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How Market Research Will Be Different In 2017
Market research is an important part of a marketing campaign. The data you gather strongly influences your next course of action, so it's not something you should take lightly. There are different approaches when it comes to market research and this last year has provided us with some interesting results.
Apparently, those who played on nostalgia to result in a rise of interest were right. We had TV shows like "Stranger Things" and the latest Star Wars movie "The Force Awakens", which were the embodiment of the phrase - Old is the new "New". Moreover, one of the most famous games that were out this year, "Pokémon GO", was a real blast from the past and generated a significant amount of revenue.
When you think about it, this is not too surprising. Our current industry tends to overproduce in order to maintain relevance. With new content like movies, TV shows, music singles, video games etc. coming out faster than ever, it became really hard to keep up.
So, when companies revamped older trends that were a worldwide phenomenon, people started to react positively, since they could stick to what they know and still be up to date. Of course, much like with anything else, people will most likely overuse the formula until the market can't take it anymore, and people can no longer stomach it.
To get back to the topic at hand, market research in 2017 and how it will differ. Truth be told, there's no concrete evidence to show what it will look like, however, based on the latest trends and developments, there are some viable speculations on how things might turn out. So, let's go over them.
Newly emerging technologies
One thing that marketers always need to do is keep up with trends. Basically, if the users are swarming in a particular area, they need to adapt their marketing approach to it. To be precise, when a social network has a lot of users, marketers work on effective ways of marketing on that platform. The same goes for video games, apps, sports events etc. So, now we have something new on the market that is starting to generate momentum. VR headsets for example, are the latest trend.
People are already developing apps that are tailored for these gadgets, so that you can shop or browse using VR. This is still new, so it is reasonable to assume they will gather data on what people liked in the VR experience, and what they didn't. The goal is find out the most pleasant experience in the world of VR advertising, but it's safe to assume there will be a lot experimentation in order to uncover how users react to different approaches.
Another thing that is becoming more of a trend is voice command search queries. We are still not sure if this is going to impact content generation and the current focus on different keyword phrases, but we will surely find out, since it is very likely to be targeted as a part of market research in 2017.
Learning from past mistakes
Another element that definitely left its mark in 2016 is crowdfunded small business startups. For bigger companies, crowdfunding projects were simply a good test if the idea was worth investing in, but for small business startups these were the major source of initial resources.
Unfortunately, things did not go as well as planned, and less than a third of crowdfunding campaigns managed to reach their goals. Furthermore, if you just manage to get a decent start, it doesn't mean that you will stay in business for a long time, considering how a lot of startups resulted in failure.
These kinds of results can be discouraging, and crowdfunding platforms might start to lose users if people are discouraged to become investors. So, the possible direction in terms of market research might be on how to increase interest in .
Also, this gives business-to-business solutions some vacancy to explore this feeling of uncertainty in startups. Discover the major causes of failure and how to counter them, basically a selling solution for a more secure startup plan. To sum up, research how to improve outcomes of crowdfunding campaigns, and solutions for more stable startups.
More trust in outsourcing
Over the past years, job platforms really bloomed, and with more power and authority, higher fees are quick to follow. This, of course, resulted in higher prices from outsourcing companies and freelancers. Since this is the case, users have greater expectations than before, because outsourcing is not as cheap as it used to be. So, in order to get better reviews and to be regarded as more competent, outsourcing companies really stepped up in terms of work quality.
All of this led to more reliable outsourcing companies, and since these people are as competent as the local professionals, business owners tend to rely on them even more. However, what does this mean for market research? Well, it means that market research as a task will be most likely outsourced to these solution companies. Nowadays, they are better equipped and more qualified to do these types of tasks, because there is a lot of competition in this department, and they are really thorough with their work.
More catering to the core audience
Lastly, we expect to see a shift of focus from general to more specific. For example, web design was based on trends and what people liked in general, but now the majority of websites look really similar, which means things need to change. We expect to see more websites that are tailored to provide the best user experience possible, for the core consumers.
In other words, websites will be more interactive and will start to resemble a mini game, so that the whole visitor experience is more immersive. If you are completely new to the site, you might find it slightly more difficult to navigate, but if you are a core user, you will absolutely love the website.
Market research will have to uncover what the core audience is, what their interests are and what they would like to see. This is done to secure user loyalty and to simply offer something more than your competitors. It no longer enough to have a website, you need to have the most fun and engaging website possible.
Hopefully, this clarifies what we can expect in the future. After all, these are still speculations, based on what has happened over the course of the past few years, but who knows, we might be surprised at some of the things we see next year.
Sam Makad is a business consultant. He helps small & medium enterprises to grow their businesses and Overall ROI. He is associated with Research Optimus.
Related Keywords:market research 2017
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