Market Research Trends To Watch Out For In The Other Half Of 2021
Pandemic has not just caused a lot of problems but also a lot of changes in how the market works. The difference between what appealed to the masses when they had the spending capacity versus what appeals to them now when their personal income may have experienced a hit is quite stark.
Companies can no longer work with the data they had gathered pre-pandemic. It’s time to look for new market research trends and here are
some that may become quite popular in the latter half of 2021.
01. Technology will thrive
The pandemic caused us to be well versed in technology, and it will remain that way. Market researchers will heavily rely on technology for their studies. It will help them pace up when the demands exceed.
Technology helps bring information from various sources under one roof and makes analyzing and communicating finding much easier. It helps in collaborative research with various sources coming together to share their data and findings.
02. A mixed approach
Technology needs human intervention to perform to the best of its ability. We will see a mixed approach where technology takes the load of large-scale data that needs to be processed and analyzed while humans will work with the latest tools using the best of their ability. Humans will assume the role of challenging assumptions, framing ideas, and communicating ideas in an interesting manner.
03. Quest for knowledge in the post-pandemic world
While one can say that the damaging effects of the pandemic are behind us, researchers are still in the quest to gather information about how markets and consumers think and feel post-pandemic. It is critical for market researchers to advise brands on how to tap on new expectations of their consumers.
04. Speeding up
Market researchers need accurate information fast. Speed is a necessity when leaders need data-backed knowledge to make decisions, strategies, and opinions. This also comes at the point where the requirement for market research is growing rapidly.
05. Speedy market research
The researchers will focus on small and repeated surveys rather than lengthy structured ones. Each survey will build on the responses of the previous one. This is quite effective in an environment that is so fast-changing. It allows the researcher the freedom to mould the research according to how the situation unfolds.
06. Centralized platform for market research
Another trend that is both emerging and a necessity is the need for a market research capability that is centralized on a single platform. It makes research better connected to other areas of business. There’s also a strong need for integrated market research where systems can get all sources of data rather than exporting and importing information.
Market researchers must keep a lookout for these trends and more in the upcoming months. The market is changing rapidly but it is not necessarily for the worst. You can bring the best depending on how you act in the next few months.
