Top Trends in Market Research
- Become more mobile friendly: Respondent’s willingness (or unwillingness) to do surveys on mobile devices
- Continued merging of qualitative and quantitative methodologies as companies seek to acquire more in-depth insight and granularity in research
- Automation and AI: The continued growth of automation within research to provide clients with top quality research solutions at the speed and level of accuracy they demand
- Demand for Research that Predicts Business Results and Increasing Use of Online Reporting Tools
Strategic Execution of Market Research
- Uncovering and prioritizing opportunities to grow current market, market share or new markets
- Product diversification and regional expansion plans and initiatives
- Go-to-market and customer-facing strategy development for customers, products, platforms and segments
- Growth portfolio planning
Improving the Business Growth using Quality Research
- Using market research to improve branding by exploring such subject as:
- Brand awareness—Are customers aware and familiar with your brand?
- Competitive comparisons—How do customers view your company compared to the competition?
- Personification—What characteristics and traits do customers associate with your brand?
- Understand your customers better: By focusing efforts on the right target market, one can see faster results, improved efficiency and greater overall performance from marketing campaigns
- Measure the effectiveness of marketing:
- Feedback from customers on the look and feel of marketing messages.
- Measure customer awareness and reaction to specific marketing campaigns and activities
Future of Market research
- Reporting your way about the strategic relevance into market research
- To make the trends relevant, executives must be data-driven.
- Content is still the king, but the kind of content ranging from simple media to rich media used in Market research will change the future rules and trends
B2B Strategic Alliances – Research and Planning
- Integrating hardware, software, business consulting and IT services into a complete business solution to meet strategic decision through research & planning. This is done by IBM
- Building partnership strategy before engaging
- Ensuring partnership activity is visible through all brand channels
Market Segmenting and its Implementations
- Implementing A Better Market Segmentation Plan with following
- Objective Setting
- Develop Segmentation Strategy,
- Identify Customer Segments
- Execute Go-To-Market Plan
Scenario of Outsourcing in Market Research Companies
- Outsourcing is done mainly in specialized market research services such as online surveys, business research, business intelligence, Data Processing, Consumer research, opinion studies etc.
- The global annual revenue of the market research Industry is estimated around 45 billion dollars (2017 trend data).
- Though the United States of America and Europe continue to lead till now, other countries of the world including India, China, Brazil, and Russia are showing greater promise as the demand in these countries for the market research related services are increasing consistently.
- Things in the market research industry are likely to get standardized, cheaper and even available faster. It is likely that greater emphasis on demand for research that can produce quicker results for business would be seen in the year 2017 in the market research industry
New ways in Social Marketing and its profits
- Offer customer service helps through the social channel and enhance customer satisfaction
- Give Customers Incentives for Making More Frequent Purchases: offer deals and specials that are exclusive to your social media followers
- Give Customers a Reason to Spend More at Each Purchase: social channel is used to drive awareness of the offerings with a clear call to action,
- Represents a low-cost way for companies to engage customers in two-way dialogue and develop deeper relationships
About the Author:
Rupa is the founder and Chief Managing Director of E2E. E2E is one of the leading outsourcing companies for research services, data analytics and technology driven solutions for research in India. Having been in the Research industry for more than two decades, Rupa has spent over 11 years in the global market and since then has been working with clients across the world. Her experience spans across Business management, research services, creating strategies and driving technology solutions.
Satender Kumar has huge experience in Aerospace, HI- Tech industry and Data sciences industry. He is responsible for managing the research team handling Research requirements, data insights and big data solutions to the client
Satender is responsible for spearheading the Value Added Service team, which is responsible for preparing the analytical frameworks required to analyze the market research data, provide solutions to client on business reporting for survey data, help the team in creating the analytical data models, generate the key findings and insights and discuss these with client.
He holds a Master’s degree in Post Graduate Diploma in Management (PGDM) from XLRI business school and Under Graduation in Bachelors of Technology from U.P Technical University.