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What are the top market research challenges in 2022?

We all know that conducting market research in today’s landscape is nothing short of challenging — from the need to deliver deeper and more meaningful insights faster to developing strategic, always-on research functions.

In many ways, the pandemic amplified existing challenges while creating new ones: the role of the market researcher has evolved from just the deliverer of insight to the supporter of strategy, while organizations are gradually moving towards end-to-end research platforms to support every area of the business.

These are, of course, early days, and many organizations are still finding their footing — but those that are aware of and combating these challenges are those leading the charge.

In this blog, we analyze some of the top market research challenges from our 2022 Market Research Trends report, and provide tips and tricks on how to overcome them.

Challenge 1: Addressing market uncertainty

For market researchers, acting during times of uncertainty is nothing new. After all, much of their expertise lies in analyzing large amounts of disparate data to uncover conclusions and highlight opportunities. And it’s through this data, specifically experience data, that researchers can chart a course forward.

However, in times like these (with the pandemic and shift to digital), there’s a tendency to pause or cancel projects and initiatives — perhaps to recoup lost investments, protect employees or ensure the business can continue to run.

That said, there’s a compelling argument for organizations to weather the storm — to continue pushing through and put more faith into their research activities to understand how business and customer mindsets have shifted. By investing more time and resources into market research, organizations can get ahead of the competition and start to deliver experiences fit for the new world of work.

And most organizations have responded positively. Through our research, we discovered that while market uncertainty is one of the top challenges for market researchers — the vast majority of respondents (67%) are investing more in specialized market research technology to get a grasp of the post-COVID-19 world. As important, 77% see these technologies as critical to their organization’s success.

There’s more — these organizations are also investing heavily in product, brand and customer experience technology to close gaps across their activities. It’s through these tools that they can improve brand recognition and sentiment, customer engagement and satisfaction, and ultimately deliver more valuable products.

The reality is that uncertain times are highly dynamic. Needs, priorities, concerns and perceptions change frequently. But the only way to be successful in an ever-changing landscape is to adapt and understand the new state of play.

Challenge 2: Improving data quality and insights

For almost a third of our report’s respondents (31%), the most helpful innovation for addressing their business’ challenges in 2022 would be an automated data quality solution. Indeed, gathering and processing data, especially with a series of disconnected, disparate tools and a growing list of digital channels — often leads to inconclusive or low-quality insights.

But as well as lacking the right tools, some organizations lack the expertise and resources required to properly utilize the assets at their disposal. According to our report, 20% of respondents cite a lack of skills and training as one of the reasons their market research is being held back. Another variable affecting data quality.

Similarly, data from Forrester Consulting’s report (The State of Evidence-Based Experience Design) — commissioned by Qualtrics — highlights that limited use (by almost half of the respondents) of analytics tools and siloed processes poses major challenges to data-driven experience design and adoption.

Typically, data quality issues arise from these problems:

Therefore, to get the most value from market research in these instances, organizations must do the following things:

1. Develop and implement a repeatable, scalable and robust data gathering and collection process.

As business outcomes are built around new market research, ensuring you have a solid strategy and approach to using the data is absolutely critical. This means embedding consistency at every phase of your research project, carefully evaluating the methods you (or your market research agencies) use and asking yourself: “is there a better way of doing this?”

And in most cases, there is. You may have disconnected processes and knowledge gaps, or your approach to market research is outdated. The idea here is that you build a best-in-class research culture that’s supported by the technology you choose to use. If your strategy and approach are riddled with problems, your data will suffer the same.

At every opportunity, try to identify ways of doing things better and more efficiently to support your overall market research goals, whether that’s automating specific elements or outsourcing the data collection so you can focus on analysis. What’s key is that the process is repeatable, scalable and robust.

2. Acquire a solution that empowers everyone, across the organization, to carry out and analyze research

We’ve spoken previously about the benefits of platformification for the market research industry, but it bears repeating here. Considering the challenges facing market research projects, including the need to glean higher quality insights faster — platformification offers a solution.

By consolidating data, and combining qualitative and quantitative capabilities and datasets in a single platform, platformification enables organizations to connect the dots at every stage to surface more holistic insights efficiently. This is also incredibly important as less than half of organizations (45%) use qualitative and quantitative data to uncover new experiences.

Analytically, platformification means organizations can use modern technology to capture data from multiple sources and deliver richer insights, faster. For the expert market researcher, it enables them to use advanced statistical analysis tools to elevate findings and get significantly more from the same amount of data.

Finally, with the right choice of platform, it becomes possible for anyone in the organization to carry out data collection and research projects — all without training. It’s the natural evolution of market research, an approach that gives everyone the capabilities they need.

3. Clearly define research methods, analysis and use the right tools

Relying on a platform that offers all types of research, quantitative, qualitative and more, vastly increases your data collection and analysis capabilities while giving you the flexibility you need to carry out specific projects.

Furthermore, using the right tools and technology means that you can make sense of certain types of data, such as structured and unstructured data. For example, the ability to capture and analyze open-text responses across multiple channels to determine customer sentiment and engagement.

4. Establish collaboration across the enterprise

A core part of developing and deploying successful market research projects is collaboration across the entire enterprise. Having a singular platform helps — in that everyone is effectively working from the same location — but it’s also important to get buy-in and clearly articulate the purpose of the research in advance.

It’s also worth setting up regular meetings or sessions with teams before, during and after any market research project to understand progress, highlight opportunities or issues, and then identify ways of improving upon the process.

This kind of collaboration fosters not just good relationships with departments (enabling market researchers to become trusted advisors and strategists, rather than just analysts), it also builds a culture where market research is put at the heart of all campaigns.

Challenge 3: Getting leaders to invest

Conducting market research today is perhaps one of the most important things an organization can do. With the right data sources, market researchers get better insights, leaders can push business decisions and product developers can come up with solutions to business problems.

The challenge is getting leaders to continually invest. According to our report, 21% highlight communicating ROI and business impact as one of their top market research challenges. The same percentage highlights competing internal priorities as another.

At some organizations, market research is a means to an end — done to support new product initiatives or marketing campaigns. But the real value is in ongoing market research supported by an embedded research function.

The first step to getting leaders to invest is to clearly demonstrate, regularly, the impact of market research on business outcomes. For example, by using role-based dashboards, you can provide stakeholders and executives with high-level summaries of how market research projects have contributed to business outcomes.

As for ongoing product development, let’s say you carry out some product research, using conjoint analysis, to identify which product features customers value most. You can then compile this information for product teams and executives to see before making the necessary changes. You could also carry out market research to identify the ideal product pricing point before going to market — or do that same research to work out how to alter your product prices in the current market.

What about ongoing improvements? Well, you can apply market research to products in situ and run focus groups and surveys to uncover new customer preferences. You could even use listening tools on digital platforms to capture customer feedback and reviews and use that information to create new products or add features to existing ones. Then, communicate the results of these changes to teams, executives and stakeholders with ease.

Of course, all of the above requires the right platform — one that can listen, understand and act on market research data to empower you and your teams to create better experiences.

Discover the market research trends of 2022

At the heart of business success is market research, but overcoming the problems and capitalizing on the trends requires a well-thought strategy.

In our second annual study into the state of market research globally, we delve deeper than ever before to uncover the market research challenges and opportunities for organizations in 2022.

From the changing role of the market researcher to what you should be prioritizing, discover everything you need to know.

Just download your free copy using the button below.

Learn more about the 2022 market research trends and challenges

Qualtrics // Experience Management

Qualtrics, the leader and creator of the experience management category, is a cloud-native software platform that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees.

With insights from Qualtrics, organizations can identify and resolve the greatest friction points in their business, retain and engage top talent, and bring the right products and services to market. Nearly 20,000 organizations around the world use Qualtrics’ advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. Qualtrics is co-headquartered in Provo, Utah and Seattle.

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Top Challenges Faced by Market Researchers and How to Solve Them

It’s been a challenging few years, to say the least. As we look ahead to the coming years, we wanted to uncover the biggest challenges currently facing market researchers. So we did what we do best: designed and conducted a study of 145 insights pros to learn more about the difficulties they’re facing – and then provide ways to address them. Here’s what we learned.

Watch the on-demand webinar here to see the full research report from our study.

Common difficulties

We all know that conducting research in today's landscape has been challenging. in many ways, the pandemic amplified the challenges we were already facing. top issues included:.

• Limited budget and staff
• Team is stretched too thin
• Hard to get both the numbers and stories needed to inform internal decision making
• Slow internal approval process for vendors
• Unrealistic timelines
• Changes in scope after starting a project  

Participants said the most problematic and common issues they faced included the need to:

• Conduct research faster to meet internal deadlines
• Offer simpler and less expensive ways to conduct iterative research
• Conduct quality research with limited resources
• Conduct more research with the same amount of resources

In other words, the top challenges revolved around the need to move faster while dealing with limited resources. These are the biggest challenges because insights pros are just that – pros – who want to do quality work. We all get that – we take pride in our work, and we know it takes more than an algorithm to come up with meaningful insights and recommendations for a team.

Key research study takeaways

We asked insights pros how they are dealing with these challenges today. their workarounds to time, budget and resource constraints are....

• Working more hours
• Using experience and qualitative insights to get to more actionable stories behind the data
• Seeking out new tools and partners to drive automation and efficiencies

How to address these challenges

In talking to leaders across the industry, we have seen firsthand that it is possible to get more from limited resources and budgets. it isn’t simply about working harder or faster, but about using technology to build flexibility into our methods so we can move faster while getting more targeted, relevant insights. i have two suggestions for any company that wants to take their insights to the next level., build research agility to deliver speed and efficiency. being able to do both qual iteration and quant validation is key. creating a build, test and learn cycle will speed up processes and deliver faster insights..

Use best practices to ensure quality. Here’s what we suggest:

• Find more targeted participants for your research: people who have demonstrated the specific behavior you want to talk to them about, or who have the knowledge you’re seeking in terms of user experience. Doing this will help ensure quality results and enable focused learning that ties to behavior.

• Use qual and quant together for better context in decision-making by the team. Making these two work together more seamlessly will allow you to create stories while still providing validation.
• Build on learning by re-engaging participants to ask follow-up questions. Newer qual + quant methods allow you to iterate on learning by inviting targeted participants to participate in qual follow-ups to drill deeper into the “whys” and improve as you build.
• Take a flexible approach, using automated research studies with customizable templates that don’t oversimplify for the sake of time/cost. The more you can tailor your questions, the higher likelihood that your team will get the results they need.

Four key ways insights technology can help you deliver

Timelines: Seek out insights technology providers that can offer highly targeted qual + quant recruiting within hours or days. They have automated study templates and reporting dashboards, so you can get instant reporting to drive faster decisions.

Quality: Look for tech solutions that can capture context and experiences rather than just attitudes. You also want the ability to recontact quantitative participants or have multiple touchpoints in your qualitative studies, so you can drill deeper into the whys and iterate on your learning.

Resources:  Seek out technology with reporting dashboards that include built-in sentiment and theme analysis in addition to charts and graphs. Also look for built-in comparisons, benchmarking and stat testing. When looking at your tech options, also consider on-demand services or assisted DIY capabilities. It’s a great alternative to full DIY, if you’re limited on time and need some help getting it all done. It’s also a doable, cost-effective alternative to working with full-service vendors.

Budgets: Working with a tech platform on a subscription basis can be a smart decision. Not only do you save more than traditional discounts with full-service vendors (sometimes 20% or more), but it can save your team time in dealing with bids and approvals on every project. And tech solutions that offer on-demand services can give you the benefits of full-service partners, without the cost.

Next steps to become more agile

So what should you do next if you want to be more agile? First, get leadership buy-in by demonstrating the potential benefits to your timelines and budgets. Next, start building agile skills in your team by experimenting with smaller research sprints. Find a technology partner that can help you – you need to feel comfortable with them and be able to collaborate. As you move forward, take time at the end of each agile study for a short retrospective. Look at your results: Did you get what you needed? Did you work too many hours? What went well? What was inefficient? How can you streamline going forward?

To learn more about agile methods and best practices , check out our new 3-part eBook series:  Ready, Aim, Fire: A Guide to Agile Insights for Consumer  Product Teams.

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Topics: Market Research , Strategic Best Practices , Quantitative Research , Online Communities , Agile

Monika Rogers

Monika Rogers is the CEO and Co-founder of Digsite. She has more than 20 years of marketing, innovation and market research experience, including positions at General Mills, Pillsbury and the A.C. Nielsen Center for Marketing Research at the University of Wisconsin-Madison.

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The biggest obstacles for market researchers – and how to overcome them

Many market researchers face similar obstacles when conducting research. Not having enough time, the right data or skillset can lead to inaccurate or unexplored results.

Overcoming the largest marketing research challenges

Editor's note: Emily Smith is the marketing content specialist at Brandwatch.

Market research can be time-consuming, expensive and hard to implement correctly. Brandwatch has researched the toughest obstacles for insights teams and in this article we’ll offer effective solutions to help your business get ahead of the competition.

The biggest obstacles for market researchers

For our latest report on market research, we asked businesses what was impacting their ability to get to know their customers. We surveyed 63 respondents from Brandwatch’s network. Here’s what they said – and how you can overcome the challenges that arose.

Not having enough time

Over half of respondents said that time was a key obstacle getting in the way of market research efforts at their organization. With most teams in the field pressed for time, important research questions that could help drive business results are being left unexplored.

An effective way to save time is to work with specialist agencies who can conduct research for you. They can offer a second opinion on areas to target while giving you regular feedback on outcomes. Alternatively, a social listening tool  can do all this and more. A great tool will transform the way you conduct market research internally by providing both real-time signals for changes in your market and historic analysis to help you dive deep into trends with just a few clicks.

Lack of budget

Budgeting issues can be the biggest roadblock for market researchers. Being short on the funds needed to conduct effective research might mean your findings are inaccurate, out of date or irrelevant.

Using a consumer intelligence tool  can help save money for your business as they don’t rely on recruiting or incentivizing research participants. Instead, you can simply access unprompted feedback from millions of online sources about your brand, products or market. As you improve understanding of your market and audience, you’re able to use these insights to inform better business decisions.

Not having the right data

Working with data can be complicated and time-consuming – especially if you’re not sure what to look for. Our survey participants agreed that data can help inform strategic decisions and empower businesses to become smarter and more effective in all areas. Being truly consumer-centric means continuously gathering, processing and analyzing various data sources to stay on top of shifting consumer behaviors.

Working with the right data tools takes away the complications of data management, allowing you to work with a wide breadth of data sources in one platform and make important business decisions with confidence.

Not having the right technology

Having the right solutions in place is fundamental to gathering and analyzing the data that can help your organization thrive. According to our survey, 82.54% of respondents thought that having the right social data analysis tool in place will best support consumer insights generation and sharing in 2022.

The right analysis tool can help you search millions of online mentions, segment this data in a way that’s relevant to you, analyze insights and act on them to improve your business results.

Not having the skillset

The final challenge we’ll highlight from our research is not having the right data skills, which can significantly impact the success of an organization. Adapting to a rapidly changing market is much easier when the right skills are explored within an organization and encouraged across teams.

Investing where there are gaps in skills or knowledge in the workforce can help you stay abreast of all the changes that will impact your organization.

Key takeaways

Understanding how to conduct time-effective, budget-friendly research is important for every business, whether you’re an up-and-coming SMB or a well-established enterprise.

The right consumer intelligence tool  can transform your approach to market research in rapidly changing times, enabling your organization to act with agility and confidence.

You can read about these insights in more detail in our report on The Researcher of 2022.

www.brandwatch.com

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5 Market Research Challenges (And How to Solve Them)

Tien-Anh Nguyen

December 31, 2013

Conducting buyer insights research can be overwhelming. From planning to the actual studies, there are a lot of responsibilities and hurdles to manage. Here are a few of the most common market research challenges that companies face, as well as some of the simplest solutions to get everyone up and running.

Few initiatives will provide your company with as many in-depth insights into your customers as effective buyer insights research. By asking your customers and prospective buyers the right questions you’ll further your understanding of:

• The distinct buying roles that exist in your buyer’s organization
• The different stages in the customer buying process
• The features that matter most to buyers’ business goals
• How your buyer views your product and your competitors’

While it provides a wealth of information, market research also comes with its share of challenges: generating support from stakeholders, difficulty contacting prospects, and unforgiving time constraints. Before you give up, we’d like to stress that the benefits of buyer insights certainly outweigh the challenges. Here are five of the most common market research challenges and the simply solutions to each.

The 5 Market Research Challenges (And Their Solutions)

Photo by : Michael Lokner 

Chief Business Officer at UserTesting

Tien Anh joined UserTesting in 2015 after extensive financial and strategic experiences at OpenView, where he was an investor and advisor to a global portfolio of fast-growing enterprise SaaS companies. Until 2021, he led the Finance, IT, and Business Intelligence team as CFO of UserTesting. He currently leads initiatives for long term growth investments as Chief Business Officer at UserTesting.

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The 4 top challenges and opportunities in market research industry

The 4th Industrial Revolution is technology-driven and will impact the business market unprecedentedly, adding US$14.2 billion to the global economy in the next 15 years (Accenture), and affecting industries. Within this context, if the market research sector wants to survive such a deep transformation, it must overcome significant barriers. But… what are the challenges for market research and how can this industry be accelerated?

The fourth industrial revolution is here

According to Klaus Schwab and many other experts, we are entering the so-called “4th industrial revolution”:

“Of the many diverse and fascinating challenges we face today, the most intense and important is how to understand and shape the new technology revolution, which entails nothing less than a transformation of humankind. We are at the beginning of a revolution that is fundamentally changing the way we live, work, and relate to one another. In its scale, scope and complexity, what I consider to be the fourth industrial revolution is unlike anything humankind has experienced before.”

First paragraph of the book “ The Fourth Industrial Revolution ”.

Klaus Schwab, Founder of the World Economic Forum.

In preparation for this revolution, many companies have already started their digital transformation to be more competitive, which by definition supposes a deep change in organizations. The digital transformation is much more than just the acquisition of technology: it demands that we are up to speed on new technological advances and implement those that fulfill strategic objectives. In this sense, Microsoft remarks that the transformation must encompass four basic pillars: optimization of operations, empowerment of workers, achievement of higher engagement with clients, and transformation of products.

Digital transformation will have a great impact on all sectors, and market research is no exception. On one hand, market research must think about how to apply the technology within the sector. And on the other hand, it must address important challenges associated with digital transformation such as loss of exclusivity at the time of obtaining insights on the clients. Next, the biggest challenges and opportunities are explained in detail.

Challenge 1: On the optimization of operations

One of the clearest effects of digital transformation on the market research sector has been the optimization of data collection processes . Currently more than 56% of today´s market research has been digitized (digitization process).

In quantitative research , data compilation carried out with digital technology surpasses 70%, which has helped collect large amounts of data, reduce prices and times, and improve data quality. In qualitative research , there is a slightly growing interest in online communities, but this currently only represents 37% of data collection.

Regarding other research tools, there are no concrete data but, for example, typical  neuromarketing  techniques such as implicit response tests have been digitized and can already be taken online (learn more about neuromarketing techniques ).

Nevertheless, technology can contribute even more to the sector, for example, through the automation of many operations required to carry out research. Although automation is already used for the development of graphics and infographics, in survey analysis, data analysis and analysis of social media, there is still a wide margin for automation and optimization of processes.

In this line, some experts estimate that 90% of the typical tasks  carried out in market studies could be automated in 10 years [ Dirk Huisman ] and that the probability of teleoperators, data transcriptors and encoders disappearing is 99%, while the probabilities of interviewers and market research analysts disappearing are 94% and 61% respectively [ Benedikt, C. y Osborne, M. A. ].

CHALLENGE 1

How to make better use of technology to offer more reliable and cheaper market research that will not disappear along the way?

Challenge 2: On the empowerment of the worker

Regarding the possibility of empowering the employees, the market research industry, as other sectors, has adopted cloud and mobile devices/technologies that have helped researchers collaborate anywhere, anytime. However, market research is technologically behind in comparison with other industries and should be aware of some innovations that start to be a reality . For example:

The use of collaborative platforms to outsource specific and limited tasks to market research professionals located anywhere in the world.

The use of virtual reality (VR) to train human resource interviewers to be more empathic.

The use of artificial intelligence (AI) tools to help the researcher (learn more about artificial intelligence and feelings ). It is especially interesting that ESOMAR has implemented an intelligent search tool ANA , to obtain 70-year data on scientific papers, videos and white papers, but ANA seems to remain underexplored and underutilized.

The use of new technologies, such as neurotechnology to improve cognitive performance of employees.

Being on the cutting edge and empowering employees is fundamental in the case of millennials , who do not accept to work in companies that are sub-optimal in this sense. Maybe this is why the data scientist is the most attractive and in-demand occupation of the 21st century, being much more attractive than the market researcher position, despite the fact that both professionals are responsible for obtaining actionable insights.

CHALLENGE 2

How to make use of technology to offer an attractive professional career and attract/retain talent in the industry?

Challenge 3: On how to connect with the client

During many years it has been said that “the customer is always right”. However the truth was that very few companies focused their strategy on the client. The digital transformation of the society has empowered  the client and this has changed the strategy of companies, which now focus on creating customer experiences : rather than being only good practice, now it is mandatory to be “customer-centric”.

The companies are not only concerned on whether their product is going to be sufficiently liked and purchased, but they also know that connecting with the client is increasingly important and that if they do not project attractive values and personality, sales will be affected. This is an excellent opportunity for the market research firms, as now, more than ever, it is important to know the consumer. However, technological companies have also detected this necessity (and also business opportunity), and numerous Big Data solutions have started to emerge, along with DIY (do it yourself) solutions that enable data collection from clients, putting at risk the privileged position once occupied by the market research industry. Nowadays, traditional market research is no longer the only way to obtain consumer insights .

The development of Big data is unstoppable: real-time data that is currently already collected (such as the digital behavior of consumers) will be soon complemented by data from the Internet of Things IoT (information on how consumers relate to any object) and from the revolution of wearables with neurotechnology (information on the emotional and cognitive reactions of consumers). Regarding the latter, it will be very important to implement ethics to support the use of neurotechnology in our society.

CHALLENGE 3

How to coexist the new “parallel world” to market research created by Big Data and DIY?

Challenge 4: On how to transform products/services

The digital transformation of companies leads to indispensable  innovation in the development of products and new business models . Highly technological startups have been converted into references to all types of companies. More specifically, the extremely popular Lean Startup methodology created by Eric Ries in 2011 is crucial to with traditional market research methods, as a tool to design new innovative products or business models.

According to Ries, companies must establish a market hypothesis , design a basic version of the product to validate the hypothesis (the so-called minimum viable product, MVP), place it in the hands of clients and target market, and then observe and learn whether the hypothesis was actually correct. Once there is sufficient and validated knowledge, this process is repeated with a new hypothesis. With this iterative process, business decision-making is agile and risks are reduced when launching innovative products because failures are detected early and can be corrected in time.

CHALLENGE 4

How to address the perception that market research is not compatible with agile methodologies and innovation?

Some additional opportunities, ideas and thoughts

Thanks to the artificial intelligence tool ANA, we have analyzed the information compiled by ESOMAR since January 2011 on  the future of market research  and we now share some ideas and new opportunities:

• Industry must develop a more powerful brand identity.
• High standards must be defended and valued, along with the rigorousness of industry and the capability of asking the right questions.
• Innovation is mandatory and agility and intelligence must be added to processes in a proactive manner (it might be too late to do this later on…)
• It is important to understand which research methodology is better for each specific problem: “What” versus “Why”.
• It is necessary to find partners and generate collaborations that help us grow, adapt and learn. And as a result, offer more holistic investigation approaches.
• Business and strategic recommendations must be made, based on the results of the research. The “must know” has to be separated from the “nice to know”. Focus on the message and not on data.

Therefore, the implementation of these ideas is absolutely mandatory for the market research sector to face the technological revolution that emerges, but it is still unknown whether this will be sufficient. The changes that will come in the following years are unpredictable.

These and many more ideas were debated in the digital research event La @ de AEDEMO , in which María López, Bitbrain’s CEO participated.

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4 Top Trends, Challenges, and Opportunities in the Market Research Industry

Here is a look at some of the emerging and prevalent trends in the market research industry and the measures being taken by our team at The Farnsworth Group to stay on top of changes, continually implement best practices, and ensure the reliability of research findings:

Technological advances—such as the proliferation of various generative Artificial Intelligence (AI) and use of language learning models like Chat GPT, plus the increasing sophistication of market research bots—are affecting the market research industry and necessitating an adjustment to best practices and policies when conducting surveys.

As a custom market research firm , our continual aim here at The Farnsworth Group is to keep pace with industry changes, adjust our best practices, and integrate the highest quality controls to stay up to date and produce reliable findings to guide our customers’ important business decisions.

Top Takeaways from the Quirk’s Event

To get new and professional insights about recent developments in the market research industry, several team members from The Farnsworth Group attended The Quirk’s Event in July. This annual in-person conference is designed to support marketing research and insight professionals and provide tools and information to help us drive our practices forward in the 21 st century.

1. The Spread of AI Presents Opportunities and Challenges

The explosion of generative AI such as Chat GPT is sure to have an indelible impact on the way market research is conducted . Industry professionals are experiencing a mixture of emotions and concerns surrounding the benefits and potential ramifications of AI.

A significant portion are worried about the possibilities that AI presents, while a smaller segment is curious and filled with optimism. Professionals at the conference also expressed concern that AI will threaten their job, while others believe it will make their job easier.

In response to the pervasiveness and ever-evolving nature of generative AI, we’re integrating technology platforms and survey design practices that will identify AI and terminate surveys or reject surveys that involve suspected fraud. We are actively improving the standards we use when creating robust survey questions and when searching for “human elements” in data responses to weed out fake respondents.

For example, we are

• looking for grammatical errors in long-form answers, AND grammatical perfection as Chat GPT won’t make spelling mistakes unless prompted;  
• analyzing the length of responses to open-ended questions, as people use an average of just nine words, while Chat GPT averages more than 200;  
• asking for self-identification or self-detection;  
• and looking for more personal answers that reference life experiences.  

Also, since AI is programmed to be politically correct, and won’t use swear words, we are considering and testing techniques to exploit this tell of AI to identify real human vs fake respondents.

“Even though AI is the biggest technology disruptor since the iPhone, the human element is still important. AI is a tool, not an oracle. While people’s roles may change, their expertise is still needed to ask it the right questions, verify, and interpret the information.” - Kimber Kreilein, Project Director at The Farnsworth Group

2. Sample Quality is an Industry-wide Challenge

The struggle continues for research firms and in-house insights teams alike, working to ensure quality sample in surveys , as there has been an increase in bad actors—bots or those using AI to quickly supply answers that aren’t thoughtful or genuine—over the past three years. Plus, survey respondents are becoming increasingly sophisticated, which makes it challenging to spot them among a group of legitimate respondents.

Here are 5 real examples showing the process we use to prevent fake responses from affecting research output, insights, and recommendations.

Unfortunately, there is not one simple solution for dealing with this, but we can use a multi-pronged approach. One way we can help address this issue is by designing research surveys that are shorter in length and more simply structured. This will enable suppliers to eject bad actors from all databases quickly and efficiently by frequently sharing information on rejected respondents.  

Additionally, we can use server-to-server integration (S2S) to eradicate ghost completions and help mitigate fraud on the customer end. Also, we have to be aware of the survey incentive rate; if it’s not valuable enough, real people won’t invest their time, and it will be difficult to achieve an adequate sample size of genuine respondents.  

3. Making Research Tell a Dynamic Story is Critical

Another struggle is that market research can be perceptively dry and unengaging, making it difficult for people to understand and interact with the data. To deal with this challenge, it’s important that research presentations tell a dynamic story and integrate appealing elements to illustrate key themes.  

At The Farnsworth Group, our goal is to make sure insights are clear and comprehensible for the variety of stakeholders in your organization and across departments. We also add videos, recordings, word-for-word transcripts, and other visual elements to capture the voice of the customer behind the findings and conclusions.  

4. Using Secondary Data as a Valuable Supplement

We do believe that AI can be used to help deliver additional value to clients. One way AI can potentially assist market research professionals is by mining existing data to look for any information and insights that can augment findings in a new or original survey. We are actively investigating the reliability of this approach, usually manual processes for quality assurance during this testing.

While it can’t replace the benefits of primary research, it can supplement that work. For example, any secondary data and internal client data that’s available can be used to cross-check additional findings from primary research.

Selecting the Right Vendor for Market Research

Companies in various industries utilize market research to make important and often costly decisions about product development, increasing revenue, pursuing new markets and acquisitions, and furthering brand recognition. You don’t want to make those decisions lightly or based on faulty research.  

The best way to help reduce the risk of making questionable corporate decisions is to partner with a market research company that is constantly evolving and using up-to-date tools to improve the authenticity, reliability, and value of data and insights.  

That’s what you can expect with our team at The Farnsworth Group, as we respond to changes in the market research industry, employing accurate data collection practices and taking measures to prevent bad actors from distorting findings.  

5 Ways to Navigate Challenges in Market Research

• January 30, 2024 February 9, 2024

Alifia Berizky

Market research serves as a foundation that underpins all informed decisions. It serves as a map to guide them in dynamic markets dictated by consumer interest rates, industry benchmarks and the competitive marketplace. The evolution of market research is a multidimensional and substantive process that does not bend to the restrictions of an ‘all-to-one’ solution. It is a process of adaptive, ongoing dynamics replicating the ever changing nature of the market, which it tries to understand. 

Companies that make a commitment to in-depth and long term market research show advanced thinking, realizing that it takes not only an understanding of current market dynamics today when they do business but also that it has become necessary nowadays to take into consideration how it will progress in the future. In this paper, we are going to discuss market research as a key aspect of understanding the importance of understanding the various aspects that revolve around market research, the varieties associated with it, and how it enables businesses to make informed decisions.

Significance of Market Research

The term market research is not mere hype for the business community; it acts as an embodiment of one pillar that is responsible for determining the success or failure of enterprises across various industries. Analysing the market at a deeper level lead to discovering some insights that help organizations identify big opportunities, figure out possible risks, and modify products or services offered to customers. This becomes a pre-emptive approach based on market understanding that will help in developing sturdy marketing strategies that essentially allow us to preserve our competitive advantage amidst a dynamically changing business world.

Market research is a broad term that encompasses an array of activities that may entail anything from studying the behavioural dynamics and preferences of consumers to analysing competitor moves and industry trends. The analysis of this multitude of information provides businesses with a holistic perspective on the playing field so that better decisions are shaped in pursuit of what customers want most. Such insight-guided decision-making processes not only reduce the element of unpredictability but also help organizations in strategic planning to be adaptable to changing market trends.

In addition, market research is a continuous process whereby an individual or organization is alert to changes in consumer moods, emerging technologies and economic situations. The regular updates allow the businesses to be flexible as well as evolve, hence maintaining their hold on reacting quickly to changes in trends or strategies. Such continuous measurement of progress is like a guide for firms, making any errors in the previous directions and steering them towards untreaded paths.

Essentially, market research is the navigation compass of a business journey through the frightening maze of the marketplace. The device is more than a mere means of comprehending the current situation, as it serves as a forward-looking instrument that projects developments and lays the foundations for future undertakings. There is a need for market research to be incorporated into the core operations mandates and not viewed as just another strategic option by business organizations that are jostling for continued relevance.

Key Components of Market Research

Market research can be described as a holistic process with several segments that are important in collecting, analyzing and determining the types of information that inform decisions about business strategy.

1. Market Segmentation

Segmentation means cutting out the target market into homogenous sub-markets distinct in terms of segmentation variables. This enables businesses to segment their market through efficient methods and offerings that meet the unique needs and preferences of all target segments. 

For example, demographic segmentation takes note of variables such as race, gender and income, whereas psychographic markers look into lifestyle brands, beliefs and attitudes. An effective targeting strategy makes sure of the optimal use of resources and thus helps to ensure that a truly appropriate marketing message is communicated to the targeted audience. Being a dynamic process, it quickly responds to changing consumption patterns that necessarily must keep businesses relevant in today’s structurally diverse and transient market.

2. Data Collection Methods

The mode of data collection is a key factor in getting relevant and true information. The quantitative approach uses surveys, questionnaires, and even analytics tools that help extract numerical data. In contrast, qualitative approaches make use of focus groups, interviews, and observational studies to offer in-depth information with regards to consumers’ attitudes and perceptions. 

The approaches used consensual synergy, which contributes to the establishment of a holistic comprehension of the market. Moreover, new data collection methods have emerged alongside technological improvements, with the most recent being social media analytics and web scraping, which contribute significant other dimensions to the research procedure.

3. Competitor Analysis

Competitor analysis is a continuous strategy based on conducting meaningful research to figure out who its direct and indirect competitors are. It entails a critical analysis of their strategies, strengths, weaknesses, and the market position in which they are involved. This analysis enables businesses to identify gaps in the market, possible mergers or acquisitions that companies can bank on, as well as areas where they may create a competitive advantage through building distinctive capabilities. 

Also Read: Market Maker Options: Definition and How They Make Money

The competitor website audit allows business people to make an informed analysis of competitors’ moves, see trends in their movement direction, and prepare their own strategy based on this understanding. At the same time, it is all about others mimicking best practices strategy: developing innovations and unique selling points that distinguish a business from its competitors.

4. SWOT Analysis

SWOT analysis is an application for the process where an organization formally uses its internal strengths and weaknesses to consider external opportunities and threats. Businesses are able to thus pinpoint those fundamental internal factors that make them unique, as well as areas for improvement and development. 

The environmental level consists of market trends, economic circumstances and regulatory regimes, among others. This integrated analysis enables an informed strategic position as it pinpoints strengths to build on and interventions necessary at the same time. SWOT analysis is not, and cannot be, a one off event; it must be dynamic and always adapt to changes in the business environment.

Market Research Methodologies

The market research methods vary widely and involve a broad spectrum of processes and tools that are utilized to gather, review, and interpret data about the market, its consumers, as well as competitors. The above methodologies are paramount for businesses because their main goal is to make informed decisions, spot opportunities and remain competitive.

– Surveys and Questionnaires

The most common quantitative methods of research include surveys and questionnaires, which use a specific sample of people to collect and organize structured data. This type of investigation is specifically designed by businesses to make sure that they collect information on consumer preferences, attitudes and behaviors. 

In addition, these tools are flexible as they enable large-scale aggregation of data from several aspects using online platforms such as phone interviews and even questionnaires sent through the mail service. However, despite the resounding efficacy of numerical information surfaced by surveys, careful design and analysis are needed to ensure that the results are also valid. Since there are plenty of questions that businesses can come up with in accordance with the targeted objectives of their own research surveys, these could be pretty versatile tools for understanding general market trends and attitudes among consumers.

– Focus Groups

Instinct groups are a qualitative research approach that consists of recruiting diverse participants to discuss particular topics using moderators. This type of methodology makes it possible for businesses to delve further into the minds of consumers, enabling a deeper understanding of consumer perceptions, attitudes and motivations. 

By engaging in non-directed discussions, focus groups bring out hidden opinions and help develop an innovative idea to work on product development or end involve marketing. But on the other hand, qualitative data can be moderated only by a professional facilitator due to its subjective nature, and strict research will have to determine whether skillful art or science has been used in order to facilitate proper mediation between researchers and smooth communication. The limitations of using focus groups, such as group dynamics affecting the responses, and others, apart from those discussed by McGraw (2014), include emotions, motivations or other issues that have to also be identified with biometric solutions through eye tracking.

– In-Depth Interviews

Focus group interviews take place in groups instead of individual ones and are conducted among several participants simultaneously, creating a conducive setting that enables the exploration of complicated issues. Qualitative analyses permit detailed investigation into personal points of view, experiences and decision-making procedures. 

Also Read: Market Making: Strategies and Techniques

Businesses often use in-depth interviews as a means to collect deep and specific details within a particular context that could have gone unnoticed in overall or wide scale surveys. One of the most typical types of interviews conducted in consumer research is one that leads to discovering some unconscious factors affecting consumer behavior. Though expensive and time-consuming, the richness of information derived from an in-depth interview makes it a technology that can be used by businesses to understand the needs of segments, particularly if they are untapped markets.

– Observational Research

The observer method, or observational research, involves direct observation and documentation of consumer behavior in their natural environments through means that do not affect the subject’s actions. This approach has been considered one of the most effective ways to realize individuals’ behavior towards products, services, or environments in actual environments. 

Businesses can get hands on information that can reveal certain patterns, preferences and possible pain points that might not be noticeable with data obtained through self-report. This is further enhanced by ethnographic research, which is a type of observational research that will observe how consumers are living within their culture in order to establish cultural differences and influences from the environment. However, observational research provides an insider’s point of view, but it demands foresight into minimizing bias and adhering to moral principles.

A great deal of the process is about being challenged as part of making sure that market research provides valid and viable results. Market research is a valuable means of collecting information, but some major hurdles may affect each step of the process’s accuracy and efficiency.

1. Sampling Bias

If sampling bias starts to additionally distort the results of the market research, it can significantly decrease their accuracy since some factors may not correspond with those that largely characterize a broader population. However, the issue of lack of practical randomness is especially pronounced when researchers struggle with the actuality of obtaining a truly random and diverse sample from which to extend their results. 

The consequences of sampling bias can sometimes be huge, limiting the external validity of the study’s results To tackle the challenge, designers need a well-designed sampling strategy; all determinants of sampling must be made perfect. For instance, techniques involving random sampling, stratified sampling of the participant space, or oversampling underrepresented groups could help to ensure that any insights gathered are reflective of the real diversity existing within the target population. Sampling bias refers to the fact that samples might not be representative of the population under study, and if taken care of, this can improve reliability and validity during research, helping businesses make decisions.

2. Data Quality and Integrity

The primary thing that should be noted in the context of market research is the importance of data quality and integrity, which serve to preserve its reliability. Wrong or almost accurate data can completely mislead the entire process of the analysis, and unfortunate decisions in business most end up making. 

In spite of the existence of credible research, reliable data collection methods must be used to ensure that information in this regard is correct and comprehensive. This involves using trustworthy tools, verifying the data sources, and performing quality control checks during the research. The validity of the data is essential, as it influences not only the credibility of this study but generally how future analyses or strategic decisions using that same data may be perceived by other individuals. This is rather helpful, as the rigorous data quality allows us to justify the results, and a lot of companies tend to make good decisions based on information.

3. Respondent Bias

One more reason for the issue is respondent bias; participants might give wrong or socially desired answers and thus change the true performance of the researched dataset. Social desirability, respondent fatigue and the desire to figure out what the researcher wants could lead to this bias. One of the ways to overcome this challenge is by meticulously devising surveys and questionnaires with specific attention to language that mirrors the target audience’s understanding. 

The use of objective wording, the lack of leading questions, and the assurance that respondent anonymity protect participants from stereotypical moral norms or anything specific to their way of life. Alternatively, it is possible to implement the combination of both quantitative and qualitative methodologies as a sort of mutual cross verification strategy that can reduce the influence of respondents’ bias on overall research outcomes. By addressing this particular difficulty, organizations can improve the integrity of their insights and develop a better understanding of the considerations used by consumers.

4. Privacy considerations

As well as ethics, these are among the things that impact market researchers and will continue to play a role in an era where technology continues to advance. Thus, mishandling of personal information results in breaches of trust, and the validity of research is compromised. The researchers must maintain vigilance as regards the regulations put in place to protect the data and support strong security measures before handling and transparency in practice about proper communication practices regarding the handling of data between researcher participants. 

The method of tackling and managing data through the use of technology should be guided by ethical concerns, letting a researcher try their best as much as possible to maintain privacy and later continue with other aspects. The way businesses manage the intricacy of balancing between both technological progress and privacy issues is, hence, enabled by their enjoyment while observing how results assure trust.

5. Dynamic Market Conditions

Massive change in markets becomes a major issue for contemporary studies that use traditional research methods, as the insights gathered via this approach can never be immediate. This issue can be tackled not only in traditional ways but also through dynamic approaches such as real-time data analytics, social media listening and trend analysis. 

Such methodologies deliver more relevant data, enabling firms to implement effective change plans that respond timely to changing customers’ behavior, trends in their markets, and so forth. The fact that businesses embrace the fluid nature of markets implies that the research initiatives intended to drive decision making processes remain effective and productive; hence, institutions are able to make appropriate, timely strategic decisions.

Just like the compass used in an unpredictable land, market research helps to explore any ground. Organizations using this strategic instrument secure competitive advantages due to their managed ability to risk-taking with informed or guided choices. The concepts that are extracted from a disciplined approach to investigation turn into the compass needle, which points out opportunities that would have remained embedded in their shadows otherwise. By adopting this preventive strategy, businesses not only survive threats but also anticipate and exploit emerging issues, creating a pauldron market that supports their dynamic configurations.

In addition, market research stands as a hinge for all companies that strive to survive ahead of competitors. With the constant fluctuations in consumer preferences, new technologies, and large-scale shifts in the global economy, people must periodically check what is going on with the market. Market research becomes a strategic substructure for organizations, thus aiding in the development of flexibility and responsiveness. Awareness of characteristics in consumer behavior and changes in market conditions helps them develop offerings, improve ideas on offerings, and outsmart competitors.

Disclaimer:   The information provided by Quant Matter in this article is intended for general informational purposes and does not reflect the company’s opinion. It is not intended as investment advice or a recommendation. Readers are strongly advised to conduct their own thorough research and consult with a qualified financial advisor before making any financial decisions.

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Challenges in Conducting International Market Research

• Reference work entry
• First Online: 03 December 2021
• Cite this reference work entry

• Andreas Engelen 4 ,
• Monika Engelen 5 &
• C. Samuel Craig 6  

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This chapter explains the need to conduct international market research, identifies the main challenges researchers face when conducting marketing research in more than one country and provides approaches for addressing these challenges. The chapter examines the research process from the conceptual design of the research model to the choice of countries for data collection, the data collection process itself, and the data analysis and interpretation. Challenges identified include differentiating between etic and emic concepts, assembling an adequate research unit, ensuring data collection equivalence, and reducing ethnocentrism of the research team. We draw on the extant literature to determine methods that address these challenges, such as an adapted etic or linked emic approach, to define the concept of the culti-unit, and to identify prominent approaches to cultural dimensions and collaborative and iterative translation and statistical methods for testing equivalence. This chapter provides researchers with the methods and tools necessary to derive meaningful and sound conclusions from research designed to guide international marketing activities.

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Engelen, A., Engelen, M., Samuel Craig, C. (2022). Challenges in Conducting International Market Research. In: Homburg, C., Klarmann, M., Vomberg, A. (eds) Handbook of Market Research. Springer, Cham. https://doi.org/10.1007/978-3-319-57413-4_6

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Social media market research: Navigating opportunities and challenges

Last updated

3 April 2024

Certainly, traditional forms of market research, such as surveys and focus groups, will continue to have a role. However, these can be backward-looking, and narrow in focus.

Social media listening and monitoring can provide a deeper understanding of in-the-moment trends and behaviors by analyzing a vast array of discussions on social media platforms. This approach can help businesses comprehensively understand their audience and make more informed decisions.

This article looks at the opportunities and challenges of social media for market research.

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Save time, highlight crucial insights, and drive strategic decision-making

• Unparalleled access to understanding today’s global consumer

It’s strange to think that social media has only existed since the start of the millennia. Now, billions of users worldwide share their thoughts, preferences, and experiences on social media platforms. According to Statista, there are 4.95 billion social media users worldwide, or just under 60% of the global population. 

While not everyone will post every day of the week, such a large population can’t help but generate massive amounts of data. Scraping social media data allows researchers to gain access to this unrivaled trove of information. It's like having a front-row seat to the global conversation regarding products, brands, and trends. (“Data scraping” is simply a technique whereby a computer extracts data from another program or platform).

• Real-time analysis for swift decision-making

Traditional market research can take significant time to yield results. Timelines are generally measured in weeks, if not months. Here’s where social media data and sentiment analysis come into play. This technique allows businesses to analyze what consumers think, feel, or do in real-time. 

Companies can swiftly make more agile decisions and adapt to an evolving market landscape rather than lagging behind what consumers want and expect or designing products for yesterday rather than today. 

Oreo demonstrated the power of real-time social media analytics and marketing by capitalizing on a blackout during the 2013 Super Bowl. Following the outage and social media commentary, Oreo’s brand team captured the online sentiment by quickly crafting and tweeting an ad saying, "Power out? No problem. You can still dunk in the dark." 

By leveraging social media trends, Oreo demonstrated its agility and creativity. The real-time response showcased the power of data capture linked directly to the brand and marketing teams.

• Identifying trends and staying ahead of the curve

How did you find out about the Barbie movie? What about Oppenheimer? What about Barbenhiemer ?

Film execs could have relied on surveys or focus groups to gauge consumer sentiment about their films. However, analyzing pre-release organic social media data is more effective for understanding audience excitement and anticipation. This approach would have revealed that Barbie, in particular, would be a knockout success. 

Analysis of social media data like this allows businesses to identify emerging trends and capitalize on them before they reach their peak. 

For example, by gauging the levels of evident excitement about the movie’s release, film studios could argue for wider distribution or make plans around merchandising related to the film. 

By staying ahead of the curve, companies can position themselves as trendsetters rather than followers, gaining a competitive edge in the market.

• Understanding your consumer better and optimizing your product

Ever wished you could read your customers' minds?

Well, sentiment analysis comes pretty close.

By deciphering the emotions behind customer reviews and social media posts, businesses can understand what their audience loves or dislikes about their products. 

For example, the beloved ice cream brand Ben and Jerry’s used social media data analysis several years ago to optimize their iconic Cherry Garcia flavor. Customers were venting online about a lack of cherries. Digging deeper using sentiment analysis, they pinpointed the issue to the amount of cherries depicted on the label. 

Once they redesigned the label to show fewer cherries, the complaints decreased (presumably because expectations and reality now matched).

After considering all the feedback, Ben & Jerry's also revamped the recipe with

Reduced sugar content

Sweeter cherry variety

Bigger chocolate chunks

This product facelift yielded remarkable results: Sales grew, and positive social media sentiment followed the relaunch. 

More generally, social media feedback for any brand serves as a compass for product improvement, ensuring that companies meet customer expectations and boost brand loyalty.

• More targeted marketing and personalization

In the era of information overload, personalized marketing is the key to capturing consumers' attention. Leveraging social media data allows businesses to understand their target audience intimately. Armed with this knowledge, companies can create hyper-targeted marketing campaigns that resonate with specific demographics, increasing the likelihood of engagement and conversion. 

Brands like Amazon, Sephora, and Nike leverage social media data and other data and analytics streams to create unique, personalized customer experiences for their audiences, build closer relationships with them, and support loyalty. 

• Social media scraping is a powerful tool, but it comes with several issues and challenges

While providing valuable insights, scraping social media data can raise questions and challenges around user privacy. There is a fine line between extracting information for market research and violating individuals' privacy rights.

• Ensuring user privacy when accessing, aggregating, and sharing user social media data is crucial

Ethically and responsibly conducting the gathering and use of social media user data is vital.

Early in the history of the internet, America Online (AOL) showed how not to gather and share consumer data. In 2006, AOL released search query data for over 650,000 users . The released dataset, intended for research purposes, contained sensitive and personally identifiable information. 

Due to the common practice of individuals searching for their names (along with those of friends and family), many people, while technically anonymous, were easily identifiable. Coupled with explicit searches or queries related to illegal activities, this had the potential for significant embarrassment and even evidence of criminal intent for the users involved. 

In 2018, the Cambridge Analytica scandal revealed that the political consulting firm Cambridge Analytica had harvested the personal data of millions of Facebook users without their consent. They used this data to create psychological profiles for targeted political advertising during the 2016 United States presidential election.

The incident sparked widespread concern about user privacy, data protection, and the influence of social media on democratic processes. It led to increased scrutiny of tech companies and calls for greater regulation of data privacy and digital advertising practices. Social media platforms like Facebook and Twitter started severely limiting access to customer data from their platforms, leading to what is commonly called the ‘ APIcalypse .’

Given these events, businesses and brands must collect and use user or consumer data ethically, considering data providers' privacy rights. It is essential to avoid publicly collecting and republishing data that could identify individuals, as doing so could result in legal repercussions for those who collect and use such data.

• Considerations around accuracy and bias

Like any data source, there is the potential for inaccuracy and biases, which can skew the results of scraping social media data. For example, not everyone on social media expresses their true feelings, and specific demographics may be overrepresented. 

In 2021, data from the Pew Research Center revealed a notable generation gap in social media usage. Specifically, less than 50% of Americans aged 65 and up engage with social media, contrasting sharply with the over 80% of users under 50.

Moreover, the distribution of users varies by platform, with Snapchat and Instagram predominantly drawing in younger audiences, while Facebook boasts the highest percentage of older users.

There is also something known as participation bias, whereby, on social media, individuals don’t contribute and discuss all topics equally. Instead, they engage and generate content on a limited range of issues important to them. 

While not limited to social media market research (in survey research, respondents tend to complete surveys on topics that interest them), this type of bias can skew the data, making it less representative of populations as a whole. Therefore, researchers must be aware of these limitations and implement strategies to mitigate bias , ensuring the accuracy of their findings.

• Coping with the sheer amount of data

There is a vast amount of data available, with over 4 billion people active on social media globally. 

So, there’s a real risk of drowning in irrelevant data, hindering your ability to make informed decisions. Trying to sort through this tsunami to extract meaningful insights requires increasingly sophisticated filtration tools and algorithms. 

Several analytics platforms provide solutions, including Sprout Social , HubSpot, and Meltwater , which distill the vast amount of data available into something manageable.

• You can NOT be serious: navigating sarcasm and irony in social media analytics

Anyone who has spent five minutes on a platform like Reddit or X knows that social media is a breeding ground for sarcasm, irony, and nuanced idioms.

While analytics and algorithms are improving daily, sentiment analysis tools struggle to accurately interpret these subtleties, leading to misunderstandings and potentially misrepresenting consumers’ true feelings about various situations and things.

For example, in the aftermath of the Boston Marathon bombing in 2013, the food website Epicurious erroneously attempted to share sympathy for the victims via Twitter .

Unfortunately, the sentiment analysis algorithm they used utterly failed to discern the gravity of the situation. Their automated tweets included promotional messages and links to breakfast recipes—highly insensitive given the scope of the tragedy.

Epicurious quickly pulled the tone-deaf tweets and spent the next 48 hours apologizing. While that’s just one example, their blunder is an important reminder not to over-rely on computer-driven sentiment analysis. Ideally, there is still a human checking such predictive suggestions. 

• Adapting to evolving social media platforms

Just like any other area of tech (perhaps even more so), brands will need to adjust to the evolving landscape of social media platforms. 

New platforms emerge (and decline), algorithms change, and user behaviors evolve. For example, TikTok has only been around since 2016 but has transformed the social media landscape. The platform boasts impressive statistics, including 3 billion downloads (a notable 672 million downloads in 2022 alone) and a staggering 50 million daily active users. It even has its own dedicated trends research reports center , which captures and shares some of the behavior and trends it picks up across its diverse user base.

To remain competitive, businesses and brands must consistently update their data collection and analysis methods and monitor consumer trends and behaviors.

• Navigating the future of market research with social media

It's clear that research using social media market research holds great potential. However, businesses must responsibly leverage social media data, addressing ethical concerns, mitigating biases, and continually refining analytical tools. 

Social media data and sentiment analysis aren't just tools; they provide valuable guidance for businesses navigating the ever-changing landscape of consumer preferences. 

By comprehending the opportunities and challenges associated with these tools, companies can chart a course toward more informed decision-making, improved products, and stronger connections with their audience.

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Market research challenges

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5 Market Research Challenges And How to Turn Them into Strengths

Market research is one of the most important things a brand can invest in. Without good market research, your product is likely to be entirely unprepared for hitting the market.

That said, market research isn’t always easy, especially in this fast-changing world. Market researchers and analysts face significant challenges.

With the right tools and tactics, these challenges can be turned into strengths. But how?

Let’s take a look at five of the biggest challenges facing today’s market researchers, and how those challenges can be transformed into strengths.

Image sourced from proactiveworldwide.com

Limited access to relevant data

Market research is powered by data. Lack of (or limited) access to relevant data is a significant challenge for market researchers.

Often, the problem is not lack of access to data as a whole, but to relevant data. Market researchers may pull in a wealth of data, but to draw truly actionable insights that data needs to be pared down into the metrics that matter.

Unfortunately, the most relevant and useful data can also be hard to obtain. Data protection laws mean that companies cannot take sensitive data from customers without explicit permission. While things like anonymous surveys can help, gathering relevant data can still be difficult.

Without a degree of trust (and maybe an incentive), customers are often reluctant to hand over things like demographic information and their email addresses.

Complexity of data analysis

Image sourced from theaiminstitute.com

Data analysis can be complex. Even well-trained data experts may find it tricky to comb through the reams of available data, extract what is relevant, spot important patterns/anomalies, and draw useful insights.

Even when the data experts have drawn market insights from the available dataset, communicating what they’ve learned can be difficult. Due to the complex nature of data analysis, a phenomenon known as the ‘insight gap’ may occur.

The ‘insight gap’ is the space between what qualified data experts can discern and how decision-makers understand this. There are often communication failures between data analysts and management teams, which can lead to misinterpretation and confusion over what market research data is actually saying.

Changing consumer behavior and preferences

The fast-changing modern world is a major challenge for market researchers. Real-time insights from consumers are the gold standard of market research, but consumer preferences and behaviors can change very quickly. By the time the insights gleaned from your market research can be put into action, those insights may no longer be relevant.

We are living in a time of great market ambiguity. Needs, concerns, behaviors, and solutions fluctuate all the time. This can make it hard to pin down what your market needs from you at any given time.

Competitive intelligence

A big part of market research is competitive intelligence. To get a clear view of the market situation, it is vital to understand your competitors’ strategies, USPs, plans, and more.

However, collecting and analyzing competitive intelligence can be a difficult task. Competitors are naturally eager to keep their most valuable tactics to themselves, which makes it hard to glean deep insights.

While you can get a reasonable view of your competitors through things like monitoring their social media profiles, signing up to their marketing, a degree of networking, and things like product market-fit surveys , it’s harder to get insider-level information on competitor strategy.

Similarly, the sheer volume of competitor content out there can be overwhelming. Trying to sift through all competitor messaging and reverse-engineering it to reveal insights about their strategy is an enormous task.

Image sourced from datazymes.com

Budgetary constraints

Conducting market research is incredibly important for any brand that wants to get ahead. Despite this, it’s often hard to get leaders to properly invest in market research.

All too often, market researchers find themselves working on a shoestring budget. This means that they are unable to deploy the high-quality resources and expertise they need to gain truly actionable insights.

One problem is that market research is often seen as a means to a specific end. For example, market research will be done in sporadic bursts, perhaps before the launch of a big new marketing campaign or during the development of a new flagship product.

Ideally, market research should be continuously ongoing. This gives brands the agility they need to move with market fluctuations and anticipate big new trends. Despite this, it is rare for market researchers to get the kind of budget they need.

Leveraging technology and data sources

There is a wealth of data out there and you can draw a wealth of insights from the data you already have. The challenge is collecting and harnessing this data so you can use it.

The right automation and AIs can automatically gather data from relevant sources, filter it for relevance, and send it for further analysis. This is especially true if you have an integrated Enterprise Resource Planning system.

An ERP system integration will bring all of your customer, marketing, and product data into one central hub. From here, you can quickly and easily sort it into categories and extract the relevant data for your market research. It’s a fast and efficient way of getting high-quality data for effective market research.

Enhancing data analysis capabilities

Enhanced data analysis capability allows you to close the insight gap. A smaller (or nonexistent) insight gap can give you a considerable edge over your competitors. But how can you enhance your data analysis capabilities to the point where the insight gap disappears?

The answer, again, is a blend of technology and strategy. These are just a few of the factors that can have a huge impact on your data analysis capabilities:

• Regularly cleansing your data.
• Integrating data across departments.
• Improving your data collection  techniques.
• Clarifying outcomes and objectives.
• Improving communication between researchers, analysts, and leadership.
• Deploying the right tools.
• Training team members in data interpretation

Embracing agile research methodologies

Image sourced from greenbook.org

As mentioned above, market research is at its best when it is done on an ongoing basis. To achieve this, brands can use agile research methodologies.

Agile research involves collecting, testing, and analyzing data quickly and continuously. Rather than running long-form market research campaigns, agile brands use modern technology to quickly gather consumer feedback and test the waters of the market.

Automated market research platforms allow marketers to put together questionnaires within minutes and get relevant responses within hours. This allows for decisions to be made extremely quickly. In a fast-changing market, this speed is a huge strength.

The process can be sped up even further with the right business management software. ERP project management systems, for example, can give you greater research agility by allowing you to monitor your data and project development, so you know when new changes can be implemented.

Strengthening competitive intelligence efforts

Competitive intelligence can feel like a battle of wits between you and your competitors. But there are ways to strengthen your competitive intelligence efforts without having to resort to espionage!

The right technology is very useful. Marketing platforms like Sprout Social can monitor your competitors’ social media presence and provide you with insights. Similarly, you can use your CRM and/or ERP to gather consumer feedback on things like the competitor products they use and why they like/dislike them.

In general, enhancing your market research and your overall understanding of the market will give you the foundation you need to strengthen your competitive intelligence.

Optimizing research budget utilization

Optimizing a research budget doesn’t have to mean throwing more money at it. There are ways to increase your market research spending power without having to fight leadership for it.

For example, you could:

• Utilize the right technology and automation. These can do a huge amount of work very quickly and for a relatively low cost
• Prioritize your spending, and ensure that all of your budgets is being spent on tools, time, and methods that you genuinely need
• Try to obtain slightly more money than you think you need, in order to cover emergencies

Brands can gain a big competitive advantage by turning market research challenges into strengths. The right technologies and strategies can make a huge difference here.

By utilizing the right strategies in combination with the right technologies, it is possible to pull relevant data out of the sea of numbers, close the data insight gap, give your research more agility, and strengthen your competitive intelligence. What’s more, this can all be done for relatively low cost, enabling you to perfectly optimize your budget.

5 Market Research Challenges And How to Turn Them into Strengths FAQ

How can i ensure i am getting accurate market research data, conducting rigorous quality control checks throughout the research process is the best way to ensure you are getting accurate data. additionally, double-checking the data for patterns or inconsistencies can help you identify any potential issues., how can i make sure i am targeting the right people for my market research, it is important to identify your target audience and use the right methods to reach them. for example, if you are targeting a younger demographic, consider using digital methods such as online surveys to get their feedback., how can i ensure my research is cost-effective, consider using the most cost-effective research methods for your project, such as online surveys or focus groups. additionally, ensure you are negotiating the best possible rates for the research., how can i make sure i am getting actionable insights from my research, it is important to focus on getting insights that can be used to make informed decisions. consider asking specific questions that can be used to identify trends, patterns, and insights that can be used to inform decision-making., like what you see share with a friend..

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Vimala heads the Content and SEO Team at BlockSurvey. She is the curator of all the content that BlockSurvey puts out into the public domain. Blogging, music, and exploring new places around is how she spends most of her leisure time.

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GRIT Report: Top Challenges in the Market Research Industry

Stop guessing at what Buyers want. The biggest disconnects between Suppliers and Buyers come from these unmet needs.

by Leonard Murphy

Chief Advisor for Insights and Development at Greenbook

Opportunities and Challenges in Market Research: A Look at Unmet Needs

In past editions of the GRIT Business & Innovation Report , we saw contradictory responses in participants’ views toward the greatest opportunities and challenges in the market research industry. What one segment considered to be a marketing research challenge, the other thought was an opportunity for innovation, and vice versa. There was no clarity on what the Opportunities and Challenges section hoped to achieve.

In this latest edition, we wanted a way to compare gaps between the actual and perceived needs of clients and suppliers. Our questions had to be cleaner if suppliers were to deliver on the needs of buyers. Thus the Opportunities and Challenges section evolved into Unmet Needs .

A Better Way to Ask

For the first time, we asked insights, Buyers, to describe their unmet needs, in particular, needs that could be filled by external Suppliers:

What, if anything, is the biggest need you have that could be filled by an external supplier, but currently is not?

We also asked Suppliers to articulate the needs that they think insights Buyers have that could be filled by external Suppliers:

What, if anything, do you think is the biggest need that insights buyers have that could be filled by an external supplier but currently is not?

If we don’t know there is a market research problem, we can’t fix it. But too often, we forget to ask what we don’t know. Defining unmet needs is the first step in filling them and moving the industry relentlessly forward.

The goals were to identify potential areas for innovation, as well as any areas of disconnect between Buyers and Suppliers. Areas of disconnect could indicate that Suppliers don’t understand what Buyers need, or it could mean that Suppliers have keen insights into the Buyer’s challenges that Buyers cannot see on their own.

Suppliers, for example, may have expertise that is quite different from a Buyer’s. They may have the objectivity of a participant-observer, and, most importantly, they likely have experience with a variety of Buyers and exposure to different ways that Buyers have addressed common insights challenges. Finally, if a Supplier has a different view of a Client’s market research challenges and the potential ways to address it than a client has….isn’t that why Clients hire them in the first place?

These were verbatim questions, and responses were coded and then further aggregated into categories. We have grouped the top ten topics in the accompanying chart for simplicity.

In fact, the entire set of needs is pretty well aligned across Buyers and Suppliers; the largest percentage differences are for creating business impact (Buyers are 7% higher) and innovative technology (Buyers are 5% higher). All other needs are mentioned within 3% of each other, which leaves us with the question of why there is a larger gap for Buyers’ most pressing needs.

Arguably, GRIT Supplier respondents are more diverse than Buyers, at least with respect to insight generation. Suppliers may specialize in particular areas and not have much insight into others, or perhaps they are jacks-of-all-trades but masters of none. In either case, they are likely to have a fragmented view of the insights world. Buyers, on the other hand, have the opportunity to “travel the world” by engaging different types of Suppliers and so on, gaining a more holistic, ringside view of the insights and analytics industry. Therefore, Buyers are more likely to be more homogeneous than Suppliers , to agree more, and, as a consequence, stand out more in a column or bar chart.

Suppliers differ with respect to creating business impact and innovative technology , and these differences are related to their areas of focus. If we consider only Strategic Consultancies and Full/ Field Service providers, the gap on creating business impact is only about 3% (28% for Buyers/25% for these Supplier types). If we consider only Technology providers, Buyers are actually 6% less likely to name innovative technology as a need. On the other hand, if we considered only Strategic Consultancies, Full/Field Service, and Data & Analytic providers, Suppliers look completely out of touch on innovative technology.

In fairness, however, these gaps are partially a function of limitations of the methodology. On average, Buyer comments touched 1.4 of these 10 categories while Suppliers averaged 1.3. Realistically, if you were a Strategic Consultancy or a Full/Field Service provider and you had one bullet, would you waste it on innovative technology or would you take a shot at business impact? If you were a Technology provider, would you take aim at creating business impact or innovative technology?

We mentioned that the verbatim comments were coded, then aggregated into 10 categories. If we peel off some of the individual topics, there’s another interesting finding.

Earlier in the report, we discussed how Buyers were more interested than Suppliers in new data sources, multiple data streams and so on. With respect to unmet needs, however, Suppliers are more than 3 times as likely as Buyers to name synthesis of results across multiple sources/types as an unmet need that a Supplier could fill. Further, this proportion holds pretty steady across Supplier types; each is at least 3 times more likely to mention this than Buyers, so this result is not driven by an outlier Supplier type.

There are possible explanations for this apparently counter-intuitive result. We could go back to the “single bullet theory,” but it doesn’t seem to fit this scenario as well as it did for creating business impact and innovative technology. If we flash back to the Organizational Success Factors section, we’d see that analyzing multiple data streams and synthesizing data from multiple sources were in the bottom half of Suppliers’ critical priorities. Fewer than half said synthesizing data was a best-in-class goal for them, and fewer than 40% said analyzing multiple streams was a critical priority. However, if only a third of those who felt these rated best-in-class attention mentioned synthesis of results across multiple sources/types as an unmet need, we’d easily achieve the 13% who mentioned it.

Why are Buyers so much lower than Suppliers? Perhaps synthesis of results across multiple sources/types is a salient issue for them, but they may have too many other priorities to mention before they get to this one. Or, perhaps they consider it to be an unmet need, but not an unmet need that Suppliers can fill. Fewer than half of Suppliers have made this a top priority, and many Buyers may not have met a Supplier that would be credible in filling this need.

It is interesting to note that many of the unmet needs mentioned aligning with priorities and benchmarking measures identified multiple times in earlier in this report. There is a definite theme that has emerged of both Buyers and Suppliers recognizing that consulting skills, analytics, and data synthesis, and more efficient insights generation are critical for the industry.

We also found it interesting to look at the ungrouped coded responses through the filter of Buyer organization positioning, which we identify in our GRITscape as strategically focused, tactically focused, or both.

Across all three groups, the use of technology and/ or innovative products is the most frequently mentioned unmet need.

The Top Unmet Needs

For Strategic & Tactical, the top 5 unmet needs are:

• Use of technology/product innovations
• Data Science / Statistics / Mathematics related
• Better insights
• Better samples/sampling/reach
• Understanding the client’s business/ Faster time to deliverables (tie)

For Tactical, the top 4 unmet needs are:

• Use of technology/product innovations and Better insights (tie)
• Better quality of research or data and Better samples/sampling/reach (tie)
• Understanding the client’s business
• Faster time to deliverables (tie)

Finally, for Strategic, the top 4 unmet needs are:

• Research and data automation
• Cheaper costs / Cost-effectiveness
• Behavioral science and related and Other research methods/approaches (tie)

Solving Market Research Problems Related to the Needs Gap

According to Buyers, Suppliers have roles to play in helping them fill unmet needs. Buyer needs range from business-focused to technology-related to analytics to core research skills; Suppliers happen to have specialties in strategic consulting, technology, analytics, and full-service research. On the surface, there may appear to be disconnects between how Suppliers see Buyer needs and the needs that Buyers actually have. However, if you focus on the perspective of the Supplier whose professional focus is best positioned to meet a particular need, Buyers and Suppliers are very well aligned.

Similar to arguments made elsewhere in this report and in the most recent GRIT editions, the key to closing the gap on unmet Buyer needs might be an “Avengers, assemble!” strategy: calling together the right portfolio of Supplier super-powers necessary to successfully combat specific and unique business challenges. Complex business challenges need to be met with the right set of skills and capabilities, and these are out there, but perhaps not under one roof. Someone must have the vision to diagnose the marketing research challenges, the ingenuity to define a solution, the knowledge to find the right skills and capabilities suited to the challenge, and the temperament to bring it all together.

Editor’s Note: This commentary is featured in the GRIT Business & Innovation Report . The latest Business & Innovation edition looks at the big picture of the insights industry and how individual organizations fit into this ecosystem. Learn how external changes (like COVID-19) are spurring innovation and how they impact business outcomes, expectations, and strategies. Also featured is the ‘ Top 50 Most Innovative Supplier’ list.

Read the full report>>

Leonard Murphy

100 articles

The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.

Comments are moderated to ensure respect towards the author and to prevent spam or self-promotion. Your comment may be edited, rejected, or approved based on these criteria. By commenting, you accept these terms and take responsibility for your contributions.

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Destination marketing research: issues and challenges

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AI Market Forecast: Top Trends That Will Affect AI in 2024

April 18, 2024 — 11:06 am EDT

Written by Meagen Seatter for Investing News Network  ->

The future of artificial intelligence (AI) is looking brighter than ever.

Last year saw generative AI capture the public’s attention with the wide release of ChatGPT, and experts predict significant growth for the generative AI market in the coming years. According to 451 Research , market revenue is expected to grow at a compound annual growth rate of 57.9 percent to reach a valuation of US$36.36 billion by 2028.

What's more, the World Economic Forum's Future of Jobs Report 2023 names roles in AI and machine learning as some of the fastest-growing professions. This rapid growth and increasing demand for AI skills illustrates that AI is poised to play an increasingly important role in shaping the future of many industries.

AI to cut costs and boost efficiency in diverse sectors

Looking ahead, AI's potential to drive innovation and efficiency in many industries is only set to grow.

One plus is the cost savings AI can create — according to a November report from Bank of America Global Research, AI will have a “mild-to-strong” positive financial impact on 75 percent of companies surveyed in the next five years.

In terms of project management, AI is assisting in tasks such as analyzing large data sets, offering more accurate predictions, automating services and tasks and providing sophisticated virtual customer support.

As businesses continue to adopt AI-powered solutions and technologies, analysts are expecting to see even greater advances in areas like healthcare . AI is assisting in breakthroughs in fields like neuroscience, genomics and biotech, and according to Statista , the market for AI in healthcare is set to reach around US$188 billion by 2030. Quantum computing in particular is playing a key role in advances as it allows for faster and more accurate analysis of large data sets, enabling researchers to map genes and brains and discover new drugs more efficiently.

In addition to its impact on healthcare, quantum computing is being used to tackle complex problems in climate modeling , making it easier for scientists to understand and predict the effects of climate change.

Tech heavyweights to pursue edge computing

According to research from Deloitte's tech, media and telecom division, the importance of edge computing will grow in 2024 as AI technologies become more prevalent and advanced. The shift toward edge computing could also lead to a focus on the semiconductor and hardware industries , beyond only graphics processing unit (GPU) makers.

Edge computing, which involves the processing and analyzing of data closer to where it is generated, will play a crucial role in enabling faster decision making and improved AI performance. The Consumer Electronics Show, which will be held in Las Vegas in January, is expected to showcase a range of AI-powered products.

“As organizations deploy newly developed AI applications, they will see in many cases the need for inference to happen at or closer to the edge, avoiding network latency,” Phillip Merrick, co-founder and CEO of pgEdge, told Solutions Review .

As the need for more sophisticated AI capabilities grows, so will the importance of a robust and secure supply chain for the semiconductors and chips that power these technologies.

The chip shortage has been a major challenge for the tech industry in recent years. “Every year, the demand for semiconductors and chips increases; meanwhile, countries are just waking up to the importance of growing manufacturing and safeguarding supply chains,” Naseem Husain, senior vice president and strategist for Horizons ETFs, explained to the Investing News Network (INN) in an interview.

Ongoing trade tensions between the US and China are expected to have a continued impact in 2024, as is the Taiwan election , which is set to take place on January 13. Taiwan is a key player in the global semiconductor industry, supplying chips to many of the world’s leading tech companies, including NVIDIA (NASDAQ: NVDA ).

NVIDIA is the clear leader in the chip market, with a strong presence in AI and other emerging technologies, and the company has also developed edge computing solutions based on its GPU technology.

However, the other "Magnificent Seven" tech giants currently dominating the stock market are also investing in chip making, creating specialized chips for their cloud-based products. While these companies may not pose an immediate threat to NVIDIA’s dominance in the GPU market, they could potentially become more competitive in the future.

At the same time, established semiconductor companies such as AMD (NASDAQ: AMD ), Intel (NASDAQ: INTC ) and Qualcomm (NASDAQ: QCOM ) are making strides in the AI and edge computing spaces. Their products, which include GPUs and edge devices that are applicable across a range of industries and use cases, could eventually challenge NVIDIA’s market dominance. And, according to iShares' 2024 Thematic Outlook , there may still be attractive opportunities for investors to find undervalued AI stocks in the small- and mid-cap space.

Finally, the emergence of neuromorphic chips, which are designed to mimic the functioning of the human brain, could create new opportunities and challenges for semiconductor companies in the future. In October, IBM (NYSE: IBM ) unveiled a prototype of NorthPole , its neuromorphic chip — developers have said the project “delivers massive improvements in energy, space and time efficiencies.”

Is the AI market overvalued?

While AI has been touted as a game changer in many industries, some analysts believe the hype surrounding AI may have reached its peak, and think the space may face growth challenges in the future.

A recent poll by 451 Research shows that public concerns regarding the impact of AI on the job market and society increased between Q4 2022 and Q2 2023, and CCS Insight predicts that AI may face a “cold shower” in 2024 as the industry grapples with the realities of bringing AI to the market responsibly and sustainably.

Josh Koenig, CSO at Pantheon, told Solutions Review , “(I) predict we’ll see some high-profile failures that puncture the narrative, and a lot of companies will cut or scale back investments as real-world applications are harder to find than initially thought. Google (NASDAQ: GOOGL ), Microsoft (NASDAQ: MSFT ), and OpenAI will keep trucking, as will the open-source alternatives, but it’ll be a while before we hit the ‘Slope of Enlightenment.’”

While the largest tech companies can afford to weather these challenges, smaller startups may struggle to stay afloat.

Investor takeaway

The future of AI looks promising, with significant growth expected in the generative AI market. The adoption of AI by enterprises is set to increase, leading to more advances in areas like healthcare and climate modeling.

“In an emerging industry, competition is a critical part of the story,” Husain told INN. “In 2023, we saw many new entrants arrive into the AI arena — many of which are the product of established technology companies. While it’s a race to see who can develop the best AI technology, it will also be a matter of which product has the greatest consumer potential. I would look to see not just who is fielding the most impressive technology, but who is offering a vision for how their AI models can transform the lives of individuals for the better.”

While there may be some concerns surrounding AI, the opportunities it represents can’t be denied. As AI evolves and improves, its impact could lay the foundation for even more exciting innovations.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: ARway.ai, Adisyn and Nextech3D.ai are clients of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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What are the Significant Challenges for Marketing Research?

Published on Aug 29, 2022

Market research – the term is ubiquitous as it is the key driver to the development of any industry. With constant changes across economies and technologies around the globe, market research has proved to be an ardent advocate who guides an organization toward innovation and potential investments.     

However, the market research industry is now facing certain challenges because of technological advancements and transformations in business and consumer needs.    

Also Read: A New Approach to Accelerate Innovation in Market Research     

Here is a brief look into the market research challenges growing into a big deal for researchers in the digital landscape.   

Challenges Faced by Market Researchers 

Data quality  .

The data explosion in the digital era may have enabled data-driven decision-making. Still, an unrealized challenge has come into the limelight recently, i.e., data quality. The data clutter proliferating today has made it a mammoth task to glean meaningful insights and ensure the quality of data gathered and processed.    

Although frontier technologies like data analytics, AI, machine learning, etc., enable easy collating, processing, and analysis of big data, ultimately, the quality of the input data affects the quality of market research outcomes, which sequentially affects the decisions made.    

An automated data quality solution would be the most beneficial breakthrough in 2022 for overcoming their organization's problems. In fact, obtaining and analyzing data frequently results in illuminating or subpar findings, particularly with several disjointed, divergent technologies and an expanding number of digital channels.   

However, some businesses also lack the resources and skills necessary to effectively employ the resources at their disposal and the appropriate tools. Twenty percent of respondents claim that one of the challenges facing their market research is a lack of expertise and training—the second-factor influencing data quality.    

Similarly, data from Forrester Consulting's report (The State of Evidence-Based Experience Design), which Qualtrics commissioned, shows that siloed processes and limited use of analytics tools (by almost half of the respondents) pose significant obstacles to the development and adoption of data-driven experience design.   

Related: Improved Targeting, Sustainability, and Validity: Market Research Trends for 2022    

Data Security & Compliance  

The growing consumer awareness of data security and compliance has become a hurdle for market research companies to perform extensive analyses. As consumers learn how their historical purchase data, feedback, and reviews are utilized to comprehend their needs and behaviors, they have become fretful. They have begun to avoid interviews and surveys tartly. This is growing into a disturbing situation for market researchers and marketing analytics solutions . However, the advent of data governance promises to end the data security concerns for both businesses and consumers.   

User Experience  

The advent of mobile devices and social media has undoubtedly made data collection easy and simple. While digital disruption has reshaped traditional market research, it has also altered the value of user experience. The value of user experience has extended so deeply that users can no longer be overlooked in the information age.     

Hence good user experience on mobile devices and websites has become essential for successful and significantly faster online surveys and other feedback approaches.    

Real-time Consumer Insights  

Consumer insights are the big cheese for market researchers. As the selling strategies have shifted from product-centric to customer-centric today, it is crucial to achieve real-time consumer insights. A customer's preference is influenced by various factors like previous experience, unmet requirements, customer analytics services , etc.     

Thus, real-time consumer insights are vital for market researchers to map historical and actual data to foresee customers' future needs and avoid barking up the wrong tree.    

Also Read: It's Time to Put Marketing at the Data Table. Why?    

Dealing with Market Ambiguity 

Acting in times of uncertainty is nothing new for market researchers. After all, a big portion of their competence is evaluating enormous volumes of varied data to draw inferences and identify possibilities. And it is with this data, particularly the experience data, that researchers can determine their next steps.   

There is a propensity to halt or terminate projects and efforts under these circumstances, with the post-pandemic and move to digital, maybe to make up for lost investments, safeguard staff, or preserve the company's viability.   

Despite this, there is a strong case for businesses to persevere through the crisis and place greater trust in their research initiatives to comprehend how consumer and company attitudes have changed. Organizations may get an advantage over the competition and begin to provide experiences appropriate for the new workplace by devoting more time and money to market research.   

Uncertain times are, in fact, quite dynamic. Needs, priorities, worries, and perceptions all fluctuate a lot. The only way to succeed in a constantly shifting environment is to adapt and comprehend the game's new rules.   

Related: Inflation Hits a New High in the US. Where is the Economy Heading?     

Getting Leaders to Invest   

One of the most crucial things a company can do in the modern day is market research. With the correct data sources, product developers may design answers to company issues, executives can drive business choices, and market researchers can gain superior insights.   

Getting leaders to invest continuously is a difficulty. In one survey, 21% of respondents named conveying ROI and business effect as one of their main problems in conducting market research. Comparable percentages show conflicting internal priorities.   

Market research may be used to an end for some businesses, supporting new product developments or marketing campaigns. However, the true value lies in continual market research backed by an embedded research function.    

The first step in encouraging executives to spend is consistently showing how market research affects company results. For instance, you may give executives and stakeholders high-level summaries of how market research initiatives have influenced business outcomes by utilizing role-based dashboards.   

Read Also -  Market Research Role: Guide to Decision Making in Business

What is One of the Significant Challenges for Marketing Research? 

You can procure the best market research tools in the world, but acquiring the right talent to handle them is the most daunting task. After all, MR professionals must operate multiple software programs, document their strategies, and execute them precisely. 

Doing so demands unique expertise across consumer psychology, survey preparation, statistical modeling, reputation management, market intelligence services , and industry dynamics. Furthermore, reliable marketing researchers must recognize the top privacy law challenges and stakeholder trust problems that international companies might be facing due to potential data security issues affecting market research operations. 

Finally, finding competent professionals to conduct market research becomes more difficult if you want qualitative primary and secondary MR reports. Unlike quantitative analysis, qualitative insight discovery entails efficiently applying artificial intelligence (AI) and machine learning (ML). 

Moreover, market researchers must eliminate bias and mathematical inconsistencies from analytical models and reports. Otherwise, inaccurate reporting will mislead their clients or employers, threatening stakeholder trust in the MR industry and related practices. 

Summing Up  

Despite these top challenges facing the market research industry, evolving technological advancements may surely help international marketing researchers tackle distressing problems in conducting MR and improving the underlying digital ecosystem.         

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Building and construction workers are reporting mental health issues in high numbers, but some are trying to make a difference

Like many people in construction, James Knight is feeling the pressure his industry is under.

In recent times, his Canberra electrical business has been left unpaid for work due to other construction companies collapsing.

"It's affected my kids seeing my wife and I stressed about it," Mr Knight said.

"It's affected our employees with the uncertainty and just having to go by our word that that we'll pull through and we'll be okay."

Mental health challenges among tradies have been common for years, if not always talked about.

The charity MATES in Construction estimates someone from the industry is lost to suicide every two days.

High interest rates, increased costs and a shortage of labour and materials are now adding an extra mental burden.

Mr Knight lives with depression and anxiety, and said the issues the industry is facing have not helped.

"I notice I'm not running at optimum performance, mentally speaking," he said.

"The guys notice it and notice the self-esteem is not always there.

"I've actually been diagnosed with ADHD, which lends itself to [depression and anxiety]"

But his experiences have prompted Mr Knight to take action to prevent others going through the same thing.

He and his wife Nikki run their business a little differently.

They reimburse staff for health-related costs such as gym memberships and supplements to help them maintain positive mental health.

He said he also encouraged his staff to be open about their problems.

"Their general health is very important to us, both mental and physical," Mr Knight said.

"My wife Nikki and I have got an open-door policy. We've definitely had a range of different things brought to us and some surprising, some straight down what we were expecting.

"But I think holistically, everyone is in a lot better place for it."

Industry wide problems

Research conducted by Central Queensland University indicates people who work in the building and construction industry are at a significantly higher risk of mental health problems.

MATES in Construction chief executive Chris Lockwood said it was a combination of long hours and work that could be both dangerous and lonely.

"That's why we do see significantly higher rates of poor mental health and tragically, even suicide in the industry," Mr Lockwood said.

The cost-of-living crisis overlaid on the current problems in the industry has compounded those dangers.

"Those sorts of pressures in terms of the finances that already were an issue for people working construction," Mr Lockwood said.

"[With] the cost of living, the impacts on top of it, we've seen some very direct impacts.

"Some months our call volumes have almost more than doubled, [from] people that are actually calling in distress needing support."

Building in a fix

Like a lot of male-dominated industries, Mr Knight said in decades past there has been a culture of silence when it comes to mental health.

He said things had changed in the industry.

"[It used to be] just go to the pub and write yourself off," he said.

"I think it's a lot easier these days, there's a lot more education around the mental health space and it being okay to not be okay."

Across the industry, mental health charities are improving mental health culture one job site at a time.

Canberra's The Healthy Tradie Project speaks to workers on site about mental health, incorporating breath work and yoga into their outreach.

OzHelp has been helping people in blue collar "high risk and hard to reach" jobs for 20 years.

David Lockwood said the mental health outreach sessions that MATES in Construction have on-site can save lives.

"The blokes and the women are all comfortable to step forward and actually say 'we should look out for our mates and have those honest conversations'."

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