7 Best Market Research Trends to follow in 2024 and beyond!

Market research has evolved much in the past few years. Data is available on every nook and corner of the internet, and thus, researchers are equipped better than ever. Today we are talking about the 7 best market research trends that will shape the coming years. 

These trends are crucial because we are saying goodbye to some renowned traditional methods of research. Such as interviews, focus groups and offline surveys. 

Explore the trends with us and stay ahead of the curve! 

 

1. AI and Machine Learning (ML) Take Center Stage

AI and ML are transforming how data is analyzed, uncovering hidden patterns and predicting consumer behaviour with greater accuracy. This allows researchers to move beyond traditional methods and gain deeper insights.

 

AI can automate tedious tasks like data cleaning, coding surveys, and sentiment analysis. This frees up researchers' time to focus on more strategic aspects of research, such as interpreting results and drawing actionable insights.

Techniques like sentiment analysis of social media data and real-time customer journey tracking already leverage AI in marketing 

Also Read: The Future of Market Research: AI & Advanced Analytics

 

2. Mobile-First Surveys Become the Norm

As smartphone usage continues to soar, online surveys will increasingly be designed for mobile devices. User experience (UX) will be crucial for high completion rates. The dominance of smartphones has fundamentally changed how people access the internet. 

 

Globally, there are more mobile phone users than desktop internet users. In 2023, there were 6.6 billion smartphone users worldwide compared to 4.33 billion desktop users. 

People are accustomed to using their phones on the go.  Mobile-friendly surveys allow participants to complete them at their convenience, during commutes, breaks, or whenever they have a free moment. This can significantly increase completion rates. 

 

3. The Rise of Passive Data Collection

Passive data captures how people actually behave, rather than what they say they do.  For instance, tracking website clicks provides a more accurate picture of browsing habits than asking someone about their online interests.

 

Techniques like eye-tracking, facial recognition, and analyzing online behaviour will provide richer insights into consumer preferences without needing direct questioning.

For example, tools like Google Analytics track website traffic, user clicks, and browsing behaviour to understand how people interact with a brand's online presence.

 

4. Social Listening Becomes Indispensable

Social listening tools can track competitor mentions and analyze their brand perception. This allows researchers to understand competitor strengths and weaknesses, informing product development and marketing strategies.

 

Social media platforms offer a goldmine of data on consumer opinions and trends. Market researchers will leverage sentiment analysis and social listening tools to understand brand perception and emerging topics.

Check out this blog on: Top 10 Market Research Tools and Software

 

5. Focus on Real-Time Data and Analytics

Waiting for reports is becoming outdated. Real-time data analysis will allow researchers to track trends and adapt strategies as situations unfold. 

 

Real-time data allows researchers to see trends and customer behaviour unfold as they happen, enabling them to adapt strategies and capitalize on opportunities quickly.

Here are some technologies that enable real-time data and analytics:

 

Streaming Analytics: Technologies that process data as it's generated, providing near-instantaneous insights.

Cloud-Based Data Warehouses:  Scalable and accessible data storage solutions that allow for real-time data analysis.

Machine Learning and AI:  These technologies can analyze vast amounts of data in real time, identifying patterns and trends that humans might miss.

Real-Time Dashboards:  Interactive dashboards that provide a visual representation of key metrics and trends, allowing for easy monitoring and decision-making.

 

6. Omnichannel Research for a Holistic View

Traditional market research often focuses on siloed channels, like online surveys or in-store interviews. However, today's consumers interact with brands across various touchpoints. 

This is where "Omnichannel Research for a Holistic View" comes in. It emphasizes the importance of gathering data from all relevant channels to understand the complete customer journey.

 

Consumers interact with brands across various touchpoints. The research will encompass online and offline channels to get a complete picture of the customer journey. 

Understanding how customers move from initial awareness to purchase decision requires data from all stages of the journey. Omnichannel research helps map this journey and identify potential drop-off points.

Related: Consumer Research Process Explained in 7 Simples Steps

 

 

7. DIY Market Research Tools Gain Traction

DIY (Do-It-Yourself) market research tools signify a democratization of market research. Traditionally, conducting market research involved hiring expensive agencies or possessing specialized research skills. However, user-friendly DIY tools are making it easier and more affordable for businesses of all sizes to gather valuable customer insights.

 

As technology evolves, user-friendly DIY research tools will empower businesses to conduct their market research, making insights more accessible.

It's important to remember that DIY tools might not be suitable for complex research projects. However, for many businesses, they offer a powerful and cost-effective way to gather valuable customer insights and make data-driven decisions. 

 

Final Word

The future of market research is likely to be more collaborative, with researchers working alongside data scientists, marketing teams, and even customers to gather and interpret data effectively.

 

The above-listed trends will leave an everlasting impact on the market research industry. 

To know more about this topic, you can explore more of our blogs focused on market and consumer research. Make sure to subscribe to our newsletter and get the latest insights every day! Adios

Also Read: What are Consumer Insights: Meaning, Examples and Scope