In our latest interactive infographic, we analyzed the rich history of market research, from paper-based surveys to online insight communities. But where do we see market research heading next? These three articles elaborate on the trends we can expect to see in the future of market research:
1. The rise of mobile research
Many mobile executives are starting to get their arms around mobile-generated data and applying it to shape customer retention and marketing decisions. In an environment like mobile, personalized campaigns and hyper-targeted messages are key. And those can only be created with the help of big data and location-based services.
CIBC, a Canadian bank, predicts that information-generation growth will increase 50 times over the next decade. IDC, a market research firm, similarly forecasts a 44-fold increase in data volumes between 2009 and 2020. Mobile is playing a large part in driving this explosion in data. – Business Insider
Of course, the explosion of mobile data-gathering is already well underway: today’s smartest companies are already deploying mobile surveys and discussions to thousands of customers and receiving results the next day.
Tweet this: #Mobile research plays a large part in driving the explosion in #BigData. See @VisionCritical roundup: http://ow.ly/r5V7e #NewMR #mobileMR
- Listening on social media
More and more companies are relocating their social media teams into snazzy high-tech, high-profile spaces, signaling the increasing strategic importance of social channels among the world’s largest institutions.
Not more than three or four years ago, financial institutions began to realize they would need more staff to manage the massive workload required to maintain an effective social media presence. And once banks started hiring social media specialists, it was inevitable that these new employees would eventually get their own digs.
Renee Brown, SVP and director of social media at Wells Fargo, says the command centers will help the bank respond to issues and concerns that arise online. The command centers will allow the bank monitor consumers’ reaction to its marketing efforts, helping Wells Fargo executives understand how its messages and activities are being received, where it can improve and what resonates with customers. – The Financial Brand
Social media’s growing role in driving customer purchasing decisions means it’s a good idea for companies to establish their own social media HQs – as Dell and Gatorade, among others, are already doing. Social generates a lot of noise that needs to be validated and contextualized along with other data sources, so it is important to understand the impact of social media on consumers who actively participate versus those who simply read and don’t actively participate.
Tweet this: Did you know @WellsFargo has a war room to monitor social media activity? See @VisionCritical roundup: http://ow.ly/r5V7e #marketing
- Gathering insights at the speed of your business
Consider the Cincinnati Zoo, which is using data and analytics to understand and respond in real time to the interests of its more than one million annual visitors. By combing through past information about where visitors spent time, whether it’s the animals or exhibits they like to visit, or even the foods that a member prefers, the zoo can offer tailored promotions to individuals via their cell phones as soon as they enter the gates, ensuring that every visit can be personalized. – John Kennedy, Forbes
The internet has increased the speed of businesses and innovation. For companies who need to react quickly to real-time consumer sentiment, gathering insights at the speed of their business is necessary part of gaining a competitive edge.
Tweet this: How @CincinnatiZoo personalizes every visit by collecting real time #data. See @VisionCritical roundup: http://ow.ly/r5V7e #mrx #NewMR
If you haven’t already, don’t forget to check out our interactive infographic on the evolution of insight to delve into the past, present, and future of market research.