IT was an opportune time to address marketing researchers during a meeting of the Marketing and Opinion Research Society of the Philippines Inc. as the profession faces shifts in consumer behavior, technology, data and corporate and brand response is.
What will market research look like in 2030? The subject area includes the systematic collection, collection and analysis of qualitative and quantitative data on questions relating to the marketing of products and services.
It is important to look to the future as this will impact how products and services evolve to meet customer needs.
To determine the possible future worlds of market research, we need to evaluate trends, signals, drivers, forecasts and artifacts. We examine consumer trends, technological shifts, the evolution of data and how brands and businesses are responding.
One apparent shift is that by 2030, Millennials (those born in the early 80s to mid-90s) and Generation Z (Generation Z) (those born in the mid-to-late 90s to 2010) will dominate the buying demographic. Not only are they known for their need for personalized digital experiences, but also for their environmental activism.
Based on Fujitsu research, there will be a radical shift in the conventional values of buying and owning products. Instead, intangible values such as environmental protection, health and wellness will account for the bulk of consumption. As a result, today’s status brands are less in demand.
As both Millennials and Gen Z’ers are attuned to being environmentally friendly, there will be increasing concerns about social issues and a growing awareness of social contributions, leading to a greater desire for ethical products.
In parallel, advances in technology will usher in the rise of the Internet of Senses. According to Ericsson Research, urban early adopters expect that by 2030 we will use all of our senses online—smell, sight, taste, touch, and sound—for realistic experiences. Elon Musk’s Neuralink is already testing the implantation of tiny computer chips in human brains.
As the metaverse matures, consumers will have individual avatars that transact and engage in a virtual world. And if large amounts of data are generated, we could have around 600 zettabytes, around 10 times more than today.
Businesses and brands will respond by becoming more data-driven. You will create social networking services and analyze big data and other data-driven platforms to provide accountability and support decision-making across the organization. Retailers will create digital twins that offer services to consumers without distinguishing between real and cyber. Retailers will focus on the personal consumer or customer, not the crowd, by providing accurate personal recommendations. Brands will enable their supply chains to be carbon neutral to demonstrate legitimate sourcing, production and supply that protects the environment.
What impact will these trends, forecasts and artifacts have on the future of market research? Market research firms and professionals will rely heavily on augmented reality and virtual reality tools to test product concepts, conduct early-stage product feasibility studies, and understand consumer behavior.
Artificial intelligence will be commonplace to automate tasks, derive insights from big data, and provide interactions through natural language discussions using technology. You will be able to handle not only big data but micro data as well, as insights are gleaned from tiny consumer behaviors.
Due to the highly emotive nature of social media, market research firms and professionals rely on social listening platforms and qualitative research methods to better understand customer complaints, ideas and buying behavior.
You combine the skills of real-time research and agile market research, e.g. B. Real-time data showing when a customer is searching for a product and survey data to help prioritize marketing efforts. This is made possible by technology to offer a comprehensive perspective of a consumer’s past, present and future habits at the rate at which they are changing.
After all, sustainability will be the unique selling proposition of market research companies. Sustainable practices that are brand and consumer focused will also have business and brand benefits.
The author is the founder and CEO of Hungry Workhorse, a digital and cultural transformation consultancy. He is a Fellow at the US Institute for Digital Transformation and teaches Strategic Management in the MBA program at De La Salle University. The author can be contacted by email [email protected]