As the world becomes increasingly connected, it is becoming more challenging to predict what will happen next. To stay competitive in today’s rapidly changing marketplace, businesses need to be prepared for anything and everything. One way they do this is by conducting market research to find out how customers are reacting to their products and services.
We will introduce five emerging market research trends that you should pay attention to as a business owner or marketer so that you can stay ahead of your competition.
The importance of market research
As a business, established, or startup, it is essential to conduct market research to stay competitive. Marketers and business owners use their findings from leading market research for several different reasons, including:
- To find out how customers are reacting to products or services.
- A way to predict what will happen next.
- Provide feedback about new product upgrades or features that need work before release.
- Find the gaps in your current marketing strategy so you can fix them now rather than later.
Aside from your stellar marketing team, a reliable and well-versed accounting team can help your business stay afloat. Some digital entrepreneurs procrastinate hiring accounts thinking this won’t affect their growth in the start-up phase. However, once they reach a certain point and need to scale their business for increased orders while remaining profitable, the accounting team will manage these tasks.
Startups often don’t think about hiring an accounting team because it’s not on the top of most entrepreneurs’ priority lists. But when you’re scaling your company, you may want to consider and think: “will a cpa near me affect my business grow into a successful enterprise” at some point. This needs to happen, or else things can get messy quickly with lost revenue opportunities due to missed tax deadlines or penalties from IRS audits.
Emerging markets are an essential part of any business strategy in today’s increasingly globalized world. With just one emerging market experiencing rapid growth, it is easy for companies who do not keep up with what their customers want or need from them to fall behind and become irrelevant overnight.
Doing proper market research allows businesses not only to meet these needs but surpass expectations as well. By staying on top of trends in these developing economies, entrepreneurs will be able to find new opportunities that were previously unheard-of or unknown before–and capture those opportunities before their competitors do.
- Market research is essential for businesses to stay on top of trends in emerging market economies and be able to find new opportunities previously unheard-of or unknown before–and capture those opportunities before their competitors do.
Market research top 5 emerging trends
Knowing the latest marketing trends benefits you in a few ways:
- You can stay ahead of the competition by considering what may be next in marketing before becoming mainstream–and profit as others catch on.
- You will better understand your target market to know how to reach them and speak their language.
By staying up to date with emerging trends, you’ll find new opportunities (like social media) which might not have been available otherwise. And this is key for entrepreneurs looking for new opportunities they could capture before other competitors do. So even if a prospect doesn’t present itself immediately, staying aware of these changes allows us to take advantage when the time comes eventually and we are ready.
Personalized marketing is a strategy that has been around for some time. Still, it’s taken off in the past few years, with personalization being more and more accessible to smaller brands due to technology advancements on both the enterprise side (i.e., email platforms) and startups.
Personalized marketing now offers an affordable option for getting closer to your customers with highly targeted messages that speak directly about them and their needs while also providing information explicitly tailored towards them.
With the internet, we’ve been able to track what people are doing online, but this type of data has largely eluded us when it comes to offline life in brick-and-mortar stores. However, with retail becoming more and more digitized, RFID tags or Wi-Fi networks can be used as a proximity trigger for offers and discounts. Most retailers now have access to deep analytics on customer data they never had before.
The rise of mobile has been a boon to research. The ability to track what customers are doing on their mobile devices at any time, anywhere, is an invaluable tool for marketers and researchers who want better insight into the behaviour of consumers. At the same time, they’re in-store or shopping online.
As a research technique, gamification is adding game mechanics to something to make it more engaging. This can be as simple as awarding points for completing tasks or providing some reward (like an image).
Wearable technology is nothing new, but the market continues to evolve with Nike releasing wearable tech that will allow you to track your activity levels all day long.
Knowing the emerging trends of the market research industry is just as crucial for marketing teams and researchers alike. This gives you front seat access to the trends that will be driving your market niche for years to come.