Top 5 Market Research Trends For 2021
Market research is a growing field that focuses on gathering information about consumers’ preferences and target markets. Companies want to know who their customers are and how to market to them in a more specialized way to remain competitive.
For example, would you rather buy some random cheese you’ve never heard of or one that is specialized to your values and beliefs? Do you think it’s important to eat organic, non-GMO cheese, or do you just want the cheapest one? Market research finds out the answers to these kinds of questions to pick and choose their audiences for a higher chance of selling their product to consumers like you.
This Year’s Best Trends To Look Out For
Last year was unique. So many world events converged in 2020, leading to unprecedented outcomes and feelings. Moving forward, keeping an eye on how things will change will be as distinctive as the year itself. Many marketing agencies, companies, and brands want to keep an eye on how market research will adapt and change, so we’ve put together a list of our top five favorite trends to look forward to in 2021:
The ability to be adaptable to change has always been vital for companies. However, this skill is even more crucial than ever before. An inability to adapt will be the downfall of many businesses. With so many different ways to utilize market research, keeping an eye on the customers’ changes in habits will also help keep up with the ever-changing market.
As market research becomes more and more specialized, automated data collection can’t always keep up. What’s important is seeing the insight into the collected data. While automated data collection can’t always provide this insight, specialists like Decision Point can offer you a look into your customers’ minds. Who is your customer? How are they spending? What are they spending their money on? Answering questions like these will help you stay ahead of the game.
Short & Sweet Surveys
Let’s face it: not everyone gets excited about answering surveys at the end of a purchase. Sending customers to surveys from paper receipts, on kiosks, or through emails can be difficult and frustrating when you don’t see the number of responses you’d like. The best way to get responses is to make surveys as easy as possible for the consumer to answer. Utilizing tools such as omnichannel surveys at various touchpoints can get you higher-quality transactional data that will actually help your research. Keeping those surveys more specialized will also cut down on their length, making them more accessible to consumers who likely don’t want to be spending much time answering them.
Higher Quality Data Collection
As we move further into the year, higher competition for quality data will make it much harder to gather. Making data collection hyper-personalized will help get the data your research demands; remember, it’s all about quality over quantity today. While it can help to collect more data, it isn’t going to help if it’s not good data. Utilizing high-quality data can help cut the marketing budget and time spent marketing.
With digital marketing barreling ahead at full-speed, getting your data as quickly as possible will be more vital than ever. This year will see a push for high-speed studies and surveys with responses nearly on-demand. Creating and pushing out studies as fast as possible will get you answers just as quickly, so focusing on quick turnaround times will give companies a step up above the competition.
Looking Ahead In Market Research
Moving further into 2021, it is important to remember that the pandemic and other world events have impacted every business field, including market research. Anticipating budget cuts and other changes will help businesses stay agile in the uncertain market. Of course, there are also positive aspects to the changing digital landscape: a push for e-commerce and other online services will help some businesses significantly, meaning market research will become even more valuable for them. Keeping up with market research trends this year will put companies at an advantage, so plan ahead!
Need Some Advice? We Can Help.
At Decision Point Consulting, market research is our specialty. If you or your business needs help navigating the ins and outs of marketing, we would be happy to help! We are a passionate and driven team committed to helping you make the most of your business strategy, marketing, and legal decision-making. We offer focus group facilitation, digital market research, consumer panels, data capture & analysis, recruiting, and much more. To get started, give us a call today at 440-263-5362 or use our online contact form to get in touch. Let’s get started today.