2020 is the year of new beginnings in a new decade. As businesses prepare to shape the next decade of innovation the latest market research techniques must be presented. Market research, too, has adopted new techniques and methodologies to keep up with the evolving markets and extend its reach.
Market researchers must proactively meet both growing concerns on privacy and skepticism in data sources on two fronts: first, by providing clients with radical transparency at every stage of the research process and second, by fostering close partnerships based on trust.
Latest Trends:
In 2020 it is estimated that 30-50% of surveys will be taken on mobile devices. Secondly, the major factor which is time in the busy culture will make surveys over 15 minutes a major dropout. Lastly, AI will be a major factor used for analysis.
Quantitative Research:
Quantitative research will remain valuable as companies will continue to measure and benchmark awareness, satisfaction, and perceptions. Quantitative research can also help measure brand attributes and associations. None of these measures are going away, especially as the costs of conducting research continue to decrease and the ability to reach people grows through the use of technology.
Artificial Intelligence:
The use of AI in market research is going to be one of the hottest market research trends. Around 80% of market researchers feel AI will have a positive impact on the current methods of market research. Here is why: AI-based market research tools can deliver results nearly in real-time. They can select the target audience and automatically classify text for primary insights. AI can help do this all within just a few hours or a day. AI-based market research tools allow creating interactive surveys. Unlike traditional surveys, such surveys can change dynamically depending on the respondent’s answers. Results generated through AI-based tools are usually more accurate and freer of errors or biases.
Big Data:
Apart from that Big data, in its simplest form, refers to a massive volume of data that can be either structured, highly organized and searchable, or unstructured, non-coded and unsearchable.
The power of big data and machine learning is the ability to conduct predictive analytics and develop models that learn from the data, identify patterns and make decisions with minimal human intervention.
As businesses look to find competitive insights faster, most are placing strong bets on big data and predictive analytics to get there. Thirty-nine percent of companies plan to invest in AI in the next five years and 40% of professionals think their company is setting the industry pace in digital transformation, based on Euromonitor’s 2019 Digital Consumer Industry Insights survey.
With 2020 already kickstarting it is so important that you stay ahead in the game and one way to do that is partnering with us at Prastut. We help you reach your goals with all the latest trends and stay ahead of all your competitors. We make 2020 the year of your goals, your dreams, your aspirations.
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