Published Dec 31, 2020
If there’s any constant in today’s insights market, it’s change. Businesses must regularly gauge consumer perceptions, sentiment and actions to drive true data-driven decisions and best position themselves for success in 2021. Consumer behaviors and expectations are shifting faster than ever before and fueling the increasing demand for agility. With technology driving much of this change, there’s more opportunity for companies to adjust how they work to better understand their target audience. Agile research does this.
Why are agility and speed fundamental?
The increased pace of business is driving the need for agility and speed to action, meaning that quick, informed decisions need to be made in order for brands to have a voice. CEOs will no longer have the luxury to take months to make a decision; they will need to act in days, if not hours. Regular access to real-time, valuable and longitudinal insights will allow leaders to adapt to the pace of business. Agility is the fundamental quality that can both offer organizations a lifeline and bolster already stable companies, propelling them to even greater success.
How has market research industry transformed in the last year?
In 2021 and beyond, we will see a shift from the market research industry as a whole to become technology led. The pandemic closed a 60-year chapter in market research; those who had foresight immediately shifted to lead the industry through technology.
Technology has the power to execute what a traditional research team can, but faster and with fewer resources – and clever organizations recognize that creating and leaning on sophisticated technology is the best way to adapt to a changing market. Projects previously planned and tested for months and years are coming to market ahead of schedule to help organizations evolve to meet their customers’ needs.
Will innovation in automation and integration continue to be a priority for researchers?
The need for innovation and technology transformation in market research shows no sign of stagnation in 2021. Automated market research with quality and methodology baked in will reap rewards for businesses – and push the industry toward an innovative future. Automation ensures anyone can use tools that have simplicity and quality at the core, and highly customized research solutions can often leave room for standardization. At the same time, many companies still prefer to use their own unique methodologies.
The lasting pace of market disruption will see businesses require the ease, quality and scalability of automation that allows them to bake in their own methodologies and differentiate themselves. Integration will also prove fundamental in the upcoming year, as businesses will look to harmonize their strongest partners. They want their tools to seamlessly work together and speak to each other and with the technology they’ve built in house.