Market research – the term is pretty ubiquitous as it is the key driver to the development of any industry. With constant changes across economies and technologies, around the globe, market research has proved to be an ardent advocate who guides an organization towards innovation and potential investments.
However, at the moment, the market research industry is facing certain challenges on account of technological advancements and transformations in business and consumer needs.
Here is a brief look into the market research challenges that are growing into a big deal for researchers in the digital landscape.
The data explosion in the digital era may have enabled data-driven decision making, but there is an unrealized challenge that has come into the limelight in recent days i.e. the data quality. The data clutter that is growing rapidly today has not only made it a mammoth task to glean meaningful insights but also to ensure the quality of data gathered and processed. Although frontier technologies like data analytics, AI, machine learning, etc, enable easy collating, processing, and analyzing of big data, ultimately, its the quality of the input data that affects the quality of market research outcome, which sequentially affects the decisions made.
Data Security & Compliance
The growing awareness of data security and compliance among consumers has become a hurdle for market research companies to perform extensive analysis. As consumers are getting to know how their historical purchase data, feedbacks, and reviews are utilized to comprehend their needs and behaviors, they have turned fretful and have begun to tartly avoid interviews and surveys. This is growing into a disturbing situation for market researchers. However, the advent of data governance promises to put an end to the data security concerns for both businesses and consumers.
The advent of mobile devices and social media has certainly made data collection easy and simple. While digital disruption has reshaped the traditional market research it has also altered the value of user experience. The value of user experience has extended so deeply that users can no longer be overlooked in the information age.
Hence good user experience on mobile devices and websites has become essential for successful and significantly faster online surveys, and other feedback approaches.
Real-time consumer insights
Consumer insights are the big cheese for market researchers. As the selling strategies have shifted from product-centric to customer-centric today, it is highly crucial in achieving real-time consumer insights. A customer’s preference is influenced by various factors like previous experience, unmet requirements, customer services and much more.
Thus real-time consumer insights are vital for market researchers to map historical and actual-time data to foresee customer’s future needs and avoid barking up the wrong tree.
One of the grappling moments for market researchers is when the client draws a line in terms of cost, resources, and timelines in the course of a market research project. Such client restrictions hamper robust market research and delivery largely.
Maintaining a competitive edge in the gigantic market research sector is arduous and challenging. Companies are investing in emerging and advanced technologies and tools to enable them to create a cutting edge and improve the volume of business.
Despite challenges facing the market research industry, evolving advancements in technologies may surely assist the market research professionals to tackle distressing challenges in the advancing digital ecosystem.
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