It’s that time of year where we look ahead to anticipate trends and disruptions in the market research space. Understanding what changes may be in store for the industry helps us create gameplans so that we can be proactive, rather than reactive. When we consider ‘new trends’ at InterQ, we look at the technological and cultural shifts that may impact how we design studies. Without further ado, here are five trends that we are paying close attention to.
Market Research 2023 Trend #1: Diversity, Equity and Inclusion
Diversity, Equity and Inclusion (DEI) isn’t a new theme, but increasingly it is moving from a ‘nice to have’ to a ‘must have’. When it comes to designing qualitative or quantitative market studies, DEI cannot be an afterthought!
Weaving DEI into a research study is more than making sure you have a few people from ‘visual minority’ groups participating in your study. No cultural or ethnic group is homogenous in their thinking and it’s important to craft screening guide questions that allow for a diversity of opinions to be represented in the study.
When it comes to conducting the market research study, researchers and moderators need to be aware of cultural sensitivities and trained to lead conversations that may be triggering for participants.
Market Research 2023 Trend #2: Taking Diversity Equity & Inclusion to the next level
Continuing on the theme of DEI, market research can help organizations better understand how to take the findings from research and create messaging campaigns that honor a difference of opinions and approaches. DEI means different things to different people, and the insights gathered through market research studies may not yield easily identifiable patterns. Our research analysts are going through training to decode and interpret how opinions, thoughts, and values are communicated across communities so that organizations can incorporate these findings into their strategic and marketing campaigns.
Market Research 2023 Trend #3: Adjusting to post-pandemic realities
By now most brands are recognizing that we likely won’t return to pre-pandemic modes of behavior. As if the pandemic wasn’t disruptive enough, we are now navigating inflation, supply-chain issues, hybrid work models, and new habits around purchasing and brand interaction. No brand or industry is unaffected by these changes. While the inclination from some brands may be to take a ‘wait-and-see’ approach before investing in qualitative market research, we’d argue that by then it will be too late. The only given right now is that everything is in flux, and brands will need to ride the wave and be ready to pivot multiple times before we finally return to equilibrium. A number of brands have lost previously loyal customers over the past few years and if they’re serious about attracting former or new customers, then now is the time to invest in qualitative market research.
Market Research 2023 Trend #4: Sustainability and how that impacts the bottom line
Similar to the pitfalls of paying lip-service to DEI, the same holds true for sustainability. Governments may seem to be slow to react the realities of a changing climate, but consumers are not. Increasingly, customers are seeking out brands and organizations that are deemed ‘sustainable’. Keep in mind that consumers are savvy and wary of ‘green washing’, so you can’t simply slap a ‘sustainable’ label on your product and call it good. A market research study will yield rich insights about what sustainability means to your customer and how it relates to your product or service. Incorporating sustainable practices into your brand can improve the bottom line and help retain customers.
Market Research 2023 Trend #5: Engaging the GenZ consumer
Engaging with millennials or Gen Z is definitely not a new theme, but the fact that it is still on our radar goes to show how important, and elusive, this cohort is to brands. The good news for any organization seeking to better engage with Gen Z is that we have years of experience working with this generation! Consider that Gen Z makes up 20% of the US population and wants their values reflected in brand messaging and product offerings. The challenge is this cohort is the least likely to participate in traditional market research studies. Our InterQ team has led many successful market research studies with this generation and we’ve learned a number of ‘tricks’ to engage with this cohort. If your brand is looking to connect with this generation of consumers, we can help!
While all indicators point to a topsy-turvy year for brands, market research studies can help provide some stability. Our moderators and researchers are continuously upgrading their skills to meet the demands and expectations of a changing world.
Market Research 2023 Trend #6: ChatGPT and Market Research Questions
You’ve likely heard the buzz around ChatGPT. This new technology has gotten a lot of buzz for its ability to generate everything from academic papers to news articles. Some in the market research industry have even wondered: Is this technology good enough to work in the context of asking market research questions?
Our opinion is no. Trained qualitative researchers spend years learning the craft of how to ask questions and they pull in various sources of information when formulating participant questions — many of which happen through knowledge of a client’s goals, business model, and overall strategic needs. Can ChatGTP generate questions? Certainly. Are they going to be useful for a seasoned market research team? Undoubtedly, no. (Though they may be humorous!) At this point, we expect to see a lot of chatter about ChatGPT in the marketing/business worlds throughout 2023, but as a serious tool for professional researchers, no. However, we feel it’s worth mentioning as a “trend” since undoubtedly there will be companies emerging trying to position this as a “must-have tool” for market researchers.
Request a Proposal today to learn about how a market research study can help with your 2023 strategic goals!