a long series of changes in the industry. If business owners and marketers do not adopt these trends, their business will suffer greatly.
For more details visit us at www.philomathresearch.com