Market Research Trends
The last few years have shown both the value and resilience of the market research and insights industry. As brands faced one challenge after another, as consumer attitudes and behaviors evolved again and again, the importance of customer insights has been front and centre.
That's why in 2023, the biggest market research trends will help insight leaders build on their momentum while giving them the agility required to meet new challenges ahead. And, perhaps counterintuitively, we'll also see a return to the basics.
Doing more with less.
Building customer empathy.
Delivering insights that drive ROI.
To better understand the market research trends that truly matter, we've curated some interesting and useful predictions leaders in our industry must know. These perspectives will help you prepare for what's ahead and enable you to deliver more impact in 2023 and beyond.
2023 market research trends and predictions to watch:
The role of insights becomes more strategic
The return of proven methodologies
Using agile tools to do more with less
More AI experimentation
More focus on data integrity
CX research becomes conversational—or faces decline
Services will be back in fashion
The role of insights becomes more strategic
The smartest brands have woken up to the fact that doing research and talking to customers isn't optional.
If you want to win, you need to know your customers. It's that simple.
This awakening is excellent news for innovative insight leaders. It means they can focus less on justifying the need for market research and focus more on driving the business forward.
The return of proven methodologies
In an article for Insights Association, Crispin Beale, CEO of Insight250, interviewed industry leaders to learn what 2023 market research trends they're keeping an eye on. Many predict the return of classic methodologies but reimagined for our world today.
Everything old is new again; this has been proven by seeing trends in our parents' generation coming back in a new way. Similarly, we expect insight communities and micro-surveying to experience tremendous growth this year as advertisers look for opportunities to understand and create deeper connections with core consumers.
Likewise, Justine Clements, Consumer Insights Manager at Samsung Electronics in Australia, expects "smarter, quicker surveys" and "more longitudinal studies" to be a top market research trend in 2023.
Ultimately it doesn't matter if a methodology is old or new. What matters is its ability to bring consumer empathy to life when companies need it most.
2023 won't be about the shiniest new technology or most advanced analysis but a year for deep understanding and building loyalty. As a digital agency, we are excited about the new twists on proven methodologies that help us articulate and quantify how the current economic uncertainty will impact our customers and lead to customer-first decision-making throughout the organization.
Using agile tools to do more with less
We expect to see dramatic adoption of techniques that offer more insights for less money. Market researchers must have the best insight platforms and research partners to meet this new way of doing business.
In the past, researchers had to pick between speed, efficiency and accuracy when choosing a market research technology; in 2023 all three are required. Agile and adaptive techniques will replace older, over-engineered and expensive approaches.
More AI experimentation
When talking about doing more with less, many thought leaders like highlighting AI's potential. Simply go on LinkedIn and read all the AI content being pushed into the market. And this year, AI and machine learning are getting even more eyeballs than usual. When it comes to AI's application in insight generation, there will be a notable rise in experimentation in 2023.
More focus on data integrity
2022 felt like an important year regarding data quality, a topic that dominated discussions at many industry events and market research publications. The issue of data integrity is far from solved, though. So, what can we expect in 2023?
Karine Pepin, Vice President at 2CV, thinks the next phase of the conversation should be about "objectively defining data quality." A big issue right now is the lack of consensus on the right quality assurance measures to catch survey fraud, straight lining and other shady practices.
2023 will be the year when our effort is devoted to understanding what really works, so we stop overloading surveys with quality assurance measures that are not effective.
CX research becomes conversational or will face a decline.
The past decade has been transformational in CX management research, with companies pouring billions into tools to understand the customer journey better.
Ironically, a lack of focus on the participant experience and survey fatigue is partly to blame for CX research's potential decline.
We are bombarded with surveys about every single experience. Brands are asking for feedback all the time. However, they're using outdated methods that don't feel personal or conversational and still asking NPS versus finding out about the experience (was it poor, good, or exceptional and why). Response rates are plummeting. Therefore, we need to make some changes. Like meeting people in the moment and getting feedback that will provide guidance to brands so they can focus on creating exceptional experiences.
Services will be back in fashion
A notable 2023 market research trend is the increased demand for services and consulting. The market realizes it's not just about software: great research and strategic insight need smart people. Agencies are figuring out the right combination of tech and humans to be able to catch up to growth and profitability expectations.
Our passion for emerging technology and human-centred marketing makes us unique. We believe in building meaningful connections with our clients and their consumers. We thrive on delivering growth solutions and helping our clients forge deep relationships with their users.
Which market research industry trends will endure?
Much like the previous years, 2023 brings so much uncertainty. While many of us enter the year with renewed hope, the reality is that new market forces will impact what market research techniques and tools companies will invest in next year.
In the end, the trends that will have an enduring impact are those that deliver market research ROI and make the life of the busy insight professional easier and more impactful.