Recent trends in Marketing Research. MBA Marketing study material.

This is an era of technology, instant communication, huge data. In this era, more businesses are realizing the need to pull the knowledge of market researchers in bringing the voice of the customer to the organization. This post is focused on the recent trends in Marketing Research to explore more business opportunities with emerging drifts in a competitive marketplace. Let’s have a look:

·         Artificial Intelligence(AI):

Thanks to the google home and amazon echo, Artificial Intelligence has entered in consumer landscape. It also is known as Machine Intelligence which is basically a machine learning problem-solving techniques in contrast to Natural Intelligence (NI). Apart from machine learnings, AL will come up with a transformation in many aspects of research including survey and questionnaire development, field management, big data analytics and advanced computing power. Al transformation will not be able to replace the traditional research methodology of a survey and qualitative research, in fact, it is an elementary part of AL.

·         Automation:

Recent survey stats that the trend of future of research will be automation. Researchers are going to be faster, cheaper and standard. Automation abilities are constantly growing and this leads to a big change in the industries. Sometimes, the researcher’s need is to get research done only with the help of automated processes. Along with Artificial Intelligence, Automation can transform the future of research. Automation helps to provide an opportunity to take more evidence-based decision making in marketing research.

Sometimes, automation may give a bad result as it picks a speed of doing it, but it will never make you compromise with enhancement of quality as it provides relevant answers with minimum cost.

·         Turning insight into an action:

In the current scenario, data is getting cheaper and vast in quantity. But the techniques to find what research need in data is called a process of finding insights. Data handling is a fancy name for insight finding. There is so many organization are involved and newly emerging in data handling process such as official reports and e-tabs etc.

Finding insights is not only the work to deal with research but these insights have to be converted into an action to reach the goal.  Many of consultants such as Brainjuicer and Insite consultancy are engaged and becoming widespread in turning insights into an action.

·         Big Data and Data Integration:

It is possible nowadays to store a massive amount of data and information at the cheapest cost. Data collection devices have evolved the pace of data creation. In a survey, IBM estimates 90% of the data in the world has been created in the last 2 years. It is possible to be logged in and recorded every transaction or event for study.

No doubt, big data trend is useful for future without replacing a traditional market research process but larger data represents enormous challenges for marketing research. Here, the data Integration plays a very important role. Integration between two or more type of data from different resources into one useful insight is a recent trend of marketing research.

        

·         Going Digital:

Undeniably, Smartphones are the best example of a recent trend in marketing research. Smartphones work as not so far from computers or laptops in all around the world. In this phase, mobile marketing is a new drift of current scenario of the global market. Researcher uses the smartphone as a data collection tool which is handy, easy, user-friendly and fastest.

As the globe has connected to the internet, everything is not so far from us. Internet covered a range of topics and information for research. We can see in future evolution in mobile-only research, in particular, app and message-based solutions for using smartphones for market research will grab the world rapidly.