2018 Market Research Trends
As we have previously discussed, there are some emerging topics in the market research area for a few years now, raising from two main directions: technological developments and business requirements. For 2018, the predictions have not changed too much, yet their importance have been reshuffled. Here are the 5 most important trends in 2018 from our view:
Increasing importance of AI-powered market research
Artificial intelligence has already entered the consumer landscape and started making an impact in the market research industry, as well. The AI-based technologies are enabling researchers to deliver faster and more cost-effective insights. Based on AI tools, the insights can further be incorporated in real-time. Deeper data integration allows clients to put market research into a broader context and understand more fully how to apply the generated insights into their actual business.
Managing personal data and privacy better
The introduction of GDPR this year will put tremendous pressure on companies and how they deal with customer data, by putting the individual first. However, it should open new opportunities and generally offer a positive boost to the market research industry, by providing clear means of opting in/ out and permission-based processes.
Listening more to social media
Social media user-generated content, conversations and ethnographic insights offer new type of insights to marketers, and dedicated tools are becoming ever more sophisticated in their ability to mine social media content for important market research insights. New tools let you monitor conversations on an ongoing basis for a range of topics and using multiple social media channels.
Putting “qualitative” first
As a direct result of more automation and AI technologies, marketers will find it easier to gather insights and therefore starting to invest more in the qualitative methods, often human-generated. Ethnographies, online communities and face to face discussions will see more focus in order to get deeper, more personalized insights into a consumer's behavior and lifestyle.
Co-creation and personalization
Along with more qualitative data, a new commercial paradigm start taking shape: the market-driven approach. Companies must take the needed time to really understand the customers and what are they looking for, by crafting products and services to those needs. In this context, research will be central to the conceptualization and creation of all new consumer products, through co-creation.
Do not forget to stay connected to Questia Group and gain more insights into the key trends in market research.