The importance of market research was never this monumental ― in the age where consumer behaviour is changing at lightning speed. Marketers must be wary of how audiences conduct online activities now, as these have changed following the pandemic.
People are using Google differently now, especially with the introduction of competitive AI tools. In addition, many people, especially Gen Zers, use social media such as TikTok and Reddit to search for information. Still, Google maintained its brand image and efficiency by introducing AI Overviews. This feature blends the easy-to-understand UX design with the cutting-edge searching capabilities of artificial intelligence.
In addition to searching, consumers also have a different approach to buying, as they’re shifting to digital and choosing amenities that are closer to home, whether it’s groceries or entertainment. Therefore, market research experiences a never-ending list of challenges, but technology, which contributes to these issues, will help manage them. Here’s how.
Artificial Intelligence is the Front-Runner in Marketing
Marketers had to adapt to the fast-paced introduction of AI in all sectors and approached it to automate various repetitive tasks, including analysing data sets and predicting trends. Market leaders like Savanta Europe are using AI to ignite innovation and evolve personalisation, therefore keeping up with customer demand for fast and efficient products and services.
For now, companies prefer leveraging AI capabilities in conjunction with traditional methods.
Therefore, these tools assist marketers in using machine learning (ML) technologies for:
- Predictive analysis: marketers can analyse historical data and predict trends in digital marketing through machine learning algorithms;
- Customer segmentation: marketers can better divide customers into groups as the ML collects and analyses data from numerous sources to segment people based on behaviour and interests;
- SEO optimisation: ML algorithms are efficient at examining website data and picking the factors leading to high search engine rankings;
Neuromarketing and the Use of Brain Activity for Predictions
As mentioned before, consumer behaviour trends change too fast for marketers to keep up and still manage to be sustainable. Predicting these fluctuations is difficult, as they are affected by numerous aspects of one’s lifestyle, social media use, and so on.
In the near future, marketers could leverage neuromarketing to measure and predict valuable stats through:
- fMRI scans and electroencephalograms that offer data on human brain activity in the face of stimuli, such as product packaging or advertisement;
- Physiological tracking assesses facial expressions, eye movements, and other physical reactions to stimuli, showing what people are most drawn to;
- Facial coding identifies general emotional responses for ad content, pricing, and brand image, but it’s relatively expensive;
Several companies already use neuromarketing to test ads, improve their packaging design, and optimise conversion rates based on consumer reactions.
Digital Qualitative Research and for More Scalability
Due to technological advancements, digital qualitative research has become a more efficient tool than face-to-face interactions. Strategies like asynchronous research (online discussion boards, multimedia response collection) and synchronous research (web sessions along with uploaded stimuli) help marketers achieve better flexibility, time efficiency, and reporting.
You can use digital quantitative research for:
- Testing concepts and developing products: live interviews and asynchronous discussions can build the base for early-stage concepts and prototypes;
- Enhancing user experience: digital diaries, along with real-time conversations, can highlight specific pain points and preferences;
- Discovering consumer trends: reaching hard-to-schedule audiences through flexible digital methods can contribute to tracking the evolution of consumer perception and behaviour;
Digital qualitative research helps with global reach and cost-effectiveness. Still, most marketers prefer a hybrid approach in which they start with digital methods and refine results and strategies with in-person data.
Instantaneous Consumer Feedback to Keep the Brand Aligned With Trends
Consumer feedback is the backbone of every company, as it informs it of the products and services still relevant to the audience. However, reaching out for feedback can be challenging at times, as few consumers voluntarily leave their opinions on a brand’s efficiency for various reasons.
Therefore, the demand for real-time and fast consumer feedback is rising as companies must promptly respond to changing customer expectations, especially when clients ask for improvements. More businesses rely on AI-powered platforms for quick data interpretation to assess data from sentiment analysis, demographic segmentation, and predictive analytics so they can make better and more informed decisions when improving a product.
While it may be challenging to implement it at first, instantaneous feedback provides the following benefits:
- It stops customer churn in its tracks by addressing the issue quickly;
- It increases trust and loyalty by establishing a reputation for responsiveness;
- It encourages more customer engagement as people acknowledge its efficiency;
Social Listening and the Power of the Media
Social listening is still being debated on its efficiency due to ethical issues. This strategy includes monitoring online chatter so brands can better understand people’s opinions on their brand image. Checking comments, hashtags, and emojis might be useful in extracting actionable insights regarding audience expectations.
Social listening is much more than tracking mentions, which is why it can be difficult to implement. It includes the use of specialised tools through which companies gather the data and leverage keyword-based queries, filter relevant mentions, and use quantitative metrics.
The method focuses on context, involving subtle yet important metrics like indicators of positive or negative emotions through Linguistic Inquiry and Word Count (LIWC) software. On the other hand, marketers also rely on human judgement to identify nuances of human interactions, including irony, which algorithms are not yet prepared to identify as such.
Still, this social listening has yet to be implemented due to various reasons, such as biases, as automated analysis algorithms can misinterpret human behaviour based on the data they receive.
Final Considerations
Being a marketer in this fast-paced world is quite challenging, as social media fuels rapid changes in online consumer behaviours and trends. Therefore, companies struggle to adapt this fast and reinvent their products based on things audiences are currently obsessing over. However, they can leverage the benefits of high-tech solutions like artificial intelligence for predictive analysis, neuroscience for identifying emotional responses to ads, and instantaneous consumer feedback to address customer churn.
