With much of the world moving towards technology, the market research industry is catching up with the pace to become more accurate and fast in providing their findings. This pace of change has led to an increase in different tools, which include the following:
DIY (self-service) market research:
Let’s start with the fact that companies are demanding daily decision-making that is based on reliable facts. Hence, they are shifting to self-service market information tools that provide real-time solutions with no need for technical experience, lessening the full dependency and time throughout the client-agency communication.
Decision models (machine learning):
In 2022, you won’t need a sixth sense to predict the future. All you need is machine learning, to integrate market research with forecasting business processes and to build decision models that are empowered by machine learning.
The rise of automation has already started increasing the productivity of market research, which is setting the standards for research executives to become more fact-based consultants to the client, especially after automation accelerated the fast turnaround time for business questions, allowing full reports to be available in hours instead of weeks or months, leading to clarity to steer decisions for growth.
Expansion of client base
The client base of market research is expanding to include local and startups who request more and acknowledge the importance of market research, but need different types of market research services more towards consultation to properly guide them through the industry process, set expectations of deliverables, and educate them on how they can utilize market research to help direct their pathways.
They say in every threat there is an opportunity, but this time the threats are not just from the competition, they are a merge of industry, technology, and human diversification, which all stakeholders will need to seriously take into account to manage moving forward.
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