Market Researchers are always following the trends in other industries to stay at the forefront of their own sector. Data focused decision making is becoming more important for every industry and market researchers are seeing great opportunities from those trends for forward-looking/thinking. Let’s have a look at 3 Market Research Trends in 2020 and the future.
1) Machine Learning and AI-assisted data collection.
According to a survey report by Fuel Cycle, 40% of market researchers believe that machine learning will have the biggest impact on the research industry in the coming years.
With the improvement in machine learning and AI, AI-assisted data collection, save researchers a lot of time so that they can spend more time on drawing strategic conclusions. The advantage of Machine Learning programs is, they can find the complex patterns, that we as humans cannot see and they can pick those without any biases.
Larger companies will have higher budgets, training and technology to implement deep learning technologies.
But you don’t have to worry, DataScouts has always a solution for every type of business with an agile competitive intelligence technologies.
2)Importance of Social Listening is Increasing
Social listening to competitors is a process of monitoring and tracking the competitors’ social media channels real-time to understand the online visibility, user feedbacks on their services, understanding the customer persona by analyzing the company mentions and competitors’ marketing strategy with their media allies.
Social listening allows researchers to get the data quickly without bothering anyone with satisfaction surveys, or long, time-consuming market research. With the increasing usage of Social Media, Social Listening technologies will be more advanced and will take the place over real-world interactions and traditional market research techniques.
DataScouts has social listening tools, where users can track their competitors real-time and be aware of them anywhere, anytime.
3) Sharing Insights will help decision-makers.
Companies that view insight functions as strategic partners of competitive advantage within their organizations growing faster. The decision-makers in the organization can use the insights from the insights team to make better, insights-driven decisions.
Do you know that, in 2015, only 20 percent of insights functions were viewed as strategic partners or sources of competitive advantage within their organizations? We started to see a shift in 2020, insights teams are increasingly being the hearth of the organization. Companies are creating online platforms to share insights with decision-makers in real-time.
DataScouts is helping its clients to find important insights and share it with them in real-time.
Click here to learn how DataScouts helps your speed up your market research and provides you all the data and insights to build a shortlist of innovations.