Market research always has been, and always will be, a paramount element in piloting major marketing campaigns, product innovation, and growing a consumer base and by default, an organization in general. But, as the market shifts and morphs to create new trends, norms, consumer habits, and more, the question arises: is market research keeping up or falling behind?
For market research to be as effective as it could be in giving predictive insight, it has to overcome it’s current roadblocks. We’ve outlined some of the major ones below.
Market Research Has Been Slow to Evolve
The same market research methods have been deployed over and over again for the past few decades. When comparing that to how much society has changed in just a few short years, it’s easy to conclude that the information we get from traditional market research has completely plateaued.
Perhaps one of the biggest reasons why this is a hurdle in the progress of market research is due to the lack of innovative software and technology. The methods of conducting and gathering research are slow to evolve, despite the boom of technology in other industries.
A Shift in Consumer Demographics and Behavior
When our grandparents say “things sure have changed” they don’t know just how right they are, particularly in the consumer market. What was once a black and white marketplace where consumer preferences and trends were easily defined and classified, has now become a colorful landscape of diverse demographics, psychographics, interests, and values. This, of course, has created a wealth of new consumer information that has yet to be untapped with current tools in market research.
Additionally, as these larger consumer groups have broken off into smaller niches and sub-cultures over time, the competition has become infinitely more fierce, which will only increase. Not only are companies mining for new information and insight, but it’s become a game of who can do it first.
The Need for Fresh Talent
It’s not necessarily a huge shocker to say that market research isn’t necessarily the most glamorous industry. As a younger, fresher crowd begins to take over the workforce, the need for market research to be, well, marketed better to this audience will increase. Organizations will need to shatter the stigma that market research consists of conducting surveys and crunching data and reframe it as a tool in helping make a real, positive social impact to attract new ideas and fresh perspectives.
Is There a Catch-All Solution?
While there isn’t necessarily a catch-all solution, there are advancements being made in market research that integrates A.I. as a remedy to it’s biggest obstacles.
Data collection using market intelligence solutions, such as Fuel Cycle, is one of the biggest advancements in market research to date. Essentially, it collects and analyzes data in a way that mines untapped information about the current market and cross analyzes data from other samples. The result is better, more predictive, real-time insight that can help companies make critical decisions to optimize campaigns.
While market research certainly still has a ways to go in order to keep up with the constant acceleration of the market, tech advancements, such as Fuel Cycle are our glimmer of hope.