4 Market Research Trends You Should Know About

4 Market Research Trends You Should Know About - 4 Market Research Trends You Should Know About

Market research is an important step in business. By doing market research, you can be aware of the competitors, market trends, and everything related to business. Market research can help your business to grow and earn more revenue.

It can save your business from making wrong decisions. To do proper market research, you need to know the latest trends. Technology has improved market research considerably. Here are some market research trends you should know about.

Video-first

Due to COVID-19, people have been pushed into homes and they have become accustomed to the flexible office hours. This has become a habit and people will continue to feel the same even after the pandemic. There will be more app-based and mobile-friendly surveys in the future. Video-led research will be more prominent. As a result, the researchers will get diversified samples.

4 Market Research Trends You Should Know About 1 - 4 Market Research Trends You Should Know About

Automation and AI adoption

As more data is now available, it’s difficult to analyse the data manually. So, the use of automation is prevalent. More businesses are doing research in-house. The goal is to analyse the data of primary research that will help them to make informed business decisions. They often use automation and AI to make the job efficient.

Agility

The researchers need to adapt to new challenges in the market. They need to adapt to new technologies. You can now conduct research remotely and so get samples anywhere at any time. That way you can get better results and diverse opinions. You can now get access to a rich intelligence platform that will unlock the true information from raw data.

Understanding of adjacent market

Along with understanding your market, you need to understand the adjacent market as well. At the time of a crisis, you will have a problem if you have no idea about your adjacent market. For example, Uber, the rideshare market giant, didn’t expect the pandemic to come.

If they didn’t invest their money in Uber Eats, then they would have been wiped out from the market. So, it is very important to have an understanding of the adjacent market and be prepared for unexpected events.

Now, it’s more convenient to do market research using various technologies and you will get accurate results too. You should know the trends so that you can keep up with the market and do proper market research.

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