Innovative Market Research
Are You Stuck in the Market Research Stone Age?
Now is the time to innovate your market research methods. We’ll show you how!
Technology, technology, technology. We’ve said it before and we’ll say it again: tech is changing the face of marketing. That’s why it’s so important to stay on the cutting edge of innovation with market research!
We all know that there are many aspects of marketing. If it were easy, we’d all be swamped with our ideal customers, deluged with profit, and watching our products and services fly off the (physical or digital) shelves. For the lucky few, this actually happens. Well, would you be surprised to know that luck has very little to do with it?? Those company’s that seem to have a handle on exactly who they are and what they’re doing didn’t get that way by accident. They arrived where they are through hard work and lots of diligent research. Market research is one of the most overlooked but highly valuable components of any marketing strategy.
Why is market research so important?
If there’s one thing that can help you read your customers’ minds, market research is it. To run a successful marketing campaign, you don’t simply want to know how to market but WHY to market in a specific way. Market research provides us with validation for every function of our marketing strategies.
More than anything, we want to know how customers shop, what they want, and how they will react.
Market research provides answers to all of these things. Here’s where the luck comes in…we are lucky enough to be living in a time when technology is innovating market research and making it easier than ever to truly understand the customers we serve. Let’s take a look at three of the latest trends in market research to better understand how we should be shifting the way we think about this vital step in the marketing process.
Trend #1 – Putting a Spin on the Old
No amount of technology can change the parts of market research that work. At a basic level, we are still performing the same type of market research we always have. According to allbusiness.com, the five basic methods of market research are surveys, focus groups, personal interviews, observation, and field trials. The trick to innovating on these methods is applying current knowledge to the way we carry them out. Here’s an example: At Marketing X-Rays, we use the MINERVA method which is, at its core, a focus group method, but it also blends technology, biology, cognitive and behavioral therapy techniques, symbol therapy, art therapy, and cultural anthropology. We know that human behavior is affected by many factors, so we’ve applied this knowledge to a traditional technique, making it something entirely new, innovative, and effective.
The moral of the story here is, if it ain’t broke, don’t fix it. Just consider a new way of looking at what already works.
Trend #2 – Taking Market Research on the Go
It is easier than ever before to meet our audience where they are. According to the GreenBook blog, the most prevalent market research innovations are in the areas of big data analytics and micro-surveys. What we can gather from this is that technology increasingly allows us to innovate the way we practice market research through the use of mobile technology. For instance, where telephone and mail surveys were once the standard, we now have a plethora of text and mobile survey options from companies like “Poll Everywhere,” iOpinionSurveys, and Opinion Meter, according to mymarketresearchmethods.com.
The takeaway? Look for more convenient ways to leverage technology to your advantage and take your market research mobile.
Trend #3 – Stepping into Passive or Observational Research
Using tech innovations, it’s cheaper and easier to engage with and understand the lifestyles of customers from a distance. With GPS, location tracking, and analytics, marketers find themselves more often analyzing observational research than trying to gauge future behaviors. The evidence is all right there for us, we just need to know how to access it and make sense of the data. Field trials like this are arguably cheaper to carry out than more structured and forward-looking surveys, interviews, and focus groups, not to mention they yield a more natural and organic result. It’s likely we’ll be seeing a lot more of this type of market research as we continue to utilize the new data technologies available to us.
Try this: Instead of asking questions about what your customers might do, look more closely at what they are already doing. Doing that will give you the insider look you might need to create the best strategy possible.
If market research teaches us one thing, it’s not just what people want, but what they need. In the marketing field, we are all clamoring for those technologies and methods that make our jobs easier with more accurate results. Our advice is that you can’t really go wrong when your goal is innovation, so let’s all get out there and change the way we look at the world around us!