The year 2024 brings revolutionary changes in the domain of market research. However, most research trends are still continuing. But the storming in of next-level technologies like data science, artificial intelligence, and machine learning has opened golden opportunities to easily discover market dynamics and consumer behaviour.
Did you know that the global market research industry is predicted to generate $140 billion in revenue in 2024? Mobile quantitative research services, if considered, account for 35% of global market research revenues. And around 47% of researchers now use AI consistently for research. These statistics carry some hints of top research methods. So, let’s get introduced to the best market research methods for 2024.
Top Market Research Methods for 2024
Multiple methods, like online surveys, questionnaires, and social media listening, have already been established as standard methods for market discovery. But there are some new entries in this domain. Let’s come across them with traditional research techniques that are yet popular.
- Online surveys and questionnaires
Online surveys and questionnaires are not just forms, but the most cost-effective way of mining intents and market trends. The questionnaire consists of objective and subjective-type questions that resonate with the objective of the survey. As people participate and answer questions, the data is processed. Driven insights into customers’ intent and investment capacities enable a business to analyse and discover the intent of diverse audiences in a relatively short period of time.
Overall, many small to large organisations sought surveys to assess and analyse possibilities for defined revenues and corporate growth. SurveyMonkey reported that 89% of market researchers rely on online surveys for their findings on projects. With this high adoption rate, it is easy to stream it online and respond, especially through emails, social media, and websites. That’s why the adoption rate of these methods is really high.
- Social media listening
Also called social listening, social media listening refers to understanding comments and messages for a brand shared on Facebook, LinkedIn, Instagram, etc. This research method requires regular monitoring and analysis of conversations about a company, a brand, a product, or an industry. Certainly, methods like social media scraping are widely used to do the research.
Hootsuite reported that 63% of marketers find social media listening interestingly important to discover customer intent, sentiment, and preferences so that timely responses can be prompted by customers’ reviews. In other words, businesses can track customer insights to discover public opinions. It guides them to respond immediately to the comments or reviews online.
- Focus Groups
Focus groups represent a group of people that indulge in a serious and objective-based discussion regarding a product, offerings, or anything before they are introduced. They provide feedback on their pilot projects. It enables business owners to learn about customers’ intent, attitudes, preferences, and behaviours. Accordingly, they explore new product ideas and also test marketing messages’ relevancy and behaviour.
This is typically considered the qualitative research method, which guides understanding complex consumer problems and how to fix them. The Qualitative Research Consultants Association discovered that 65% of market researchers use this insightful method to get insights into anything. Overall, it is an interactive method that involves participants and triggers them to express their likelihood or thoughts freely.
- In-Depth Interviews
An interview is a popular qualitative method for research, involving respondents. Being respondents, each one shares a detailed overview of the research topic. This method allows businesses to understand individual and in-depth perspectives descriptively.
It is ideal for those who want to draw insights into their personal experiences, motivations, and attitudes towards a product or service.
The Association for Qualitative Research reports that 70% of researchers prefer lengthy and in-depth interviews to dig out insights. It is used when structured surveys fail to provide desirable insights. For interviews, the research may use different methods like phone calls, video calls, and in-person interviews. All in all, researchers can flexibly collect data from the sources directly.
- Mobile Surveys
The advent of smartphones created an opportunity to connect with individuals on their handsets. So, the idea of mobile surveys was coined and became significantly helpful for market researchers. These surveys don’t require laptops or desktops. They carry mobile phones, whose users are 5.65 billion in the world. It means that mobile surveys will reach this massive population in a few days or hours.
All in all, researchers can gather data on the go without hassle. Statista reports that mobile surveys receive a higher response rate. 45% of respondents participate in mobile surveys, compared to 30% for desktop surveys. This method helps to immediately meet the need for data research and is capable of capturing real-time insights.
- Sentiment Analysis
Sentiment analysis is an advanced research method that involves the use of natural language processing. It is actually connected with end users whose emotions matter. So, companies extract emotion-based data from sources like social media, reviews, and customer feedback. It helps in transforming words into feelings. This is how businesses become able to know if they think positively, negatively, or have no views regarding them.
Gartner anticipates that sentiment analysis will be widely used, as 75% of market research professionals will get insights into consumer sentiments and measure brand reputation. This market research method helps in discovering real-time insights into how they feel and get connected with a brand or product.
- Big Data Analytics
Big data analytics is associated with large volumes of data. Businesses are fond of it to discover patterns of likelihood, investment, emotions, or anything resonating with business objectives. This research method leverages next-level technologies like machine learning and artificial intelligence so that the voluminous data can be processed effortlessly.
IDC reported that the global big data and analytics market is likely to surpass $274.3 billion by 2024, marking a CAGR of 13.2%. It clearly signifies the increasing reliability of businesses on data for informed decisions, predicting market trends, and finding new prospects.
- Ethnographic Research
Ethnographic research is a type of market research that reveals consumers’ natural behaviour, habits, and cultural contexts. Businesses require it to develop or discover new products and services in real-life settings.
The Market Research Society found that ethnographic research is the need of 40% of researchers as they draw authentic consumer behaviours. This research guides the development of new things that align with customers’ pain points or intent.
Conclusion
Market research methods are frequently adding some new technological changes. In 2024, businesses will witness a lot of powerful market research tools that can help in drawing significant records from various platforms. By leveraging the aforesaid methods, businesses are in a position where making decisions is like a walkover.