how to research industry trends

LMDs campaign included graphics that were representative of the community. Advances in artificial intelligence (AI) and machine learning, for example, enable researchers to gather information from an increasingly wide range of distinct sources.

Its not just the ways that insights professionals collect data and conduct research that are evolving: its also the ways they share their findings with stakeholders and drive decisions. The industry is currently worth approximately $82.62 billion and shows no signs of slowing down. However, if you get too comfortable and adapt to trends too late in the game, a competitor will beat you to the punch. By clicking Accept, you consent to the use of all cookies. Social media listening captures customer sentiment in real-time, like this Twitter post directed at Southwest Airlines. Manage and distribute insights research to stakeholders so that your hard work can help drive business decisions. Heres a look at key trends in the market research industry today and what lies ahead on the horizon for 2022. This website uses cookies to improve your experience. Todays savvy customers do their research to determine if a brand walks the walk, particularly concerning those values consumers hold dearbe it the environment and sustainability, income inequality, racial harmony, and so on. mizzfit Social media listening involves gathering historical and real-time data from social media. 5. This website uses cookies to improve your experience while you navigate through the website. Over the past several years, many market research teams have been taking a critical look at the ways they approach diversity, equity, and inclusion (both in their research and the workplace) as well as environmental sustainability. Thats why AI and machine learning are invaluable for research purposes. This extends beyond monitoring basic metrics such as likes or mentions or followers, with a focus instead on the buyers mood behind the data. 6. Inclusive market research doesnt present an entirely new way of doing things. And you can use the info you gather for things like building keynote speeches or simply just making sure you're leading your company in the right direction.

Market research trends come and go, but the end result remains consistent from the past to the future. With social listening tools, you can get an overview of these online conversations from a birds eye view, giving you an idea of market sentiment, short-term trends, and actionable opportunities. In 2022 and the years that follow, experts say more and more brands will bring research in-house. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Explore customer review sections on platforms. A lot of the articles in those publications will probably reference data from the longer reports you don't have time to read in full anyway, so you can still gather that info in a more conversational, easy-to-digest format.

Identify relevant or industry-specific social media influencers. More than 2,500 companies worldwide use Talkwalker. In other words, they recruit participants that mirror their target audience in terms of gender, age, and location. To help you do the same, here are seven ways you can identify and evolve with trends in your industry: 1. Patrick Casey, Director of Growth Marketing at Felix Health, says: In 2022, I forecast a greater demand in market research for social listening tools. Talkwalker is one of the most comprehensive social media listening platforms and was recently featured in a Forrester report as one of the top 10 providers that matter most.. Social listeningthe practice of monitoring and analyzing social media conversations about a brand or industryis not new in the world of market research, but it may become an increasingly popular approach to understanding customers at a time when the average internet user spends almost two and a half hours on social media every day. This category only includes cookies that ensures basic functionalities and security features of the website. Like it or not, your industry is changing. Agile research equals ongoing research. People on social media act impulsively and are largely swayed by other users. Another response to the current demands placed on market researchers is bringing their efforts in-house. This enables you to gather open and honest responses.. Market researchers have always been mindful to create their groups of research participants in proportion to the population of the market as a whole. If you're looking to find yourself in a room of smart people, you can check out the articles I've written on marketing conferences and entrepreneur conferences to point you in the right direction.

However, only 60% of market researchers say they use mobile surveys regularly. There has been a steady increase in longitudinal studies for long-range market research, and the trend will continue in 2022. Knowing what's coming around the corner and evolving your company alongside those changes can keep you competitive. Don't be afraid to ask current customers what's on their radars and what they see as future needs in their areas. The role of insights professionals continues to evolve with technological advances, but you still need human capital to think strategically and program machines. Experts suggest that mobile-first surveys must optimize the user experience. Then, instead of staying ahead of those trends, you'll quickly try to play catch-up, which can cause even more problems in your execution. 548 Market St. Suite 95149 San Francisco, California, 3-7% of surveys were taken on smartphones, create their groups of research participants, 98% of their clients increase their audience, completed the research in English and Spanish, 93% of market researchers are using online/video focus groups more often than three years ago, companies can gain more market insights through video, taking advantage of video-based market research, P&G has cut its number of agency relationships by 60%, coworkers outside of the research department, Forrester Consulting Total Economic Impact study, by gathering consumer feedback, applying technology, and launching campaigns quickly, Twitter post directed at Southwest Airlines, drawbacks of social media market research. The company grew sales by more than 30% in 2021 and launched a new tool, Zappi Amplify TV.

The company commissioned the Forrester Consulting Total Economic Impact study, which found their market research platform provides an ROI of 319% over three years and $2.7 million in net benefits. Interviews with existing and potential customers through surveys, questionnaires, or focus groups, Segmentation of the target audience into clearly defined groups (demographic, behavioural, psychographic, and geographic), Measuring satisfaction with loyal customers.

Searches for diversity have continued to increase over the past 10 years. Gain insights into how customers use their products or services, Differentiate their offerings from competitors, Lay the groundwork for successful product upgrades or launches. But opting out of some of these cookies may have an effect on your browsing experience. Market researchers have come to rely on online surveys because theyre fast and cost-effective. These advances also contribute to a new emphasis on agile research and speed of insight. Learn about customer sentiments regarding competitors. When it comes to Millennials in the United States, Hispanics make up more than 20% of the group. To break it down more specifically, my marketing team uses tools like Google AdWords and Moz to better pinpoint exact keywords and queries, and from there, we can analyze the big picture and the smaller picture to evolve with those trends. Consumers who prefer brands aligned with their values often become very loyal once they identify that brand.

However, if and when customers detect a lack of consistency between whats expressed in a mission statement and what actions a brand takes, they may abandon that company and seek out more compatible businesses to support. We also use third-party cookies that help us analyze and understand how you use this website. With the unveiling of the Metaverse, the lines between real and virtual may continue to be blurred even further. The results are pretty convincing: 60% of market researchers say automation allows them to deliver results faster, 50% say its allowed them to lower costs, and 80% of market researchers say they believe the trend will continue to grow. The value of the global market research industry grew by more than $40 billion dollars between 2009 and 2019. Each of these interactions is a window into the preferences and attitudes of a companys target audience. Social media platforms are full of conversations, interactions, likes, and dislikes that are relevant to a business brand. Use different tools and analytics systems to identify the direction trends are heading. ThinkNow reports that 98% of their clients increase their audience with the insights they provide. Doing so can lead to data differences of 10 percentage points or more. You can keep up with and be part of the changes, or you can overlook and ignore changes and let others pass you by. More than 5 million videos were shared when Instagram first debuted its video feature.

In the past few years, theres been a push to expand what a representative sample truly means. ), then zooms in on specific nuances within a target audience.. These cookies do not store any personal information. Now that Google has cracked down on third-party cookies in Chrome and Apple has increased app-tracking privacy on their devices, companies have to find new and less intrusive ways to obtain web user data. I don't know about you, but I prefer to keep up with what's trending in my industry.

Manually combing through hours of unedited video footage is nowhere near efficient. In 2022, brands are encouraged to take a fresh look at their mission and values and how these are communicated to a target audience.

For effective social listening, research methodology can include the following actions: Social listening should be a critical component of any companys marketing strategy, as it allows you toreact and respond to customer sentiment and gather data to make improvements in the way your business runs, notes Thats where agile market research excels. To do so, researchers gather information from the same sources through a long-term methodology that yields insights into buying habits or consumer response to a new product or service launch. Dozens of video analytics platforms exist.

Whether that be through how we approach client challenges, or how we collaborate and work, or the pace we work at; the foundational driver in what we do should always be empathy. In order to get accurate data, market researchers must ensure the makeup of their sample is 20% Hispanic. My team has battled this idea a lot in the past with leads whose leadership teams were reluctant to change or evolve with content marketing. Consumers are now much more comfortable being on camera.

Often, industry leaders perform original research and compile their findings in one large report, and by taking the time to actually read through it beyond the executive summary, you can almost always find something in it that's valuable and relevant to what's trending right now in your space. In essence, social listening is like your very own perpetual focus group, rich with constantly updated and actionable business intelligence.. SurveySparrow says their approach gets a 40% higher completion rate than traditional online surveys. Zontziry Z Johnson, co-host of the podcast MRXplorer, predicts that 2022 is the year these teams start putting DE&I and sustainability plans into action: I thinkand hope2022 is the year we see the shift from talking about how to be more inclusive in our research and how to be more environmentally friendly in the ways we do business, to taking actions to improve. These cookies will be stored in your browser only with your consent. 7 Ways to Identify and Evolve With Industry Trends, top blogs and publications in your industry. If a brand meets current needsand, better yet, anticipates future customer needsits place in the global market will be stronger and more durable than that of its competitors. You also have the option to opt-out of these cookies. Emotion AI, for example, seeks to decode human emotion by analyzing voice patterns, eye movements, facial expressions, and a range of non-verbal cuesall designed to generate data that enhances a brands capacity for linking emotion to consumer behavioural patterns. Turn Insights Into Action With Bloomfire As A Knowledge Sharing Tool, Bloomfire Empowers Your Team To Support Customers with Confidence, See How the Worlds Leading Brands Are Using Bloomfire, almost two and a half hours on social media, Innovative Ways Companies Are Using Knowledge Management. Nearly all consumers are on the internet only 37% of the world, including people in developing countries, has never been online. As we have stated before, when you know your offerings suit current and emerging customer needs, your business willdevelop a reputationfor being wholly customer-centric that your competitors cant match.. Employing surveys that can be positioned and distributed quickly (and which take respondents only a short time to fill out) are a further boon to the speed of analysis and insight. Video is more interactive, more genuine, and provides unspoken data like body language, tone, and facial expressions. For example, researchers are being more mindful about the nature of their questions. We recently did this with publishing books as a service. Thanks to the pandemic, video conferencing platforms are now part of daily life for many people. With data privacy becoming an increasingly bigger concern for consumers, market researchers must focus on obtaining data from users who have actively opted in. In recent years, the market research industry has been sticking to what they know: online surveys work.

Customers frequently express their sentiments about products and services on popular social media platforms (Twitter, Facebook, Instagram, etc.). Paul Sherman, CMO at Olive, believes that one of the ways market researchers will do this is by encouraging the sharing of user-generated content: The defining trend of market research and customer insights in 2022 will be figuring out different ways to obtain customer data. Other companies, like Speak, use AI to transcribe consumer videos and analyze the text, creating a searchable database of media and insights. Which means the data isnt always 100% accurate.

In essence, brands want more transparency, more control, and a streamlined process for market research. According to Larisa Mats, Head of Consumer Insights at Brunswick (a Bloomfire customer): In my experience, businesses are always trying to do more with the same (or fewer) people. The inclusion standard extends beyond ethnicities to include people with physical disabilities, those with intellectual disabilities, and people in LGBTQ+ communities. Longitudinal studies, also known as continuous research, tracks consumer and market attitude trends over extended periods. As the CEO of a content marketing agency, I like following a variety of marketing reports to stay on top of trends--whether it's reading about trends in content marketing from Content Marketing Institute's research reports or digging through a specific reports from ITSMA's report library.

While most of the principles of market research remain intact, brands worldwide have had to refine and modify their research methods as part of this new reality., Generally speaking, market research starts with a wide-angle look at the spheres of influence upon a market (including new and changing customer behaviours, emerging industry trends, etc. This has resulted in serious cash savings: $750 million.

Businesses should take note, though, one of the drawbacks of social media market research is the incidence of skewed results caused by herd mentality. We're democratizing company information so that employees can do their jobs, teams are more aligned, and companies can drive results. The company was recently acquired by Smart Eye, a Swedish technology company focused on eye-tracking systems, for $73.5 million. Stronger and better conclusions and decisions will be more cost-effective and efficient by leveraging decision trees and cutting-edge AI technology. Various elements include: Automation of routine research practices. Necessary cookies are absolutely essential for the website to function properly. Shorter and smarter polls and surveys. While each professional offered a different perspective, it was interesting to see several commonalities emerging.

The same report said 70% of market researchers are very likely or somewhat likely to transition to more DIY tools in the next year. This helps researchers save considerable time and effort while winnowing down to whats truly essential in their work. This approach involves identifying a mobile-reliant population that will actively engage in a poll or survey upon request, and within a brief period of time. Conducting market research among Millennials is one example where diversity in the audience is essential. Many consumers are willing to share feedback about products and brands using video testimonial software (searches are up 120% in 5 years). As one CEO puts it, companies must have accurate, up-to-the-minute research if they hope to gain useful insights about their consumers and their business. Together, they're able to show me all kinds of different perspectives, help me see things that weren't on my radar before, and spot what's coming around the curve. Medallias LivingLens video software offers companies the opportunity to capture 6x more information with video surveys compared to open-ended text responses. In one survey, 80% of market researchers said they were interested in learning best practice solutions for multicultural insights, research, and strategy. Danielle Todd, Head of Client Strategy at Relish, says: Working at home blurred the line between professional and personal, and put a fresh lens on the importance of taking care of our whole selves, our families and communities, and our businesses. I spoke at the Collision Conference (and at ITSMA shortly after), and between the two, I feel like there are a lot fewer surprises that can blindside me--the countless intelligent people at those events gave me a better pulse on where the industry is heading. One thing that became clear across predictions was that while technology is enabling market research professionals to work more efficiently, analyze larger volumes of data, and make data-backed recommendations, the industry is still highly focused on the humanon both the employee and customer side. Ongoing research. Stats show that 4.95 billion people use the internet as of early 2022, and that number is growing by 4% each year. One of the simplest things you can do to better recognize trends is read research reports or solution guides. Empower support agents with knowledge so they can be more productive and offer exceptional customer service. You can check out the six predictions for 2022 market research trends below. The market research trends that lie ahead on the horizon show us that social media, smartphones, and DIY data research should dominate the market in the near future. Unprecedented volumes of data, up-to-the-minute insights, and truly global audiences mean the market research industry is constantly shifting in an effort to keep up with ever-changing consumer preferences. They also completed the research in English and Spanish, further serving the diverse group of research participants. For example, I wrote an article on PR trends in 2016, and in that article, I include data from industry reports, along with my personal experiences in the industry--both of which help my readers evolve with trends. It is mandatory to procure user consent prior to running these cookies on your website. Trend watching experts from across our global boutique identify four key trends that we believe will define the next 12 months, inspiring innovation across Asia, the US and Europe. Pollfish, another mobile-first survey company, stresses that mobile surveys are a much better option than desktop online surveys. We also use third-party cookies that help us analyze and understand how you use this website.

And I can do the same for them. These reports don't contain the word of god or anything, but reading a variety of reports can help you get a feel for the landscape and where things are headed. This includes putting better research practices into place, such as expanding the panel providers client-side researchers work with to improve the representativeness of their research; changing the way we ask demographic questions so they are more inclusive and therefore more reflective of our world; and maybe even seeing a balance of in-person events and the far more accessible virtual events to reduce the carbon footprint we create at the industry level. videos, written stories, etc.). Fortunately for me, when I look at things like Google Trends, I can see from a big-picture perspective that the area my company specializes in--thought leadership--is steadily increasing in search interest. Experts agree that companies can gain more market insights through video than text. This type of market research is defined by gathering consumer feedback, applying technology, and launching campaigns quickly. As MIT Sloan notes, New artificial intelligence technologies arelearning and recognizing human emotions, and using that knowledge to improve everything from marketing campaigns to health care.. Market researchers are experienced at studying trends to uncover customer preferences and needs, both current and future. Well, it's true--and especially so if we're talking about trends and evolving your company with them. In 2022, insights leaders will drive insights adoption across functional areas, and evolve into a truly insights- and marketing-led culture. But engaging in social listening can be an equally effective research method. I expect user-generated content to be the primary solution to this because customers give the data to you voluntarily while also having fun creating their own content (e.g. Now, as many organizations shift to hybrid work models and in-person research slowly starts to come back, empathy must remain a priority. Gone are the days when a brand could tell consumers what it stands for and leave it at that. The brands that can quickly and effectively anticipate customer wants and needs are the brands that will be able to surpass the competition and never look back. But, in todays market, video delivers fast results at scale. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. For market researchers, the internet is the most reliable place to find their target audience. The company took advantage of more than 10 hours of customer video content in reaction to menu changes. We use cookies on our website to give you the most relevant experience. Dr. Eugene Roytburg, Co-Founder and CEO of Clearbox Decisions, believes the biggest trend well see in 2022 is what he calls DSIGHT: DSIGHT, a concatenation of Decisions based on inSIGHT, will revolutionize how decisions will be made in the future with technology and AI to automate the bottom of the insights value chain (connecting and synthesizing data points via decision trees). We first published our annual blog post on market research trends in 2020. It's not always easy, especially in a field like marketing, but I've managed to recognize and change with what's shifting in my field. Like other market research methods, this data can inform decisions and inspire new offerings. And I get it--it's hard to try something different when you're in your comfort zone and things are going well for you. Those that can effectively monitor social media and make sense of the data will get a wealth of valuable information: what customers like, what they dislike, how they use products, what trends theyre interested in and much more. One report by SurveyMonkey shows that more than half of market researchers estimate their use of full-service research vendors will decrease. Automating the more routine facets of research facilitates a speedier analysis and interpretation of findings. In 2022 and beyond, market research will continue to explore the value of aligning a companys mission statement and the values of its customer base. In the post-pandemic world, businesses are acting 20-25x faster than usual when it comes to making certain changes. Zappi is one agile market research platform thats showing incredible growth. The proliferation of agile or smart research tools enables in-house teams to conduct surveys and other research activities, often using a centralized online platform. Whatever you use, it's important to use a variety of tools together (from Google to your CRM system to a customizable analytics template) to track your customers' behavior, any correlations among a specific audience, and your performance. If 2021 is any guide, we can expect the avalanche of raw data to keep increasing in the year to come. With the popularity of online surveys, its logical to expect to see similar popularity in mobile surveys. Another emerging trend is the do-it-yourself (DIY) approach to market research. Experts expect the popularity of the online survey market to stay high, growing 16% each year through 2026. They also discovered that 90% are using consumers online video submissions and in-depth video interviews more than they were three years ago. To maximize the utility of a knowledge platform like Bloomfire, business leaders across all levels and functional areas need to use the platform to share information and best practices, exchange ideas and collaboratethat is the power of democratizing knowledge. Everything changes; it always has, and it always will. Developing deep consumer insights and applying them to the business in a strategic, thoughtful, carefully considered way to optimize brand growth will continue to rely on insights partners and thought leaders in the consumer research space. Statistics show that 4.41 billion people worldwide will be using social media by 2025. If you aren't in it for the long read, a good alternative is making a point to read through top blogs and publications in your industry every day. Enough clients indicated it as a future need, and we realized that if we want to grow with them, we needed to find some way (either through our own offerings or through partnerships) to meet this need. Theres also a greater chance that the perspective you receive is an unbiased one, which is healthy and potentially more insightful about what a target audience truly cares about.. Companies cannot afford to be slow in their market research. Make it a point to surround yourself with smart people. Automated market research is one way to support the agile method and deliver quicker insights with fewer people on staff. The data collection and analysis gained from in-depth market research offer brands aclear and detailed understandingof what your customers want, what they already like, where they conduct their own research, and much more. Understanding the broader context of a market enables companies to: These insights gained can set the tone and messaging for a brands marketing efforts both now and in the year to come. 7. Nearly every industry is taking advantage of video-based market research, from automotive companies to the beverage industry, to healthcare organizations.

Necessary cookies are absolutely essential for the website to function properly. Traditional market research methods like focus groups still have their place. Customer needs never remain static. This valuation isnt surprising information is everywhere. This will free up and also guide insights professionals to drive insights creation, implications, recommendations and eventually, business decisions. But what about trends in the market research industry itself? Types of DIY market research include: DIY research should aim for gaining insights intohow happy your customers areand any specific areas they like or dislike. This enables brands to: One caveat worth mentioning regarding DIY marketing. As businesses shifted to working remotely and research teams recalibrated their priorities and methodologies in response to the covid-19 pandemic, the need to practice empathy came into sharp focus. Global consumer goods corporation P&G has cut its number of agency relationships by 60% over the past seven years.

With a variety of social media listening platforms and price-points, this type of market research method is available to businesses of any size.