The market research industry is constantly changing and evolving with new trends. Remember the days when the only option to survey people was through mail or by phone?
With the advancements of technology have come many improvements to how market researchers are able to collect, analyze, and report on data.
Exactly what changes can we predict are coming to the market research sector? We’ve got your back!
As seasoned market research, data, and analytics providers, we’ve pulled out some of our key findings from the latest GreenBook Research Industry Trends (GRIT) Report.
Recently, GreenBook provided a preview to the 2020 Business & Innovation GRIT Report findings. This post highlights some of the key findings and trends discussed in the report.
What does innovation in market research look like?
Most commonly, buyers and suppliers said innovation included:
- Cutting edge technology
- Qualified researchers
- Good tools/products
Interestingly, suppliers were more likely to say innovation included cutting edge while buyers were more likely to say, quality researchers.
What do innovation strategies in market research look like?
Both buyers and suppliers agreed innovation strategies should include a staff dedicated to trying and/or developing new ways of doing things.
Following this, other common innovation strategies included collaborating with expertise from businesses and maintaining a separate, dedicated budget for innovation.
What are the top buzz topics in market research?
The top five buzz topics in the market research industry included:
- Artificial intelligence/machine learning
- Research technology
- Research topics/areas of expertise
- Data integration
What does automation look like in market research?
Results showed most suppliers said automation included text analysis, charting and infographics, and survey design.
Overall, buyers reported less use of automation compared to suppliers. Similar to suppliers, most buyers said automation included charting and infographics, text analysis, and survey design.
When it came to the impact of automation, most agreed it allowed them to grow the adoption of insights and research, deliver projects faster, and grow adoption within the organization.
Interested in incorporating infographics into your research reports? Our market research company shares 4 tips for creating infographics in this 60-second video.
What needs an unmet in the market research industry?
Among buyers, top unmet needs include:
- Stronger work products
- Use of technology
- Better client experience
The results among suppliers were slightly different. Among suppliers, top unmet needs included stronger work product, better client experience, and leveraging data.
What makes market research successful?
Top critical success factors included understanding the client’s goals and strategies, having the trust of the ultimate client decision-maker, and communicating insight effectively.
Most agreed these three factors must be “best-in-class”.
What skills are being focused on in market research?
Among buyers, skills that are being focused on for development included business knowledge, innovative focus, and people skills. The results among suppliers were different.
Among suppliers, skills that are being focused on for development included:
- Innovative focus
- Analytical expertise
- People skills
Have market research projects been successful?
Results showed nearly all agreed market research projects have been successful. Most buyers said their needs were met as outlined in the proposal, however, most suppliers felt they exceeded the needs as outlined in the proposal.
Buyers and suppliers agreed on the top drivers of success for market research projects, which were better recommendations and better insights.
What are growth drivers in market research?
Among buyers, top drivers to growth included management valuing the work and championing it, a strong focus on delivering great value, and corporate challenges increased requiring more insights work.
Among suppliers, top drivers to growth included strong on client experience and needs, a strong focus on delivering great value, and a strong focus on innovation.
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As a Senior Research Analyst, Emily is approaching a decade of experience in the market research industry and loves to challenge the status quo. She is a certified VoC professional with a passion for storytelling.
Learn more about Emily, here.