Dr. Sharon Livingston
NEW STUDY: 4 NOTEWORTHY MARKET RESEARCH TRENDS
Infiniti Research, a global market intelligence solutions provider, has announced the completion of their most recent study on Four Noteworthy Market Research Trends. These include
1. Freelance research is changing the industry - Experienced market researchers will gradually find themselves competing with freelance researchers who have little or no official research training and use off-the-shelf research tools and online communities to get quick answers to their research queries.” In this digital environment, technological innovations are continuously influencing changes in day-to-day activities on many facades. It is changing the way we live, work, and eat. Such technological advancements certainly impact the field of market research. With an aim to gain maximum benefits from the opportunities at hand, market researchers need to get a better hold on the market trends, tools, and technology that are continually shaping the industry and, in turn, the broader corporate world.
2. Microdata is gaining prominence – Over the past few years, ‘Big data’ has been the topic of interest and has had a fair share of success. However, today, microdata is more important than big data. Companies have started understanding that the most valuable and targeted business decisions finally drop down to the data regarding the behavior of individual customers, even though Big Data continues to be the organizational urgency of every research organization. This makes it all the more essential to gain an in-depth understanding of the market and customers, as such meaningful insights cannot be obtained using macro-level data patterns.
3. Qualitative market research that can answer the “why" & “how” – Qualitative market research helps in finding new trends, hidden market opportunities, and offers innovative insights that will help in innovation, unlike big data. Big data answers authoritative questions such as - who, when, where, and what; but only a thorough qualitative market research has the potential to answer, ‘the why’ and ‘how’ of customer behavior – and that is where the future of market research lies.
4. The shift towards non-traditional research budgets – Those days are gone when organizations were obligated to invest in high-class research assignments, which can no longer trace and respond to the pace of modern businesses. The advent of disruptive technologies and analytics platforms are gradually persuading this shift - owing to which organizations are more engrossed on assigning new budgets towards the development of agile tools that have the ability to offer iterative and real-time insights.