Market researchers are skilled professionals experienced in studying trends in an effort to predict the current and future needs and preferences of consumers. But many might be wondering about the tendencies within the market research industry itself as well. While perspectives might be unique and opinions could vary, some commonalities do emerge, giving way to new industry trends we will likely be seeing more frequently in 2022. With that in mind, here are some of the best predictions for the future of the market research industry:
User-generated content
Data privacy is quickly becoming one of the largest concerns for consumers, with many governments around the globe even introducing new laws and regulations aimed at data protection. Apple has also increased the app-tracking privacy on their devices, while Google has taken severe measures against third-party cookies in Chrome. As a result, market researchers can now only obtain data from the users who have explicitly opted in. A good way to achieve this is by encouraging audiences to share user-generated content. This enables consumers to voluntarily share their data with companies, while also having the freedom and creativity to create unique and interesting content such as stories, videos, etc.
Social listening
Being the practice of observing and analyzing conversations about industries and brands on social media, social listening isn’t a new term in the world of marketing. However, it may become a widely-used approach for understanding customers as the average modern internet user spends nearly two and a half hours on social media each day. With billions consuming social media content regularly and the lines between virtual and real worlds beginning to blur, an abundance of new consumer behavior metrics and insights could be created. For market researchers, that would mean monitoring the relevance of phrases, search terms, and brands in an effort to create more relevant content for engaging target audiences.
Insightful decisions
The way market researchers share their discoveries with stakeholders and make decision might also change in 2022. A sequence of decisions based on insight will likely transform how suggestions are made. Using AI technology for synthesizing and connecting data points might become the norm, guiding professionals to drive implications, insights creation, recommendations, and even business decisions. Conclusions will be better and stronger, but they might also turn out to be more affordable and effective by leveraging the possibilities of sophisticated technologies.
Growth of new industries
As everything moves to the digital world, novel industries begin to emerge and a whole new world of opportunities appears. The esports sector is among the fastest-growing in the industry, presenting staggering growth rates, billions in revenue, and valuable sports team advertising options in recent years. As long as a company opts for an established game tournament management service, the marketing possibilities through esports tournaments will be endless. Much like conventional professional sports, esports teams also have franchises, owners, tournament cash prizes, endorsement deals, and more, all of which contribute to the value and profitability of the industry.
Empathy in focus
When the COVID-19 pandemic forced companies to suddenly shift to remote work and reconsider their marketing strategies and priorities, empathy became the main focus. And as an increasing number of businesses now move to hybrid and in-person work models once again, empathy must still remain a priority. In fact, empathy in the workplace has been linked to increased happiness and employee performance, not to mention the positive effect on the company’s bottom line. As we move on from this unprecedented situation, organizations should focus on rebuilding teams and brands with empathy in mind, especially in terms of designing and delivering insight.
Sustainability and inclusivity
The growing environmental concern around the globe combined with shocking recent global events have set new demands for companies across the board. While marketing teams might have been considering diversity, inclusivity, equity, and sustainability for quite some time now, 2022 will be the year when these plans are truly realized. Consumers now have clear demands and organizations must take action, whether that means creating more accessible events at an industry level or simply focusing on enhanced research practices by asking more inclusive questions that better reflect the current state of the demographic.
Balancing tech and people
Automation, AI, and other cutting-edge technologies are already allowing market researchers to process large quantities of data, democratize insights, reduce project timelines, and make decisions. This technology can also provide the opportunity for driving the adoption of insights across functional areas, thus evolving into a more marketing- and insights-led culture. But developing consumer insights and applying them to businesses thoughtfully and strategically is still a manual process. This means companies will need to combine human capital with new tools and technologies for collaboration, sharing ideas, and optimizing business practices – that is the real value of democratizing knowledge.
From an increased focus on empathy and inclusivity to the adoption of sophisticated tools and technologies, new industry trends truly have the potential to revolutionize the field of market research. While we have yet to see what 2022 will bring, the trends mentioned above represent some of the most important tendencies to watch in the upcoming months.
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