What New Trends Are In Store For Market Research?

The 21st century has brought with it a series of transformations in science and everyday life. Things that we thought were far away in the 20th century, such as video conferencing and international mass travel, were only dreams for our grandparents. These transformations have also reached the practice of Market Research.

Trends like Neuromarketing and online panels are now possible thanks to advances in technology and computing. The solutions that we begin to enjoy today are only the preamble of what lies ahead decades in the future. Not in vain is there talk of the 4th and 5th Industrial Revolutions. The first dominated by digitization, which is the subject of today’s blog post, and the second, which is focused on a circular economy where waste is part of production chains.

It is for this reason that we have listed four future trends that we believe are getting closer and therefore we must be prepared for their arrival.

Greater presence of professional people in Engineering. Within market studies we usually find certain profiles in most agencies and specialized departments within companies: professionals in Psychology, Sociology, Anthropology, Geography, Economics, Statistics and Mathematics. We can even find translators and pollsters. However, engineering graduates will be increasingly appreciated for their programming skills.

Integration of Artificial Intelligences. Neural networks have achieved great development in a few years. Solutions like ChatGPT have broken the expectations of more than one skeptic in recent weeks. Although they are limited by the quantity and quality of data and information with which they are fed, they will soon lead to rethinking various business models. In Market Research we must be attentive to its possible implications and uses.

Texts translated in real time. A limitation when applying market studies in different countries simultaneously is that they necessarily go through a stage of translation and regional adaptation of materials. This service is still expensive. However, digital simultaneous translators have succeeded in defeating the simplest translation processes. With the passage of time, the automatic translations of questionnaires from a base material have gained importance without appreciable interpretation errors.

Shorter execution projects. Market research projects varies in the time required for its execution based on the objectives pursued. The administrative, operational and legal steps can take a few weeks or months. As the years progress, execution times of a few days will be more and more demanded; even one hour in very specific cases.

Innovations occur faster with each passing day. At Market Research we know the advantages of adopting them from their early stages, since it allows us to be competitive in an environment with many participants. Our analysts are ready to put our nearly 20 years of experience at your fingertips. If you are looking for potential allies in Latin America, write to us now.

Imagen de un rostro fundido con líneas de código de programación - Imagen de Gerd Altmann en Pixabay (Español) / Imagem de um molde de rosto com linhas de código de programação - Imagem de Gerd Altmann do Pixabay (Português) / Image of a face cast with lines of programming code - Image by Gerd Altmann from Pixabay (English)