Market Research Trends to Look Out for in 2022

Authored by Novus Insights 30/05/2022

At the time the COVID-19 pandemic hit, brands recognized the necessity to keep on top of changing consumer behavior and mood. The pandemic gave rise to a state of uncertainty in 2021, a scenario which brought technology-driven market research and analysis to the forefront. Thanks to developments in business market research technology, the pace at which data is collected has increased dramatically. This has allowed companies to not only gather data more quickly but also to monitor insights in real-time. More brands are beginning to appreciate the significance of the speedy acquisition of consumer insights through technology driven market research and analysis in 2022 and beyond. Novus is a leading market research company that helps you derive actionable insights from market research data. Let us take a look at the top three market research trends that are going to characterize 2022.

1. Data integration

Teams across different companies are growing slimmer as an impact of the pandemic. This shortage of staff has put marketers under increasing pressure to take on more responsibility and adopt a more hands-on approach when it comes to conducting market research and generating insights. To cope with the emerging challenges, market research consultants can expect to see increasing integration and data connectivity. Data stacks will be integrated directly into marketing stacks, informing teams involved in media planning, buying, and other activities. Customer data is constantly updated and refreshed with the most up-to-date psychographics and buyer graphics. This will automatically feed into other areas of the company to help inform strategic decision-making across the board. If you are not sure where to start, work with a proven market research company like Novus Insights.

2. A focus on multi-faceted consumers through hyper-segmentation

The best market research companies believe that the art and science of market research will need to be transformed in 2022 to better handle the diversity of populations. Such a transformation will help businesses stay aligned with the multi-dimensional society and its ever-changing needs. As research evolves away from just defining fundamental features of a person – such as age, social class, wealth, gender, and so on – to creating insights that are uniquely relevant to a consumer as an individual, hyper-segmentation will become increasingly important. The way business consulting companies operate and conduct research will continue to evolve to help better reflect the multifaceted and complicated nature of customers. Similarly, brands need to make crucial decisions on how they sell their products and services.

3. Integration of AI and Metaverse in Research

When working with a market research consulting organization, make sure that your research program follows the complicated and sometimes contradictory nature of consumer behavior. In this regard, one cannot forget that technology, boosted by the introduction of AI (artificial intelligence), will be the key to capturing this complexity—delivering truly agile, responsive consumer insights that allow organizations to stay relevant to their customers. Market research is also integrating the metaverse as both a tool and a product. Brands can use the Metaverse to conduct virtual interviews, ethnographic recordings, and surveys. Translation of real-world processes into augmented reality can open up a treasure-trove of groundbreaking research materials. You can construct real-time heat maps of consumer behavior as well as test product designs in the virtual form before releasing them in the physical world. The process produces enough usage data to determine the commercial viability of a product, much like a feedback loop. Market researchers can also use AI and VR to evaluate data and understand the interconnectivity of separate operations and activities. What’s more interesting is that you can deploy immersive data analytics tools that allow team members to interact and act on the data in 3D format as well as work together to chart the best way forward.

Final word

As it stands, companies must constantly check their brand health and future relevance more frequently to ensure that they remain aligned with key customer sentiments, which evolve and change over time. This is where hiring a proven market research company can prove beneficial. A market research consultancy firm can provide you actionable insights from relevant, evidence-based, and meaningful data to enable you to make faster and better decisions. Novus Insights is one of the leading marketing research companies in India with the right expertise and a wealth of experience working with players across different industries. To discuss your requirements and get answers to all your questions about our market research and analysis services, call +91 124 414 2292 or +91 7428 225 350. You may also email contactus@novusinsights.com or fill out our contact form.