4 Changes Market Research Companies Are Undergoing

4 Changes Market Research Companies Are Undergoing

November 24, 2021

how market research industry changed

Clients are seeking actionable insights to help them make the best decisions to grow their brands. Today, we gather insights from various sources including internal data, market data, internet data. Researchers no longer gather data from traditional research methods.
That’s why the term “market research” is quickly being replaced with “Insights & Analytics”

Today, integrating data from different resources, and utilizing new analytic & modeling tools can reveal growth opportunities for brands. Adopting such an approach would vastly increase the gap between those who use the new tools for insights from those who don’t.

Research agencies, Corporate Research departments, and consultants are currently going into a rapidly disrupting stage to enable a more holistic approach toward serving the business growth targets.

To adapt to the change, the progressive Market Research agencies are focusing on key actions:
1- Investing in hiring talent with the ability to translate results and spot focused
opportunities.
2- Utilizing innovative tools and data analytics to reach accurate conclusions.
3- Developing agile and automated modeling systems for faster decision-making.
4- Adopting a flexible and progressive mindset for internal talent in order to collaborate and innovate new solutions and approaches to keep up with the rapid market changes.

While traditional market research is still widely practiced, technology and data analytics are quickly replacing it, cutting the time it takes to conduct research dramatically, identifying deeper insights for growth opportunities, and ushering in the era of faster decision making.
Start your transformation journey now.