December 29, 2020
2020 has been an unprecedented year for everyone, including the market research industry. With coronavirus accelerating digital transformation, influencing consumer behaviors, and restricting in-person data collection, the insights and analytics industry has spent the year adjusting to the new normal. Though we faced many unpredictable challenges in 2020, this year showed us what it means to be agile and resilient. As we turn the page to 2021, here are Eyes4Research’s 5 MRX trend predictions for the upcoming year.
The growth of remote research practices will follow into 2021. For one, researchers will continue to utilize remote focus groups for qualitative insights. Moving these traditionally in-person discussions to an online platform eliminates geographical barriers when selecting respondents, simplifying the research process for MRX professionals. The emergence of gamification tools in online research may also increase response rates for higher quality insights. In addition, mobile-friendly surveys will also remain popular in 2021, making it easier than ever to reach respondents wherever they may be. Mobile research platforms have many benefits, including faster data collection, improved data accuracy, increased respondent pool size, and cost-effectiveness.
2. Artificial Intelligence
Technological advancements in market research will continue to transform the way MRX professionals collect and analyze data. Going into 2021, researchers will continue to utilize artificial intelligence to generate insights more efficiently by analyzing complex data in real-time. There are several benefits to using AI in market research initiatives. For one, artificial intelligence can process large amounts of unstructured data, helping researchers analyze quantitative results more efficiently. This technology can also predict behavior, assisting researchers with community management by keeping members engaged. In addition, artificial intelligence removes human bias, improving data accuracy. Finally, AI can be used to measure qualitative data we never thought possible, such as consumer emotions and attention through facial recognition technologies. These are just a few of AI’s many capabilities that will transform the market research industry in 2021 and beyond.
3. DIY Market Research
For many businesses, the pandemic has resulted in budget cuts. As a result, many organizations will turn towards DIY market research tools in the new year for a low-cost solution. According to Greenbook, 47% of market researchers plan to increase their use of DIY research solutions in 2021. Through DIY research platforms, teams have the autonomy to control every aspect of their study from the sample size, question design, and deployment methods. In-house research solutions will provide businesses with the consumer insights they need to stay afloat amidst the pandemic.
4. Social Listening
Social media is changing the landscape of ethnographic research, providing brands a glimpse into consumer sentiments for decision making. These platforms may become a useful tool in 2021 to uncover and isolate crucial data points for ongoing customer-centric strategies. As consumer behavior continues to shifts rapidly amidst the pandemic, it remains imperative for businesses to fully understand the motives and trends influencing their target audience. Social listening methods identify behavioral trends to fully understand how consumers connect with their brand, helping businesses attain success in the new year.
5. Agile Research
As we enter 2021, market researchers will need to adapt quickly and efficiently to changing consumer behaviors. With this, 2021 will bring a high demand for agile research to collect business insights more quickly than traditional methods. This coincides with the rising popularity of DIY research software and AI for streamlining decision making. With many capabilities, including analyzing consumer behavior, brand performance, and testing products or concepts, agile research is a fast, cost-effective, and customer-centric approach to gain critical insights on consumer and industry trends.
Eyes4Research has all the tools you need to start 2021 off on the right path. Learn more about Eyes4Research’s enterprise of qualitative and quantitative research solutions at www.eyes4research.com.