How to Improve Your Market Research Game in 2020
2020 marks not only the start of a new year but also a new decade – what better time to take your market research strategy to the next level! The market research industry is constantly changing as new trends are embraced which have the potential to help you connect with your target audience. Kantar Australia are a leading market research company and we’re here to share how you can take your market research strategy to the next level in 2020.
New market research trends for 2020
A good market research company will use a range of techniques to provide an in-depth understanding of your consumer group to inspire new innovations. Some of the trends that will be on the rise in 2020 include:
1. Insights Democratisation
Insights democratisation means that market research insights and ideas become accessible for all businesses. This means that anybody is able to use the data collected through market research company – not just a select few gatekeepers. So, how can this be achieved? This focus on the democratisation of data means that convenience becomes key with the ability for data to be quickly accessed by anyone who needs it. It also needs that individuals within a business are better trained on how to use the data obtained through market research.
2. Research Automation
In 2020, we can expect to see market research automation as one of the game changers. Market research automation means that information is gathered with minimal involvement from people and can form an important part of the overall market research strategy. Examples of research automation include automated data collection such on online surveys and data analysis using innovative new software. While human analysis will always be essential for market research insights, this can go hand in hand with research automation.
3. Software Convergence
An important aspect of market research is to understand how far technology has come in a relatively short time. This has seen customer data become available from multiple sources, whether it be online surveys, feedback from social media or data available about a particular industry. The convergence of software means that this data needs to be collated quickly and easily to provide clear, concise insights and inform the market research rather than treating data as separate.
4. New-Age Intercept Surveys
Intercept surveys are an important aspect of market research and are used to gather online feedback from an audience and can be carried out in person or online. This strategy is helpful for gaining feedback from consumers while they’re engaged in a particular activity, such as completing an online sale. Of course, there’s an art to obtaining this kind of feedback and this continues to be refined as businesses move beyond generic pop-ups on their website asking customers if they’d like to complete a survey. It’s now about obtaining feedback without being obstructive and developing innovative ways of inviting a consumer to provide information, such as embracing social media platforms or using text messages as a means of feedback.
5. Sharing Economy
The globalisation and the rise of the internet, businesses more than ever have access to other individuals in the same industry. This has seen a rise in the ‘sharing economy’, with activities such as peer-to-peer (P2P) lending becoming more popular. In 2020, we expect to see an increase in market research coming on board with this growth in the sharing economy. Market research companies already embrace collaboration and technological advances make it easier for data to be shared. This means more of a focus on making data and industry insights readily available and achieving better outcomes through collaboration with other companies.
6. Next Stage of the NPS
The net promoter score (NPS) is widely used in market research as a metric which uses an index ranging from -100 to 100. The purpose of the NPS is to measure a customer’s willingness to recommend a product, service or business. While the NPS is a useful tool for measuring the intervention of a customer, it doesn’t provide data as to whether the customer’s willingness to promote a business translates into real life. To combat this, we’ll be seeing market researchers take steps to measure whether these recommendations are actually happening and the impact this is having on a business.
7. Digital Ethnography
Ethnography in market research is the practice of studying people in their environment to get a better idea of how respondents really think and feel. This aspect of market research is essential as people tend to be more honest in a familiar environment. With the rising digital age, 2020 will see market researchers embrace digital ethnography as an evolution from traditional ethnography. There are many online settings where ethnographic research can be carried out, such as observing interactions on social media platforms and gaining insight from unprompted posts. Researchers can also monitor online blogs and comments.
8. Social Listening
Social listening is the practice of tracking, analysing and responding to conversations about your business, service or product. Social listening embraces online platforms, such as social media, and tracks conversations around particular topics, keywords, phrases or brands. Social listening can include responding to mentions of your brand on social media, identifying new trends in your industry, performance analysis, and finding new leads on social media. In 2020, we’ll be seeing social listening becoming more sophisticated and targeted so valuable information can be collected without disturbing consumers. Of course, social listening is not social monitoring – the information gathered is about brand accountability and gathering insights, not monitoring individual conversations. Privacy of consumers is important and it’s about finding the correct balance.
Leading the industry
If you’re ready to see what a market research consultant can offer you and your business, speak with Kantar Australia today.