Being market research consultants, we frequently observe new technologies that aim to reshape the industry. While not all succeed, there are a few outstanding upgrades every year that become integral to the entire business intelligence process.
2020 also has its fair share of such trends!
Business digitization has changed the way we collect and analyze data. It has also changed the focus and approach of global market research. Companies are now more aware of their customer’s expectations. Most of their efforts are directed towards gaining a better perspective of the market, understanding their target audience, minimizing risks, and identifying potential issues and opportunities.
To meet those goals, businesses must keep up with the industry trends. Hence, take a look at the three biggest game-changers in the market research industry.
1. 5G Networks to Facilitate Better Data Collection
2019 was the year where 5G made headlines after spending almost a decade in the making.
The four major US carriers, i.e., T-Mobile, Verizon, AT&T, and Sprint, now offer 5G services to consumers in one or the other form. Major smartphone builders are working with 5G standard phones, and some of them have even rolled out 5G-standard models. Those include Samsung Galaxy S20, S20+, and S20 Ultra, Note 10 Plus 5G, OnePlus 7 Pro, Moto Z3 & Z4, LG’s V50 ThinQ, etc.
2020 is very likely to witness an expansion in that market, as more network carriers and phone providers will switch to 5G.
- As of January 30, 2020, 46 operators in 24 markets across the globe have launched commercial 5G networks.
- There will be 1.8 billion 5G connections by 2025, i.e., 20% of all global connections.
- Out of the $1.1 trillion of expected investments in mobile from 2020-2025, 80% will go to 5G network development.
5G will lead to a massive rise in information exchange and consumer engagement. Hence, the shift to 5G will create new opportunities for data collection. That seemingly boundless load of information will open new horizons for the entire market research industry.
Here’s what 5G brings to the table.
- 5 times faster connection that a 4G network
- Instantaneous, real-time responses over the network
- Enhanced capacity and ability to connect a large number of people and devices without hitches
- Optimized bandwidth use, i.e. a lower transmission-error rate
From a user’s point of view, 5G means a level of accessibility and speed never touched before. It is very likely to boost mobile data traffic, app downloads, gaming, and overall content consumption, among other things.
Therefore, for market research agencies, 5G can make a massive difference by positively impacting data collection efforts.
2. Voice Bots Will Gain Mainstream Status
Chatbots and voice recognition are some of the best outcomes of automation, artificial intelligence, and intuitive tech. Their collaboration leads to an even better technological product- Voicebots.
The global voice recognition market will grow to $31.49 billion by 2026. Chatbots are being used for a majority of customer service tasks, marketing, research, and social media management. It is reasonable then that an interface that combines voice and text-based smart conversation is getting increasingly popular among digital users.
Voice bots can –
- Better engage customers with AI-backed conversations
- Capture and provide real-time information
- Collect reliable data
- Create personalized interactions
- Deal with a varying range of customer requirements
In addition to these advantages, there are other reasons that make voice bots a powerful potential tool for market research consultants.
1. Messages receive quicker responses than eMails. With voice bots, engaging a consumer becomes easy for the same reason. Plus, they also minimize the waiting time, which makes customer service prompt and hence, more efficient.
2. As AI would develop, voice bots will also be equipped with a better comprehension of a customer’s queries. That will lead to more direct and on-point answers.
3. AI-powered voice bots can streamline the process, memorize preferences, and create individual consumer profiling quite easily and quickly. Appropriate consumer profiling will also help market research companies in discovering spot-on insights. They can later be used to design campaigns and re-engage customers more efficiently.
3. Stricter Data Privacy Laws Will Lead to Reassessment of Market Research Strategies
There’s been enough noise around data privacy to qualify it as an on-going concern.
Keeping the rising threat of data breaches in mind, countries are now focussed on keeping customers as safe as possible. The General Data Protection Regulation(GDPR) has been in effect in the EU since May 2018. The US version for this law is being pushed, not only by concerned lawmakers but also by tech leaders like Apple and Microsoft.
Simply put, good data practices have now become critical for businesses, companies, & market research agencies in the present times. As cybersecurity issues advance with time, so should data privacy precautions for market researchers. Here are some measures which will help you in the changing landscape of web data collection.
- Understand the GDPR policies, even if it hasn’t been adapted to your country.
- Take help from legal firms and IT teams to understand data concerns in the changing market scenarios.
- Give your target users clear signals on when, where, and how to opt-out of the survey/data collection campaign.
- Use clear, visible, and concise statements to record the respondent’s consent
- Align your research policies with most popular security regulations across the world
- Define T&C for the customer, i.e., how long will their data be retained, what data is being recorded, etc.
Besides these, you can take the following actions to ensure data privacy for your business.
- Encrypt hard-drives
- Encourage the practice of creating strong, smart passwords and their frequent renewals
- Educate employees on best data security practices
- Monitor compliance for all
At the same time, it is also important to note that the path to data security is not going to be easy. GDPR has proved exceptional in revealing major pain points that big organizations have faced when implementing a comprehensive data security protocol.
In a recent study of all companies who qualified the GDPR compliance standards, 67% admitted being on shaky grounds post-audit.
On one hand, companies that fail to regulate their data practices will invite damage to their reputation, plus a hefty penalty in most cases. On the other hand, companies who have tried to implement comprehensive data security solutions have faced difficult challenges.
Therefore, it’s critical for businesses to be agile in enforcing effective information management with utmost security .
Be Prepared for the Transforming World of Market Research
In addition to voice bots, data privacy, and 5G network, there are several other trends making waves in the industry. It’s necessary for market research companies, consultants, and agencies to understand their potential significance for business performance and productivity.
Also, keep in mind that this process evolves at its own pace. It is complex and requires a thorough understanding of its multitudes of dimensions. You must keep up and stay updated, or you will be left behind!
SunTec Data Can Help!
You can outsource market research services to the experts at SunTec Data. Our experts are adept at handling a variety of responsibilities, including business research, survey design and programming, and research reporting. With our years of experience and continuously upgrading policies, we can help you discover the insights your business needs to succeed.
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