Top Four Market Research Trends in 2024
When you need to know your market, don’t expect the information to drop into your lap. Market research is the sure fire way to get to understand your demographic audience bar none. But market research is a broad field, and like other broad fields it changes with time. When trends shift we have two options: get busy living, or get busy dying. We must adapt to what’s working for researchers in the here and now in order to get ahead of the game on the competition.
In a Quirks article attempting to break down the top four market research trends in 2024, Jill Larson cites a recent study by Qualitrics stating that “nearly two-thirds (62%) of researchers say their company depends on their research and insights significantly more today than in the past two years.”
Not only are the trends changing, but they’re more important to follow than ever! One of the first of these, which you’ve likely already heard the buzz about, is AI. Specifically, if you’ve talked to anybody in market research the last few months you’ll know that researchers are rapidly embracing AI tools. According to the same Qualtrics study, “Despite concerns around the world about AI replacing people, only 25% of respondents are concerned about AI outpacing personal or team abilities and most researchers (87%) feel good about their job security.” It looks like this technology is here to stay for the time being, so it’s time to jump on the bandwagon.
The second bullet point that Quirks cites is virtual research. Despite COVID being a thing of the past for most researchers and respondents, society has discovered it quite enjoys not having to leave the house so much. Here at FGA we can attest to that! Our LiveView platform continues to skyrocket in popularity, despite the long eased restrictions on travel and exposure. With LiveView’s virtual observation room, you can practically recreate in-person research in a 1:1 experience, so it’s no surprise researchers are still clamoring for this cost effective option for focus groups.
The final two bullets continue to nail down the use of AI technology in research with more specificity. Not only is AI helping to nail down the skill gap in report composition, but it’s also improving our survey creation and recruiting protocols, among other pertinent uses. The bottom line is that the field of market research is in a tech renaissance. FGA has been focused the last few years on introducing everything from our online platform to LiveView Notes, whiteboards, bulletin boards, moderators networks, automated recruiting, AI report generation, and more. So, are you ready to get busy living in 2024? We sure are.