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Latest Emerging Trends in Market Research

Posted by Caitlin Stewart

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Nov 5, 2014 9:00:00 AM

Market Research_Featured on www.blog.marketresearch.comIn the past few years, many organizations have adopted technologies into their business models in hopes to increase efficiency, become more flexible, and to transform their current business functions. Market research, too, has adopted new techniques and methodologies in order to keep up with the evolving markets and extend its reach. In a recent blog, The Top 20 Emerging Methods in Market Research, industry expert Greenbook Blog uses data from surveys conducted in September 2014 to determine the emerging trends that are expected to be used in the upcoming years by market researchers.

Respondents to the questionnaire Greenbook distributed were given a list of research approaches and asked to indicate which methods they currently use and which they were actively considering.

The top three most commonly used techniques are Mobile Surveys, 64% (41% winter 2014); Online Communities, 56% (49% winter 2014); and, Social Media Analytics, 46% (36% winter 2014). The high growth in mobile, online, and social media is due to the understanding that these methods work, so more researchers are comfortable using them.

Newly added to the survey were categories including: Behavioral Economics Model, 25% used and 35% under consideration, Internet of Things/Sensor-based Data Collection, 12% used and 31% under consideration, and Wearables-Based Research, 7% used and 24% under consideration. The higher percentage in techniques under consideration suggests that researchers might still see these methods as new and are somewhat hesitant to adopt them as of yet.

The survey also provided room for respondents to write down emerging technologies being used or considered that were not on the list. Some of these were Geo/location, such as location tracking or GPS, working with text and images through semiotics and discourse analysis, and variations on mobile.

Although the use of some methods might seem more popular than others, market researchers need to remember that not all methods are appropriate for every situation. You need to actively recognize what type of approach is going to give you the data that you need and not just do it because it’s popular.

When your organization needs market research, it is important that you recognize the ways to reach consumers to get the data you need. Whether you decide to conduct your own primary research, use a research firm, or purchase secondary information, you need to be aware of the different methods available. This will contribute to your knowledge of accuracy and reliability of the data.

To learn more about different market research methods, and how market research can benefit your business, check out our free white paper.

Download Free White Paper on How to Use Social Media for Market Research, featured on MarketResearch.com www.blog.marketresearch.com

Thanks for reading!

Caitlin Stewart
Marketing Associate
MarketResearch.com

Topics: Market Research Strategy, Social Media, Industry Insights

    

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