Emerging Tools in Consumer Market Research
New technologies are constantly changing the way that consumers get information. Correspondingly, across industry sectors the consumer marketing playbook and marketing research analysis approaches are evolving to better identify winning tools and techniques. Despite this, many leaders are still struggling to win internal support for new tactics.
In our recent research, respondents in the non-pharma segment cited insufficient budget as the biggest impediment, while 40% of respondents said lack of innovation was a major obstacle. Despite the large number of obstacles that executives must overcome, innovation is still occurring within Market Research. Some key tools that Market Researchers are current utilizing, or should utilize more were identified in our recent research. Key emerging tools that are gaining traction include:
- Social Media Listening: Social media is expected to see the most dramatic growth in the next 1-3 years. 30% of the segment expects social media usage to increase more than 10% over the next few years. Despite this, Social Media Listening is an underutilized tool, with 52% of participants citing that they do not use it at all. Social Media Listening can inform market researchers across many topics, including product positioning, brand awareness & customer insights.
- Mobile Research: Mobile research, with its rapid delivery of point-of-care and point-of-sale data, will be an important tool for marketing research in the future. 36% of the non-pharma segment is using it either sometimes or frequently.
- Online Communities: Online communities offer bottomless pools of consumer insights. They are a valuable qualitative source of rich consumer insights and yet the tool appears to be underutilized. 61% of respondents said they use them either sometimes or frequently.
Market researchers are increasingly utilizing new technologies and research tools to better understand consumers. Understanding how to effectively use these emerging tools can provide key benefits, such as speed, insights and cost.