Market researchers understand that the pace of global change today is unprecedented. The market research industry is at an exciting moment of evolution with disruption occurring in both research execution and delivery. To help make sense of this change, Euromonitor International identified the biggest global trends impacting the market research industry through 2030.
The second part of the series focuses on two additional trends set to disrupt the market research industry in the years to come.
Automation and DIY Tools: A New Need for Unprecedented Speed
The rapid investment in automated technology and sustained proliferation of do-it-yourself (DIY) tools will continue to create some of the largest changes for the market research industry. Today’s always-connected culture and 24/7 news updates have shortened timeframe expectations. Clients want data as close to real-time as possible.
Developments in artificial intelligence (AI) and machine learning already enable faster text analytics and report creation, allowing researchers to focus their time on storytelling and problem-solving. When done right, automation is more than simply time and cost savings for the client, it is about going deeper into insights and solutions. Successful automation and DIY strategies for market research will increasingly limit or eliminate manual research “busy work” and let clients build their own story without sifting through pages of tables and analysis.
Incorporating automation and DIY approaches
Researchers who accept and integrate automation and DIY technology into their market research process will stay ahead of competitors. It is important to become comfortable living with uncertainty into your process and deliver insights at a faster pace. This quick delivery means giving 80% of a solution, rather than the 100% of the past.
Market researchers are still the experts. Understanding and explaining tool limitations will be just as important as knowing their proper use and strengths. Teaching end users and decision makers what market research tools to use will ensure proper use and avoids misuse.
Big Data and Predictive Analytics: Making Humans More Important than Ever
“Big data,” “AI,” and “machine learning” have become buzzwords in the industry. But what does it mean for market researchers?
The power of big data and machine learning is the ability to conduct predictive analytics and develop models that learn from the data, identify patterns and make decisions with minimal human intervention. As businesses look to find competitive insights faster, most are placing strong bets on big data and predictive analytics to get there.
Big data and predictive analytics will shift the market research process significantly over the next ten years, acting as a filter to collect and highlight changes in real time with fewer resources spent capturing the “what” and more time spent determining “why” and “how to use this information.”
The market research toolkit is expanding, and several new jobs will emerge to make big data a successful reality. Beyond standard tech and implementation roles, increased support on data cleansing and quality control will become critical in order to analyze a large collected dataset.
Strategies for Big Data Success
Successful market researchers of the future will accept big data as an increasing reality for the industry. While these new technologies will shift companies from gut instincts to data-driven decision making, a human element must exist to ensure both inputs and outputs are user-friendly, accurate and lead to action that is right for the business. Basic tech/data literacy and the ability to communicate complex ideas that drive action will be critical for clients to take full advantage of large-scale, real-time data.