Researchers from all over the world have different views about each and every aspect concerning the present and future trends in the process of marketing research. However, all of them practically have uniform opinion about the current nature of changes that the entire research industry is going through. It is a fact that the global market research industry is going through numerous economic, social and technological changes, which is influencing the traditional methods of industry analysis. This change is a good thing for the inclusion of latest technologies and researching strategies are concerned. The rate of change in the industry is expected to increasing with the advent of emerging research insights, tools, techniques and increasing acceptance of information technology.
According to experts, this rate will also depend on the marketing research insights industry coverage is expected to broaden in terms of size, types and applications, which is working towards the progress of this market. Market research companies from across the globe are using different researching techniques along with the traditional methods. These techniques include customer relationship management, management consulting, customer experience management, DIY desktop tools, data mining, big data, predictive analysis, social media analytics, neuromarketing, co-creative digital consulting and prediction markets, etc. Addition of all these tools is the reason why researchers claim the industry to be on revolutionary turn.
New Market Research Forces
The predictable nature of the analysis industry is long gone. The field of industrial research is going through numerous transitions inspired by innovation. Increasing experimenting nature of the researchers is resulting into change in the outlook towards gathering and studying the market information. A report from Advertising Research Foundation has surveyed the researching industry and categorized it into four different types of tools. These tools include:
- Passing tools: Telephonic surveys and interviews
- Transitional tools: Social media, text analytics, neurobiometrics, insight communities and virtual reality
- Timeless tools: Online surveys, focus groups, marketing mix modeling, economic modeling and ethnography
- Emerging tools: Web-use tracking, Databoard, passive data sources including GPS and RFID and mobile research
When it comes to understanding the future of business research, it is essential to distinguish what differentiates both traditional and modern day analysis. The traditional market research industry is defined by corporate insights, core research tools and added focus on project management and statistics analysis. Today, researchers are in an experimental mode and want to incorporate the advanced technology on hand to deliver accurate and thorough research.
Along with gathering essential information, they also believe in engaging the customers so that they can sustain the entire process in an interactive and fun way. This basic different between the two frameworks are making all the difference when it comes to carving the future of this age old techniques of understanding the customers.