Market research is about opening the door to new perceptions, discovering the market’s mood, and how to attract new/existing consumers. Actionable market intelligence can give brands a snapshot in time of the current trends and motives available to them at the moment.
In this blog, we’ll be taking a look at the top 3 market research trends of 2022
Brands need an all-encompassing view that aggregates consumer and market intelligence to be in the best position to strategise and minimise risk, which means pulling data from every conceivable resource.
The more data sets organisations can get their hands on, the better informed they’ll be, but balancing this is crucial. Brands need to engage in social conversations surrounding their organisation, analyse internal data, consumer/social intel as well as look at strategic market intelligence if they want to gain a competitive advantage.
Traditional research methods are depleting with markets simply moving to faster alternatives in order to keep up with the global economy and maintain relevancy. For instance, uploading available consumer product reviews into data analytics tools only take moments but allows brands to parse the data down to a granular level.
Standard methods such as surveys, focus groups, etc are often too slow and cumbersome to compete. By the time company A has acquired and processed its survey results, company B has already informed its decision-makers, formed a strategy, and made a move.
Artificial intelligence enables you to parse massive data sets, cut away the noise and find deep insights that traditional methods could only dream about. So, going forward brands and organisations that haven’t implemented artificial intelligence at scale will be forced to play a game of catchup.
Consumers are researching brands like never before, and that’s a trend that has shown no signs of slowing down. At the onset of the pandemic, brands found that people were beginning to look for brands that aligned with their values, this has now become standard consumer behaviour – particularly with Gen Z.
Whether it’s the environment, sustainability, black-owned businesses, saving the whales, or ethical fashion, consumers are doing their homework on brands. Organisations that aren’t paying attention stand to lose customers to their competitors, therefore forward-thinking brands that are paying attention to consumer trends have already made adjustments and backed them up with action.
If they haven’t already, brands need a new mission statement backed up by actions and have work independently verified by a third-party organisation to build trust.