It’s an exciting time to be a market researcher particularly if you are gifted in understanding and applying new technology. Here’s what we see as the 2020 market research top trends.
Cisco predicts that video traffic will dominate other types of traffic taking an 80% share of the global market. This is live video and streaming but if you add VoD, P2P and business consumption to the mix they believe 90% is the right share number.
In a study by Fuel Cycle 70% of market researchers believe that video analysis technology will play a major role in the future of market research, even though only 22% of them use cutting edge technology in video analysis. Improved storage, the prevalence of smartphone cameras and the use of geotags are all making video analysis more effective for use in market research. Intuitive reporting dashboards and mining technologies will allow self-directed and observational mobile ethnography through video.
Fuel Cycle reports that 40% of market researchers believe that machine learning will have the biggest impact on the research industry is definitely one of 2020’s market research top trends. Deep learning segmentation is an artificial intelligence tool that can help identify patterns too complex for humans to understand without bias or preconceptions. AI also allows the creation of interactive surveys. These surveys can change dynamically depending on the respondent’s answers. The AI-based market research tools deliver results in almost real-time. They can select the target audience and automatically classify text for primary insights.
The market research industry needs smarter market research software. Just like the content management system and website building market was transformed by WordPress and Shopify, the market research industry needs niche software companies to make data access as easy as building a website with a drag and drop capability. The ease of use of a fully integrated market research suite of systems will go from being a dream to being required.
Advanced social listening tools provide market researchers with data they can collect without having to disturb customers. While treading carefully with privacy laws, online behavior data and cookie tracking can paint a fuller picture of a company’s consumers.
Always considered to be time consuming and expensive, new methods of getting qualitative feedback will revolutionize this service and be one of 2020’s market research top trends. Online focus groups provide an opportunity to test messages and content easily in real-time. Online communities can be used to capture open dialogue on products and services.
Video responses and video diaries can give researchers flexibility to pursue follow-up questions and clearer response interpretation. Open text response can be interpreted by AI measuring the sentiment of responses and coding it for researchers which will be much more time efficient.