In a globalized world that we live in today with myriad technological changes, deriving valuable insights has become a ubiquitous challenge for any market research company. Conducting primary research has become increasingly complex and the COVID-19 pandemic has only added fuel to the fire. While marketing and sales teams still grab the limelight for being important pillars for businesses, it is market research that guides these departments to shape new strategies and invest their resources in the right direction. Continuing on the topic, we discuss four market research challenges you should expect in 2022.
- Improving Data Quality and Insights
If ‘prevention is better than cure’ is anything to go by, an automated data quality solution is something that businesses would want to address innovation challenges in 2022. When it comes to conducting qualitative market research or quantitative market research, businesses choose to go with an in-house team, which often lacks the resources and expertise required to utilize the assets at their disposal and conduct research across a growing list of channels. To improve the data quality in research, businesses must adhere to the following:
i) Explore cross-enterprise collaborations
ii) Implement a scalable robust data gathering process
iii) Establish well-defined research methods through
the selection of right tools - Tackling Market Uncertainty
The COVID-19 pandemic has pushed industries to step the digital throttle, which is the primary reason for the uncertainty businesses are overwhelmed with today. The fight is against time for achieving a quick business recovery and resources (keeping the core team on board), and still yielding dividends in the post-pandemic world. With these grave concerns to be addressed, an obvious dilemma has loomed over businesses whether investing in market research is worth the time and money or not. However, one can’t deny the fact that the edge a market research company can bestow to any business over its competitors. It can help businesses learn about customer mindsets during uncertain times and will help them to deliver a product or service fit for times.
- Involving the Right Stakeholders
Stakeholders are as important as the right approach or capitalizing on the right tools in market research and business, which is why it is crucial to pick responsive stakeholders that support new product initiatives or marketing campaigns. To get stakeholders to invest, you need to show the ROI through market research. As a business owner, you can use role-based dashboards that provide stakeholders insights into how market research projects have contributed to business outcomes.
- Finding the Right Audience
When it comes to any business, the consumer or customer is the king. Finding the right target audience is also a vital component of a research project that many businesses fail to achieve today. The ideal way to approach this problem would be to find your target audience in such a way that it helps you stand apart from your competitors as well as identify the problems among the different sections of the population and come up with a product or service that fills that void.
Conclusion
Industries are rapidly evolving, pushing more businesses to opt for paid market research through an outsourced data gathering market research company than overshooting their manpower. If you are looking for a market research company, start by searching online ‘best market research companies’ and consult a reliable and seasoned research partner with experience of conducting B2C and B2B market research for over a decade in your industry.
