5 Market Research Trends And Predictions In 2021
Today Social media plays a vital role in gathering sentiments; there is an advancement in psychological, economic, and scientific knowledge in data collection. These factors have led to market research evolution, and 2021 will see a marked shift in collecting transactional data.
1.Digital transformation and going virtual:
The pandemic has accelerated many organizations’ moves online. Gartner notes, “In 2020, investments in paid, owned and earned digital channels now account for almost 80% of multichannel budgets, with digital advertising and search advertising taking nearly a quarter (22%), social marketing (11.3%) and website (10.4%) topping the list.
2. Social listening:
Due to a large social media footprint, it is becoming increasingly important to listen to social media’s happening and derive sentiments from conversations. Since social media is highly emotive, there is a broader scope to get to the root of ideas, complaints, purchase behaviour, macro and micro trends, etc.
3. AI-assisted data collection:
Two common themes arose from market research in 2020 – personalization and convenience. Using AI-assisted data collection helps in advancing research for brands and researchers. The right data going to the right stakeholders in real-time define the success metrics of market research.
4. Quality data collection:
Going into 2021 and beyond, with the increase in the number of surveys that a person is expected to respond to, standing out and collecting quality data will be a challenge. Personalizing data collection at the point of experience with intercept studies and smarter shorter surveys helps with data collection.
5. True agility:
Being adaptable is a good idea at the best of times – during unstable times it’s a necessity. Prepare in advance for all eventualities. Don’t just expect disruptions, but actively go looking for them. Be a source of innovation. Different pressures require different responses and difficult decisions. Move fast when the time is right to get ahead or you will likely be left behind.