5 Trends In Market Research To Watch Out For In 2024
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For the past 20 years, if not longer, the importance of businesses keeping up with changing consumer expectations and increasing demand for better experiences was already well known to be crucial to market success. After all, that was the basis for the existence of market research: to provide organizations with know-how into consumers’ behaviors, needs, and wants to improve their marketing, advertising, products, and services.
Technological advancements have contributed to the changes in consumers’ needs, wants, and expectations; consumers are more informed now, more connected to the brands they use and what other consumers are saying, expect better and faster experiences, and are thus more demanding of the brands they interact with.
The rate of development of these paradigm shifts among consumers has only gained speed since the global pandemic and now, more so than ever before, businesses need to understand, and even attempt to anticipate, these changes before they occur if they want to fuel innovation and transform their business models, operations, marketing, and the way they develop new products, services, and experiences if they want to stay relevant in the market.
As with business, the market research industry has experienced great change, and it is now almost impossible to determine the root cause of any emerging trend as a people issue or as a byproduct of technological advancements, but rather a combination of both.
Within the emerging trends observed within the industry, five tend to stand out over others for their transformational impact beyond the industry itself.
1. Artificial Intelligence (AI) And Machine Learning (ML) 
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The further incorporation of artificial intelligence (AI) and machine learning (ML) within the industry will bring forth not only the ability for organizations to analyze new sources of data, evaluate more data faster, and identify insights around current consumers we could not obtain before, the combination of access to more data, artificial intelligence algorithms and machine learning will enable organizations to anticipate market shifts through the adoption of predictive and prescriptive analytics, a sub-trend that will continue to develop in the upcoming year.
While its advantages and disadvantages with respect to research are still being discussed, the use of synthetic data—data generated to imitate information from real consumers—will also be explored further to circumvent issues regarding the availability of data, eroding consumer data quality, and privacy concerns for participant information.
2. Integration With CRM platforms
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As the dynamism with which multiple sources of data are evaluated to gain deeper insights, CRM platforms are the perfect conduit to provide information about consumers that could not be effectively obtained and analyzed before (much less in real time!). While their full integration is still a challenge in many organizations, the advancements made to date are beginning to reap fruit and the analysis of internal consumer data with market research data and other sources will continue to grow moving forward.
3. The Rise Of In-House Qualitative Research
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With the increased reliability on CRMs, the personalized experiences these could provide consumers, and the scale of qualitative work that could be achieved through them, businesses will be looking to conduct more qualitative work internally. This is where the idea of bringing experienced qualitative researchers in house will be of great value and organizations that do not will risk not leveraging the full potential of CRM platforms.
4. From Servicing To Becoming Advisors, To Collaborators
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With the occurrence of the above-mentioned trends, the role of the market research supplier will evolve accordingly. With the further growth of CRMs within organizations and as these become more adept at looking for insights internally, it is clear the role of the market research supplier will need to continue to evolve as well.
The role of finding the insights will no longer be left to the research entity but rather will complement internal teams on leveraging their internal CRM platforms and other sources of information to establish as close a 360° view of the consumer as possible, build strategic plans for success, and identify how to measure that success moving forward.
5. Ethics & Privacy
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Data privacy and corporate transparency around how consumer data is gathered and used will continue to play a critical role in the industry as it continues to evolve. Organizations will look to follow GDPR and CCAA policies more closely and adopt transparency-centric ways of data collection that can be personalized by consumers.
The year 2024 will be one of continued transformation for the market research industry. New technologies, innovative methodologies, and new ways of collaboration between research agencies and their clients will continue to share center stage for those organizations that wish to move ahead in the market, while those that do not do so will risk their permanence in the market.
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Everyone has heard of New Year's resolutions. You know, those promises we make to ourselves about things we'll do better in the year ahead. Sometimes these resolutions work, while other times we end up with gym memberships we never use! But have you ever heard of a career resolution? It's actually the same thing as a New Year's resolution, only career-focused.
However, with something as important as a career, you don't want to break these resolutions. That's why it's important to keep these goals manageable.
Here are four simple career resolutions that are easy to stick to and achieve.
Be Self-Aware Of Where You Stand In Your Career
BigstockBeing honest and self-aware of where you are in your career is the most important step in making strong career resolutions. If your career is going nowhere and you're unhappy, then it may be time to consider a career change, which will take you down a different path entirely.
But if you're happy and in good standing with your career, it's a lot easier to set goals for the year and build out a long-term career plan.
Find A Way To Grow Your Career
BigstockCareer growth is a very broad spectrum that means something different to everyone. It could be something as simple as improving on a weakness or building on a strength. It could also be learning a new skill or taking on additional responsibilities at work.
On a larger level, it could be seeking a promotion or moving into a leadership role.
Whatever the goal is, make sure it includes growing professionally. The worst thing you can do is stay the same! If you're not growing your career, you're dying—and becoming a lot less valuable to your employer. There are always ways to upskill!
Better Serve Your Professional NetworkWith current colleagues, former colleagues, and other professional acquaintances, you've probably built a solid professional network through the years. A strong professional network can come in handy if you lose your job or are looking to make a career change. However, you shouldn't just rely on your network when you're in need!
It's important to find ways to offer value to your network. This could include checking in with members of your network from time to time. Exchange messages on LinkedIn to see how they're doing or share relevant content of interest. If you can help someone in your network going through a career challenge, you should!
Maintaining a strong professional network is like an investment. If you want it to pay off, you have to put some time into it and be consistent.
Take Care Of Yourself
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Working on your career is hard work! It's okay to be selfish sometimes. Whether you're working to grow your career or looking for a new job, it's important to find balance.
Your family and health always come first, so make sure your career goals don't interfere with that. If you want to set aside time during the week to work on your career that's fine, but don't miss important family events or milestones.
Don't let your career goals get in the way of your health goals. Go to the gym, take a walk, or go for a jog. Balance is key to maintaining healthy career and life goals. Sometimes you just need to adjust that balance as you go.
Need help sticking to your career resolutions?
Become a member to learn how to UNLEASH your true potential to get what you want from work!
This article was originally published at an earlier date.
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Originally posted on: https://www.workitdaily.com/market-research-trends