Last Updated on January 10, 2023 by Faiza Murtaza
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As technology changes, so do the way we use it to do business. In the case of B2B market research, the past decade has seen a huge shift away from traditional methods like focus groups and in-person interviews toward online and digital tools. But even as companies have started using these new technologies at scale, they’ve also been experimenting with new ways to use them. In addition, they’re finding that some of these innovations could change how we conduct market research forever.
Customers will ask for more video feedback.
Video feedback is a growing trend, and not just in B2B market research. Customers want to see themselves as they speak so that they can better evaluate their own tone and delivery. This type of feedback is also more personal than written comments, which can make consumers feel like they’re interacting with a person instead of an anonymous survey-taker. Video results are also more efficient because you don’t need to spend time transcribing or coding responses into data points. All you have to do is watch the video and make sense of it. And since these clips tend to be short (approximately 30 seconds), you’ll be able to watch dozens of them each day, making your job less tedious.
Video feedback is also a good way to reduce survey fatigue. When you ask consumers to fill out long surveys, they may be less likely to complete them if they don’t feel like their opinions are valued. By providing a more engaging experience with videos, however, you’ll give people something more interesting and faster-paced than what they’re used to seeing in a B2B survey for due diligence.
The research will be faster and cheaper.
The trends for research will be faster and cheaper. The rise of the on-demand economy has made it possible to get anything you want, whenever you want it. This trend is going to continue into the future, with customers getting feedback in real-time and research firms being able to do more with less budget.
Customers will also be able to get more data from their research as they’ll have access to more B2B survey respondents who match their target demographics and are willing to participate in surveys or interviews.
Research firms will get bigger and more powerful.
With the increased competition in the research industry, companies will look for ways to differentiate their products and services. Research firms that are able to expand their capabilities can offer more than just traditional primary research; they’ll also be able to offer big data analysis and advanced insights into consumer behaviour. The market for business intelligence is growing rapidly, so it’s possible that some research firms may even get acquired by larger technology companies who want access to their expertise. The consolidation of companies in this space means there will be fewer players but stronger ones as they compete against each other by offering unique value propositions (e.g., data-driven insights).
The increasing demand for business intelligence will also lead to more innovation in the research industry. As companies look for ways to stay ahead of their competition, they’ll need access to data that can help them understand what consumers are thinking and how they’re behaving. This means there will be an increased focus on researching new technologies like virtual reality and IoT as well as how they can be used in the marketplace.
Even in a post-Covid world, B2B market research is changing rapidly.
- It’s getting bigger and more powerful. The big firms are getting bigger, with several research houses merging in recent years to form one large entity that can offer customers a more comprehensive service. At the same time, new data sources are becoming available to researchers, from social media analytics to online panels and surveys of consumers’ stated preferences (rather than behavioural data). As such, we expect companies’ market research budgets to increase over the next five years as these new sources enable them to gain insights into their customers’ behaviours at a lower cost than ever before.
- It’s becoming faster and cheaper. Research has traditionally been slow: companies would commission surveys by phone or mail and then wait weeks for results and often those results were out of date before they were received because the customer base had changed since the start date of the study. But advances in technology mean it’s now possible for researchers not only to get results quicker but also make them usable straightaway. This can be done by applying artificial intelligence tools such as decision trees on top of existing datasets; this allows marketers to create bespoke reports based on what they need most quickly instead of having access only when analysis has finished months later.
This article has looked at three trends that we think will affect B2B market research in 2022. These changes won’t be easy or fast, but they’re happening all the same, and they signal an exciting future for the industry.
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