Market Research 2.0
Did you know that a study by the Insights Association revealed that 1 in 3 researchers find their jobs “highly stressful,” with over half reporting “burnout” in 2023?
This issue is compounded by key challenges highlighted by Greenbook, such as:
- Poor sample quality
- Survey bots and professional respondents
- AI-enhanced fraud in samples
- Hard-to-reach target groups
- Declining participation rates
Clearly, the market research industry needs change. The traditional methods are constricting innovation.
New approaches and technologies are now available that retain the rigor of traditional research while making it more conversational, personalized, and engaging. We refer to this as the third wave of market research.
To facilitate this shift, we’ve identified five key opportunities. We also engaged with thought leaders to explore what “research reimagined” means to them. Their insights largely support our recommendations, underscoring the urgent need for transformation.
In this blog, I’ll briefly outline the following key points:
- Adopting a conversational approach
- Leveraging mobile technology and SMS
- Integrating quant and qual with video in agile learning streams
- Driving change with next-gen storytelling and reporting
- Optimizing research with AI
ADOPT CONVERSATIONAL METHODS TO BOOST RESPONSE RATES AND SPEED UP INSIGHTS
To get genuine, unfiltered feedback, it’s essential to move respondents out of a test-taking mindset by adopting more conversational methods.
Here are three ways to make research more conversational:
- Make it interactive. Design activities that resemble natural conversations rather than formal tests.
- Be more engaging. Adjust tone and language to be more relatable, allowing respondents to express themselves naturally. AI can help refine the tone.
- Keep it contextual. Engage people in real-time moments using SMS or chat without sacrificing quality.
UNLOCK THE FULL POTENTIAL OF MOBILE AND SMS FOR REAL-TIME INSIGHTS
Mobile phones, particularly SMS, are the main link between consumers and the world. Here’s why SMS is a powerful tool for researchers:
- SMS and mobile make research more conversational without losing rigor, enhancing relevance and personalization.
- Consumer preference for chat allows for creative question types, like image-based responses.
- It’s easier to incorporate multimedia elements like audio, images, and emojis, making research feel less formal.
- SMS-based surveys don’t require app downloads.
- People are highly responsive to SMS—98% of messages are opened.
- The nature of mobile engagement encourages shorter, more frequent activities, boosting response rates.
COMBINE QUANT AND QUAL WITH VIDEO FOR EFFICIENT, IMPACTFUL LEARNING
The time and resources needed to run separate quant and qual projects are often prohibitive. However, sacrificing quality isn’t an option. Combining qualitative and quantitative approaches with video offers significant time, cost, and effort savings.
- Quantitative research provides scale but lacks the context that qualitative research can offer. The integration of video enriches data and engagement.
- The synergy between these methods allows for quicker, more informed decision-making.
Key benefits include:
- Efficient use of resources
- Enhanced context and engagement
- Agile adaptability
- Streamlined workflows
NEXT-GEN STORYTELLING AND REPORTING TO DRIVE BUSINESS OUTCOMES
Strong evidence alone isn’t enough to inspire action. As Debra Logan from Gartner points out, “Data and insights must translate into measurable business outcomes.”
Researchers must distill and present data in a way that is both accessible and actionable, helping leadership focus on what matters most.
To support this, we’ve developed a storytelling framework centered on six key questions:
- What story do I want to tell?
- When is the best time to tell it?
- What resources can bring it to life?
- What are the key points?
- What’s the best way to share it?
- How do I ensure the right audience hears it at the right time?
OPTIMIZING RESEARCH WITH AI TO SAVE TIME AND BUDGET
AI’s potential lies in freeing researchers from manual, repetitive tasks, allowing them to focus on more valuable activities. This reallocation is key to optimizing research processes.
AI, particularly when combined with conversational interfaces and SMS, can enhance participant experiences. By using AI in survey creation, researchers can fine-tune content, adapt tones for different audiences, and craft intelligent follow-up questions.