The market research landscape is ever evolving and every year we see new technology or unique ways to execute research come to the forefront. As Executive Recruiters exclusively in the market research and consumer insights career space here are our predictions for the hottest 2023 market research trends..
The key to successful insights always falls on the sample from which you draw those insights. The representative sample should always aim to be the most accurate representation of the population. What researchers and companies need to understand is that to be successful and on the forefront of insights it is paramount to be more inclusive in creating your representative sample.
Mario Carrasco, a co-founder of ThinkNow put it best when he stated, “An inclusive approach to research relies on a diverse sample of respondents and employs cultural understanding to provide psychological safety for them. This enables you to gather open and honest responses.” Moving forward into 2023 it is imperative that companies take time and great care in seeking out an accurate proportion of diverse participants.
New Age of Qualitative
Another 2023 market research trend we anticipate to continue and double down in 2023 is the transition to full online qualitative research. Video and online qualitative research are cheaper, quicker and allow flexibility for respondents and researchers alike. It also creates a space where unspoken details like body language and facial expressions can be more easily documented and help shape a more holistic picture of the research.
Video based research also allows new avenues of research to take shape and create new research approaches like AI transcription services, technologies that can track human emotions, and, of course, more uses for eye tracking software. Video based market research is here to stay and it has opened the door for a qualitative research resurgence.
Nimble Market Research
Companies want and need quick and up-to-date insights. They rely on quick turnaround research to help inform their business decisions. Companies cannot afford to be slow and drawn out in receiving their research results. Automation and agile self-service platforms have become a large growth area for 2023 market research trends. This will be accelerated by companies reigning in their research budgets in 2023 making these agile and quick turnaround methods/platforms even more appealing and essential to their organizations. According to SurveyMonkey, roughly 56% of companies who are continuing to demand market research are facing limited or smaller budgets.
This short list is in no way a full take on how innovative and adaptive the market research space has been and will continue to be in 2023. Our goal was to identify a few 2023 market research trends that we feel will have great impact and will continue to build steam throughout the year.
Interested in talking further about how 2023 market research trends will impact your hiring needs or your job search? Contact Smith Hanley Associates‘ Market Research and Consumer Insights Executive Recruiter, Daniel Wilberschied at firstname.lastname@example.org.