Traditional market research is getting on in years and is showing signs of fatigue as an industry. In 2023, the time has come for a digital revolution that is particularly dedicated to the customer experience: with AI targeting, social listening and agile innovation methods, market research will be steered in new directions this year. We show you the five most important trends in market research in 2023.
The past year was a demanding one for market researchers: post-corona, huge amounts of data and a constant stream of new technologies. Numerous challenges had to be overcome. The new year now offers the opportunity to focus fully on the customer experience again. The drivers for this experience are artificial intelligence and intuitive dashboards as well as a synchronized experience between online and offline.
But first a few facts at the start of the year: the global market research industry is currently worth USD 82.62 billion and is expected to reach USD 108.61 billion in 2026 at a CAGR of 7.1%. Drivers are AI, real-time results and the ability to involve consumers worldwide.
This results in the five most important trends for 2023, which we have summarized for you here:
1. mobile first
Online surveys have become state-of-the-art in market research. Practically all market researchers, i.e. around 90 percent, use online surveys because they are quick and inexpensive. And people all over the world can be included.
However, a clear trend can be seen in 2023: a shift away from desktop applications to smartphones. This step is logical, as consumers now store or communicate primarily via their smartphones. Almost three quarters of websites are now viewed on smartphones and no longer on computers or laptops, as Josh Howarth shows in his industry analysis for 2023
However, some market researchers are still skeptical because the user experience on the smartphone is not as good as in the desktop browser and participants are therefore inhibited from completing all the questions. Start-ups are now trying to make mobile-first surveys the tool of the future for market research. In the future, surveys could run like a WhatsApp chat and even increase the response rate with this ease. The aim is to make these surveys more convenient and smarter.
2. the selfie generation and Zoom lead to video surveys
According to the researcher Take Note, market researchers are using more focus groups with the inclusion of videos than before the coronavirus pandemic. This means they are using online video interviews to conduct in-depth interviews with consumers and find out more about their consumer behavior.
But why this change? It has to do with a change in society: People feel more comfortable in front of the camera in 2023 than they did before the pandemic. During lockdowns, they have become accustomed to making video calls all the time and feel comfortable doing so. During the coronavirus pandemic, up to 300 million people held Zoom meetings every day. On the other hand, it also has to do with the selfie generation, which constantly stages itself in front of the camera via Instagram and co.
This is why more people are now willing to give their opinion on products and services by means of a video statement. This allows companies to gain a comprehensive, clear and authentic impression of consumers because they can record non-verbal communication. To evaluate this, there are also video analysis platforms that can evaluate people's facial expressions, feelings and expressions. AI is also used for video transcription in order to generate a pattern.
3. use the noise of Instagram and co.
More content is being posted on social media platforms such as Instagram than ever before. Every post, every video and every selfie provides information about the preferences and interests of a clearly defined target group. This is not necessarily new, but just as effective in 2023.
Market researchers like to listen to all this "noise" and record it in real time. This data can then be used to launch new offers. This is because around 80 percent of posts on social media are made by the users themselves.
Anyone who succeeds in actually monitoring social media and extracting everything that users talk about and use will own a veritable treasure trove of data with a wealth of information. This is offered by "social media listening" platforms. Millions of websites are scoured, thousands of podcasts listened to and over a dozen social media platforms scanned. These trends and interests are then transmitted to the companies, which use them to create new products.
4. agility
In 2023, customer needs, consumer behavior and trends are likely to change even faster than before. An agile approach to market research is therefore essential in order to capture customer needs accurately and correctly. This iterative approach can keep up with this speed and the research results build on each other - see also Betty Bossi.
Agile methods, which originally come from software development, allow surveys to be carried out more flexibly and the results to be evaluated more quickly. This enables companies to react dynamically to changes in the market and specific customer needs and to quickly put the results into practice.
Agile market research takes an iterative approach in order to update and, if necessary, deepen the understanding of a topic. This can also take the form of a workshop in which existing questionnaires are adapted and new questions are added on an ad-hoc basis. This approach guarantees that a market research project can be approached from an external perspective and constantly adapted and improved.
5. multiple samples
Thanks to the many communication channels we use in our everyday lives today, market researchers can reach more consumers than in previous years. In the past, questionnaires could usually only be answered with telephone or internet access. Thanks to the smartphone, however, this is now possible everywhere. Consumers can take part in surveys while commuting, during their break, while watching TV, at work or even in bed and thus deliver results to market research institutes around the clock.
Not only does this make it easier to select samples, but panels can also become more diverse by reaching more people from different backgrounds and social backgrounds, giving a better and more accurate representation of the world and future consumer behavior. With broad demographic characteristics, companies can target a larger audience and address their needs in pricing and product design.
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