In order to grow your business in the right direction, it’s important to keep a track on where your target customers’ preferences, their likes, dislikes, attitudes, and behaviors are moving in the long term. In order to make informed, data-driven decisions for improved marketing, sales, and operations strategies for 2022, its very essential to add market research services in your company’s expenditure budget.
Market research is needed to find out customers’ present preferences and needs, and their preferences in the future. In other words, market research is required to study the market trends. But at the same time, it is very essential to study the trends in the market research industry as well. Going by past experiences, the beginning of the year is a great time to observe market research trends that we can expect in 2022.
The last two years with Covid Pandemic, the impact is seen on market research too and how it is conducted. Businesses/brands have recognised the need to stay up-to-date for ever-changing consumer behaviour and this has brought technology-driven market research and automation to the forefront. Market Research Companies should work upon accordingly, follow the trends for a proper market analysis.
Market Research Trends to Expect in 2022
#1 Time for quick insights
If you are still thinking about research in traditional ways, with 10 to 15 days as quick deliveries, then you are wrong. Its time for gathering real data at real time to give quick insights. With advancement of technology, this is possible. The speed of data collection should be increased now, which means, there should be quick surveys on a regular basis to get quick consumer insights and plan your strategies accordingly.
Key Takeaway : Quick and robust results, with shorter, more regular surveys will become the norm for businesses and brands who need to know the pulse of the consumers regularly. The LOI for surveys should be less but it should be done on a continuous basis. As per experts, the 5 to 10-minute survey length is just perfect and will provide the best data quality for your research studies.
#2 Multi-faceted consumers
Market research is likely to evolve in 2022 to address population not only in terms of social class, wealth, gender but also to create consumer insights that are uniquely important to different groups of consumers. It is time to consider the complex and multidimensional nature of consumers. For example, you are a big supporter of PETA but you are a non-vegetarian, you are an environmentalist following the 3 Rs – Recycle, Reuse, Reduce but at the same time you enjoy travel and fly thousands of miles—one of the world’s biggest cause of pollution. So, your thoughts become different from what you practice and this brings about a major impact on your choices and buying pattern.
Key takeaway: So, the trend that we expect to see in 2020 is to see the contradictory nature of consumer behaviour.
# 3 Giving importance to LGBT community/Gen Z for responses
Time to focus on multi-dimensional society. Time to diversify the respondents’ demography. Younger Audiences have a major impact on brands, especially CPG – consumer packaged goods. Gen Z audiences are expecting more from brands, and not limited to only high-quality and low prices. They look for brands which are transparent, authentic and sustainable.
Another group of respondents to consider is the LGBTQ+ community. This is an extremely diverse group of people with different backgrounds, beliefs, and lifestyles. It’s important to understand the consumer behaviour of this section of population. Its time for brands to recognize importance of their likes and dislikes of these queer individuals for all year round.
Key takeaway: Market research trend to look out for 2022 is to consider the young Z and LGBT community for quick real-time responses.
#4 Focus on the socially conscious consumers
With the pandemic, it is seen the people have become more conscious on not only the health and hygiene aspects but also on major political, social and environmental and economic issues When it comes to consumer sentiments, it has been reported that consumers buying patterns have changed significantly over the past 18-24 months. In addition to living through a pandemic and global health crisis, the economic concerns have drastically changed the behaviour of the consumers. Now, people have found themselves re-evaluating their lives by giving more time to loved ones, becoming more socially conscious. In such cases, consumers are supporting brands that align with their personal values, thereby supporting small businesses and locally made stuff.
Key Takeaway: In 2022, it will be very essential for businesses to monitor their own brand health and future relevance, to make sure that they continue to align themselves with their consumers as their sentiments evolve and change over the course of the year. Consumers are expected to search for feel-good purchases, prefer socially conscious brands as opposed to unethical brands, and continuing to make more environmentally friendly choices.
# 5 Time to give importance to social media
Because consumers spend so much time on social media, it is becoming more important to focus on online conversations to derive consumer behaviours and sentiments. Social media is highly emotive. It gives a better picture in terms of source of ideas, purchase behavior, complaints, and major trends. Social media has a strong influence on purchasing decisions made by younger consumers. Social media influencers are having a particularly strong influence on clothing, fashion accessories, health products purchases.
Key Takeaway: Using social media, market researchers can isolate the data that is required and look for short-term indicators around consumer research to help identify actionable opportunities sooner.
#6 Increasing importance to Online qualitative research
With pandemic, gone are those days of in-person focus groups and other qualitative research methods. Now, more research data is collected through online video discussions. The best part is that there is no geographical boundaries.
Key Takeaway: You can collect data from a diverse audience in any part of the country which is a huge advantage.